Evening star., 1933-03-24

(COnt1nueQ From F1rSC Page.)
approval to any changes from the
original draft, but that some of the
amendments proposed would be dis
cussed at cabinet meeting later in
the day.
Meanwhile, Wallace took hand in
preliminary plans to carry out President
Roosevelts intention to seek world
agreement to curtail wheat production.
He conferred with DR.. Herbert Feis,
economic adviser Of the State Depart
ment, and discussed approaches to the
question Of bringing production Of the
chief wheat-producing nations in line
with consumption.
In advocating his farm relief pro-
gram, the President said it would give
the country advantages in discussions
of agricultural and surplus control at
the World Economic Conference next
Summer.
Others who took part in the confer
ence included DR.. Mordecai Ezekiel,
Wallace'S economic adviser; DR.. Nils
Olsen, chief Of the Bureau of Agricul-
tural Economics, and DR.. Rexford Guy
Tugwell, Assistant Secretary Of Agri-
culture.
After q White House conference on
farm topics yesterday, Chairman Smith
predicted that the notifications to
the bill planned In the committee would
prove acceptable to the administration
as well as the objectors to its present
terms.
Meanwhile, the administration was
urged by farmers in many States to
hurry along President Roosevelt'S plans
for reflnancing farm mortgages which
Is to be attached to the farm relief bill.
The tentative draft Of the mortgage
plan calls for refnancing present debts
with new Government bonds up to
limit Of $4,000, 100000. 1t would pro-
vide machinery to facilitate q voluntary
scaling down Of the heavy farm debt
structure. Secretary Woodin Of the
Treasury now is considering it.
Arthur j. Mullen of Nebraska, tele-
more Immediately needed than the re-
lief program with its proposed delega-
tion Of broad and extraordinary powers
to the Secretary Of Agriculture.
The new centralized farm credit
agency, which soon will be assembled
under direction Of Chairman Morgen-
thau Of the Federal Farm Board, will
handle the farm mortgage plans ad-
ministration. Besides consolidating
eight agencies now handling farm
=credit, the new central agency will call
= 1OT eAteIlSlOu Ol Cue IdTIIl AOd1I oyotcn
. now handled under the direction Of the
Federal Farm Loan Board.
Speaker Rainey said that immediate
and complete liquidation Of joint stock
land banks will be one aim Of the meas
ure; that "conciliatory methods" will
be attempted to bring the face value Of
mortgages down in many cases in line
, with the reduced value Of farm land.
One point remained unsettled. That
Is whether the refinancing will be at
tempted by the issuance of Govern
ment bonds and lending Of funds
raised in this way directly to farmers.
or exchange of Government bonds for
farm mortgages. To protect the Coy
ernment against loss the plan con-
templates revaluation Of property be-
fore refinancing Of any sort is approved.
Fundamental aims Of the program
are two-first, availability Of funds to
farmers whose avenues of credit have
been greatly curtailed; second, a great
~ reduced rate Of interest and longer
terms for the repayment of principal.
A period Of from 80 to AZ years Is being
considered. with interest and amortiza-
ton payments to be bumped with pay
ments probably on q basis Of twice
annually.