Western news and the Libby times. [volume] (Libby, Mont.) 1920-1933, 1932-08-18

The democratic politicians are bank
ing heavily upon the business depres-
sion and unemployment They believe
that the general sentiment of the coun-
try is for change, no matter what
kind of a change. Naturally, with the
franchise now so general that every
body who is twenty-one years old.
either male or female, has the right
to vote, there must be high percent
age of voters who are influenced by
nothing more fundamental than the
state of their individual stomachs and
pocket books.
For that reason the republican man
agement is banking upon every en-
couraging sign of returning prosperity
1t is too much to expect that all wheels
will be turning again before election,
but the evidences that the worst has
passed and that the upturn has def
nitely begun are being seized upon and
undoubtedly somewhat magnified BY
Mr.. Hoover's supporters
Foreign Debts and Silver
A good deal of interest is being ex-
pressed in Senator Borah's recent re-
mark that if the cancellation of Eur
ope's debt to the United States would
benefit American farmers and produc-
ers he would be for it. While the real
leaders of neither party will express
in terms of cancellation, there is
strongly growing belief in Washington
that the time is close at hand for
complete readjustment of the interna-
tional financial situation, this time on
a permanent basis. The settlements
now in effect give some Of the smaller
nations decided advantage over the
larger nations in the matter of interest.
The adjustment of the British debt was
made on the basis of Az per cent in
terest while Italy, a comparatively
small debtor, got an adjustment on the
basis of less than percent. 1t is re-
garded as probable that readjust-
ment will be made which will give
the British Empire and France as low
an interest rate as Italy.
A great deal is expected of the In
ternational Economic Conference in
October. in which the United States
will be represented There is to be no
discussion there of tariffs, PREPARATIONS
or war debts, but all other internation-
al economic questions will be thrashed
out. The announcements given at the
British Empire conference in Ottawa
to the proposal for the reconciliation
OF silver leads to the hope, if not the
expectation, on the part of those who
think that this would have a profound
effect upon all commodity prices, that
some international agreement on silver
as basis of money may be arrived at
at the October conference.
Many members of congress, perhaps
the majority of both houses, are put
ting in the summer in various pubic
services besides looking after their
political fences. There are at least a
dozen committees of both houses con-
Quoting hearings and investigations on
the various subjects of public concern.
One of these is the question Of gov
ernmental competition in the printing
business. Kansas and Missouri pub
fishers had a chance short time ago
to tell congressional committee what
an injustice it is for the government
to print return envelopes for private
individuals for twenty-four cents a
dozen thus taking millions of revenue
away from the owners of local print
ing plants. There is belief here that
the next session of congress will do
something to remedy this injustice.
Federal Home Loan Bank
The appointment of Franklin w. |
Fort, of New Jersey, who was the
treasurer Of the republican national
committee in 1928, as head of the Fed
eral Home Loan Bank Board, meets
with general approval here. Mr.. Fort
is banker of high standing and has
been particularly active in building
and loan association circles. He had a |
good deal to do with getting the legis-
lation through for the creation of the
Home Loan Board. While the men as
sociated with him, William B. Best of
Pittsburgh, and DR.. John M Grier
of Rosewood, Ohio, republican, and
Nathan Adams of Dallas, and NJ Nor
ton Bodfish of Chicago, democrats, are
also authorities in this field Of finance.
The Home Loan Board is not to lend
money direct to home owners but to
furnish financing to existing savings