The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-02-18
LBERALIlNC
ON
LOANS BEGUN
Cotton States Senators
Seek Consideration of
Acreage Cutting
FARMERS HOLDING
SCHEME INVOLVED
BULLETIN

WASHINGTON. Feb. 10. (UP)
The senate today passed and sent
to the house the Smith cotton re-
lief program, only a few minutes
after action apparently had been
blocked by the expiration of time
allotted for debate.
WASHINGTON, Feb. IS. (UP)
Cotton states senators today
sought immediate senate consid-
GRAFTON of the emergency relief
bill to reduce cotton acreage by
80 per cent of this years crop.
Senator Smith, Democrat, South
Carolina. moved to begin consid-
Grafton of his acreage reduction
bill whereby cotton will be sold on
credit to producers who reduce
their acreage 80 per cent.
By ARTHUR F. DEGREVE
United Press Staff Correspondent
WASHINGTON. Feb. 1s. CUP
Warned that nationwide distress
has placed the "fate of America
in jeopardy" the senate moved
quickly yesterday to strike the
shackles from the Reconstruction
Finance Corporation in q new at
tack upon the depression.
Action came when the senate
adopted an amendment by SEN
ator Wagner. DEM, N. Y, to the
$500,000,000 unemployment re-
lief bill proposing liberalization
Of the self-liquidating loan provi-
sion of the corporation act.
The measures would authorize
loans to federal, state and munici-
pal projects "needfui and in the
public interest,"" The more liberal
terms would. experts said last
night. open new field Of con-
struction and provide employment
for thousands now idle.
A reduction of approximately
one per cent in interest rates on
these loans also was approved. No
changes. however, were made in.
that section of the provision de-
handing security for the loans.
Officials If the corporation re-
Gently appeared before a congress
sional committee complaining that
the rigid requirements in this di-
rection were hampering their task.
While the senate was authoriz-
ing these proposed changes. may
ors of the larger cities in tn ena-
ton meeting in another section Of
the city. adopted resolutions call
ing on congress to amend the cor
poration act to permit loans to
cities through purchase of tax-an-
ticipation warrants and on re-
funding of their bonds.
The mayors also favored a
broad public works program to
absorb unemployment.
Approval of the amendment in
the senate came after Senator
Wagner had painted a gloomy
picture of the country vainly fight
ing the depression.
eve are in the midst Of life
and death struggle with economic
dissolution" he shouted. eve
must throw all our forces into the
battle to prevent the disintegra-
ton of American life.
81 marvel at the general conf
placence in the face of the facts.
Private resources are exhausted.
People are losing their homes. No
fewer than 100000 people are
living in poverty. There are 12,-
900, 900 unemployed"
Other proposed changes in the
self-liquidation provision include
extension of the export commod-
ity marketing provisions to in
clude loans for marketing abroad
surplus products manufactured
from farm commodities and allo-
cation of 100000 of corpora
ton funds to enable established
credit insurance organizations to
provide export guarantees.