The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-05-10
SENATORS RECEDE
ON AMENDMENT TO
GUARANTEE PROFIT
Norris. Simpson Proviso, Reject.
ed BY House, Is EIiminat.
ed From Measure
CARRIES M0RTGAGE.RELlEF
Imitation and Scheme to In
crease Agricultural Prices
Also Included
CARRIES MORTGAGE.RELlEF
tBy the Associated Press

ing provisions to increase farm prices.
a mortgage-relief section and an in
flation rider. Wednesday was sent to
President Roosevelt by the United
States senate.
Final legislative action on the huge
measure was recession by the senate
from the Norris-Simpson amendment
requiring the secretary of agriculture
to fix prices for farm products above
the cost of production.
This action brought the senate and
mouse into agreement and prepara-
tons were made to send the complet-
ed bill to the White House.
The senate adopted, 50 to %. the
conference agreement covering all
phases of the measure that have been
IN dispute except the cost of produc-
ton amendment. This amendment.
lost, 48 to 80.
Frazier Sticks to Last
Chairman Smith of the agricul-
ture committee then formally moved
that the senate yield to the house and
eliminate the production cost plan.
Senator Frazier Rep. N. d. who
voted against the partial conference
report, took the floor in opposition to
Smiths motion.
He explained that the bill did not
require Secretary Wallace to use the
plan. but that it was optional.
The farmers of the United States
want this section" Frazier said. 1T
would give the department Of agricul-
ture chance to put the farmer on a
paying basis.
The demand Of the National Holi-
day association for cost of production
was cited by Frazier.
Unless this section stays they UNI
doubleday will strike on May 49,"
Frazier said.
Senator Wheeler (Dem. Mont) like
wise appealed to senators not to elm
mate the section.
The new farm relief experiment en-
bodies: The domestic allotment and
cotton pool plans.
The senate $4,000, 900 900 farm mort-
gage bill.
The initiation rider granting Rooses
velt authority to expand the currency
and reduce the dollars gold content,
Eliminate Word Basic
Immediately after taking its final
vote. the senate agreed to a house
resolution eliminating the word
basic" from the text OF the bills
provisions governing the licensing of
agricultural commodity distributors.
This was done to make this section
conform with the provisions of the bill
permitting marketing agreements.
AS the bill stood before this step,
the secretary could permit market
ing agreements covering any commod-
lty, but issue licenses only for those
handling basic agricultural commod-
ities."
The president is expected to sign
the mammoth bill without delay, and
arrangements are being made to put
the credit initiation provisions into ef-
feet by purchase in the open market
OF up to three billion dollars in fed
eral bonds.
The senate vote on the cost of pro-
duction amendment was 48 to 80.
The measure seeks to lift farm in
come to pre-war levels by giving wide
power to Secretary Wallace to make
marketing agreements, levy process
Ing taxes on basic commodities, and
compensatory taxes on competing
products. It also proposes to refinance
farm mortgages at AZ per cent in
terest through the land bank system.
Commodities Are Listed
It lists as basic commodities: COT
ton. corn, wheat. hogs, rice, tobacco
and dairy products.
Farm mortgages would be refinanc-
ed through a two-billion dollar lano
bank bond issue.
To aid the farmer further. it pro-
vides $200000000 from the r. F. c..
for loans to farmers to enable them
to refinance other debts through conf
positions with creditors, as provided
in the bankruptcy law.
The initiation section gives the
president broad discretionary powers
over the currency, authorizing him
to:
Expand federal reserve credit By
s., o00, 100000.
Issue sa,ooo,ooo,ooo of new cur
rency.
Reduce the gold content of the
dollar by not more than so per cent.
Accept up to $200,OOO,O0 in silver
at so cents an ounce on the war
debts and issue silver certificates on
such metal.
Remonetize silver at a definite ra-
ito with gold and provide for free
and unlimited coinage.
All northwest senators voted
against the motion to eliminate the
lost Of production amendment.
Voting mo- on the motion were
Frazier and Nye, North Dakota;
5chall and Shipstead, Minnesota;
Bulow and Norbeck, South Dakota;
Erickson and Wheeler, Montana arr.
Duffy and La Toilette, Wisconsin.
Relief Bill Passed
Only Vice President Carriers name
yas needed on the 100000 900 Wag-
.er-Lewis relief bill before Roosevelt
Gould make it law-possibly before
,ightfall. Crowding swiftly behind
rere two measures already in the con-
erence stage-the vast Tennessee
ALLEY development program and the
administration bill for protecting thy
Continued On Esgs Severn