Evening star., 1933-04-01

While the Presidents proposal to
tighten the burden of farm Indebtedness
by a Federal bond issue will doubtless
travel much smoother road than his
major farm relief plan, there is evident,
nevertheless, a widespread diversity OF
opinion upon this subject.
'As vitality important as have been
all of the reformative programs engi-
neered by President Roosevelt since as
suming Office, none will touch more
sensitively or effectively vast body OF
the American people than his project
of relieving farmA and farmers Of the
burden of their indebtedness. says
the Charlotte Observer, while the
Spokane Spokesman-Review even pre-
diets that agriculture may receive
more substantial relief from President
Roosevelts supplemental plan to scale
down its mortgage Indebtedness than
from his major plan"
The Youngstown Vindicator is Of the
opinion that 'refinancing farm mort
cages is necessary step toward recov-
cry Unless this is done farmers will
have to give up their farms and vast
quantities of real estate will be thrown
on the market, to sell at prices ruinouS
to all concerned. The whole country has
stake in this, for the mortgages are
widely distributed and held largely by
life insurance companies and other ma
tional institutions. A farmer who is
unable to carry his present mortgage
would find decided relief in plan
which would first reduce the amount OF
his loan, lower the interest, and then
allow him twice as much time to pay.
1t would not require a very great in
crease in the price of farm products to
enable the farmer to meet a debt OF
this kind and set him on the way to
prosperity again."
A question is raised by the Lexington
Leader as TO the necessity for both the
farm bill and mortgage relief. Either
the farm bill Is not expected to do what
it promises" it declares, ''or the Gov
eminent intends to put the farmer on
pinnacle of prosperity and treat him
with a favoritism beyond anything
dreamed Of by the farmer himself. II
his income is to be increased 100 per
cent and his debts are to be scaled
be on top of the world The whole
scheme" adds the Leader, lis an at
tempt to put the burden of one group
on the shoulders of another, and with
out their consent" The Baltimore Sun
likewise looks with disfavor upon the
project, stating: For those farmers
whose mortgages at present exceed the
value Of their farms, there is obviously
much to be gained from plan of seal
ing down the Indebtedness and having
the Government underwrite the pay
ments of interest on the balance. But
for the 60 per cent or thereabouts who
have no mortgage Indebtedness, but who
will inevitably be called upon to help
defray the cost OF governmental relief
of their too heavily indebted neighbors,
an undertaking, as there must be for
those who are indebted by mortgages
in very moderate amounts"
"A voluntary cut in high interest
charges" appeals to the Scranton Times,
which is convinced that 'the ideal way
would be for creditor and debtor to sit
down and agree upon a compromise
that would be helpful to both sides. -
The Philadelphia Evening Bulletin is
of like opinion and AYERS that 1.-The
voluntary cooperation of real estate
interests, landlords and loaners, util-
izing such agencies as are available, Is
| even more important and may prove
more effective and beneficial than would
be the enactment of new law" The
measure Is described as "of doubtful
value" by the Buffalo Evening News, at
least in SO far as it involves the as
sumption Of mortgages by the Govern
ment."
OF the opinion that whatever may
| be said OF the method, the objective
| is sound one," the Cleveland News
declares: 1T is likely to take drastic
action to get the farm mortgage situ-
alton thawed out, and until it is, agri-
culture may not emerge from the
| depths" The News also points out:
1T was action, not cnly in the farm
5ituation but in the matter of economy
banking legislation, veterans compensa-
tions and other items chat the publ