The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1932-10-25
MORE ON MORATORIUM

Oct. 81. 1892
Editor. Tribune:
The Publicity Pamphlet recites the
initiated measures to be voted or
Nov. 8. including the three-year par
tial moratorium, and on this meas
ure. an article by the Citizens Pro-
tectiye League opposing the morator-
ium. Perhaps it would have been
better If those favoring the mora
forum had written an article setting
out the merits of the same. so that
the people would have chance to
view both sides of the question.
However, if readers will carefully
peruse the first Section No. l. they
will be impressed with the fact that
principally the farmers as debtors
are helpless to pay off the creditors
and save their homes.
President Hoover, in his Dies Moines
speech Of Oct. 4th. said: I'm order
to prevent total collapse of the Ger
man people and it's inevitable effect
upon us. brought about the Ger
man moratorium and so-called Ger
man standing agreements by which
Europe was given a breathing spell
in which to arrange and stabilize
their affairs
We might take this statement, and
instead of the German people. sub
stitute the people of North Dakota
especially the farming people, and
the situation would be identical.
IT, under present conditions, the
burden of farm debts is so heavy
they cannot be met and that dis
possessing of owners will continue
are these unfortunate debtors not
entitled to breathing spell, so that
they may be placed on a footing of
more equality than they will have
by going on subject to the mercy of
creditors?
If our agricultural structure goes
down our towns will suffer in like
proportion.
Under present prices for farm pro-
duce all farm homes are threatened
where mortgages exist. Some say
that mutual agreements can be made
between debtor and creditor. and that
is true of many individual cases. but
mortgages to institutions such as
banks and loan agencies, state or ma
tional. usually and in most all cases
run the routine unsympathetic pro-
cess of foreclosure. and then dispos-
session, home owner is replaced by
some other just as unfortunate who
lost his home-just chasing them
around in exchanges and all becom-
ing disheartened and bitter. A gen.
eral substitution for owners of the
same people as renters and non
home owners.
This moratorium expects the farm
er in distress to pay the current tax
es and one per cent on the principal
of the debt, and under present con-
ditions that's the average Of his abil-
ity to carry on.
Under this privilege of breathing
spell, the chances are that he will be
better taxpayer than he is now,
knowing that the magnitude of his
debts is such that he may lose every
thing and that h, has no assurance
If he pays the taxes he will not be
dispossessed anyway. Give him assur
anceS Of some hope in pulling through
and he will be encouraged to pay
those taxes and the one per cent. You
can't get horse to continue to work
II you place on him more than the
load he can carry. SO there certainly
is a question involved.
If this measure Is an honest effort
to help the farmers and other debtors
save their homes, would it not justify
a departure from the usual and cur
rent eXactions that we all know are
excessively burdensome? The secur-
tiles Of creditors are now impaired
but we must all recognize the fac,
that misfortune should apply tt
both the debtor and creditor. and
perhaps a breathing spell while j,