The Waterbury Democrat., 1933-05-12

treasury of the United States.
 Farmers whose mortgages are 10 be exchanged for these bonds Will reap the benefit of lower interest rates and more liberal terms of payment. It. people of the United States that fhe benefits of this act should be { extended to all who are in need of them and that none should be de- priyed of them through ignorance or precipitate action.
 For this reason, I appeal par ficularly to mortgage creditors ana all others who have money claims against farmers. Every effort will be made to administer the act promptly, considerably and justly.
 ..All preparations that could be made in advance by officers of the federal land bank system has been made. However, applications can- not be acted upon instantly.
 .sTime for examination, appraisal and perfection of records will be necessary.
 q urge upon mortgage creditors, Therefore, until further opportun- dty has been given, to make effec- tive the provisions of the mort gage refinancing section Of the farm relief act, that they abstain from bringing foreclosure proceed ings and making any effort to dis possess farmers who are in debt to them. I invite their cooperation with the officers of the land banks, the agents of the farm loan com- missioner and their farmer debt Ors to effect agreements which will make foreclosures unnecessary.
 This is in line both with public duty and private interest"
 Washington, May 12-CUP- The giant farm relief and imitation bill, was made a law by presiden- tial signature to-day. It invests President Roosevelt with unprece- hented powers over money and ag- bills in one;
 welt permission-butd does not com pei him-to expand credit by $3,- 900 ,000 !, 900 through federal reserve operations; to issue an equal amount of new currency; to change the gold content of the dol lar by 50 per cent; to order free IQluAkG VI oitNCIt " aSSCPl VGVVp- GOO, 900 of silver in payment of war debts.
 .. Farm ReIief-Mr Roosevelt and Secretary of Agriculture Wal lace are given permissive power to invoke a variety of plans to bring farm commodity prices up to ths aS09-14 average. They may pay bounties> to farmers or rent of the <.e e, hn n crr tail production seven commodities rwheat. corn. cotton, tobacco. rice. hogs and dairy products. They may impose taxes on millers, can- 0crs. packers and other processors 10 raise funds to pay the bounties; 1hey hold q power or business life or death over processors and mid dlemer to prevent unfair practices md profiteering; they may sell the xovernment's cotton holdings to cotton growers at a loss in return for reduction in production of that Commodity.
 2. Farm mortgage refinancing-- Tedefai land banks are directed to 5ekiic up to S2,000. .000,0 900 in bonds, Interest guaranteed by the govern n1cnt. The bonds will be used to ]nkc LID farm .mortgages from the ! Dr<sent holders and to refinanco Ih1 mortgages at a low rate Of in- @fest. with payments spread out o&or long term Of years. In ad- I1fIou. the Reconstruction Finance 6xuorntion is directed to advance 511.1 100000 for direct loans to
 FI'5eiaent Roosevelt has given no @|<iA 1s fO the extert to which he S |1I II4e {he vast innationary pow <.x @<Il1a than his statemAnt last
 I1T 1rIec1 <1 . fair level