Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1932-06-02
Frazier Bill, Other Federal
Legislation is Discussed


Continued from Page ~
neer" would veto it, But from the
looks of things, added the speaker,
this engineer will probably soon be
lifted from the presidential chair.
Definite Language.
The speaker emphasized the impor-
lance of this Frazier bill to the coun-
try as whole, and pointed out es-
pecially section of said bill, which
provides for the manner in which the
farm loan bonds are to be sold and
how currency is to be issued when
the bonds do not sell at the low rate
of interest. The section referred to
reads as follows:
Sec. z. In case all of said farm
loan bonds are not readily purchased.
then the Federal Farm Loan Board
shall present the remainder to the
Federal Reserve Board, and the Fed
eral Reserve Board shall forthwith
issue and deliver to the Federal Farm
Loan Board Federal reserve notes, as
now provided by law, to an amount
equal to the par value of such bonds
as are presented to it. Such farm
loan bonds to be held by the Federal
Reserve Board as security in lieu of
any other security or reserve"
This section, said Mr.. Teigan, will
not permit the Wall Street bankers to
| icc CT
cannot gouge the government on in
terest when the bonds do not sell at
11a% interest as provision is made
for the issuance of greenbacks like
the national banks enjoy in their bus
mess. The bill has the earmarks of
putting the farmer on a parity with
the national banker when it comes to
to the bill is from the big banker.
On Toboggan 12 Years.
Agriculture started on the down
grade in 1920 when wealth was being
more and more centralized, when the
milliOnaires and billionaires were
piling up bigger fortunes. And dur
ing all this time-the past II years
the farmers condition was growing
gradually worse. In 1920 there were
33 individuals in the United States
who had each an income of $1,000
600 or more in that one year. In 1924
the number had increased to IS and in
1929 there were just 504 individuals
in this country who each waded in
incomes of $1,OOO,OOO or more. In
fact the income of those 504 persons
in 1929 could have bought the entire
wheat and cotton crop of the United
States in 1881. However, the wealthy
have apparently overplayed the game
for the number of persons with in
comes of S1,O00,00 decreased in the
years of 1880 and 1881. Wealth is
only produced when people are work
ing, said the speaker-no labor, no
income. The debt burden has become
/ too great, farmers have not had the
buying power, consequently the Ia
borers in the cities have been thrown
out of work, their buying power has
also been curtailed and this slowing
up has made regular circle, so that
it is even commencing to get back
to those who have been gathering the
golden eggs.
Editor Teigan told of a woman who
was committed to an insane asylum
in 1901 when she had, or was worth,
as is usually said, about one million
dollars. When she died 90 years later
this fortune had swelled to II mil
- ALL
been utterly impossible if it were not
for the work of others, if some folks
had not made use of the money, paid
good interest on it through the sweat
of their brows and labored to produce
wealth. Such cases as those, said the
speaker, put the capitalistic system
very much on trial today.
Requires More Products to Buy.
The Farm Bureau, the Farmers
Union, and the National Grange have
compiled figures to show that it now
requires 779o more of farm products
to pay the principal of debt that
was created in 1880 than it did at
that time.
Agricultural figures from the Uni
versity of North Dakota show that in
1913 it required GOA bushels of wheat
to buy four agricultural implements
"a Irvine binder, grain drill, gang
pillow and a wagon-whereas in June
of 1881 it would have required 2,051
bushels of wheat in North Dakota to
hdve bought those four farm ma
chimes. In 1913 it would have re-
quired 6,637 pounds of hogs while in
1881 it had jumped to 1920 pounds
of pork necessary for the farmer to
acquire the four implements. The
comparison in bushels of rye was 982