The Bismarck tribune., 1933-03-23
GOVERNMENT PLANS
TO issue BILLION,
MORE IF ADVISABLE
Scheme Will Be Added TO Pre-
sent Farm Bill As Amend.
ment to Gain Speed
CALLS FOR QUICK ACTION
Scaling Down Of Farm Debts ls
Considered Integral Part
Of Scheme

Warrington, March 23-lR-From
. conference Of congressional leaders
at the white house Thursday issued
word that the impending farm mort
gage plan will call for refinancing
present debts with new government
bonds. probably totalling billion dol.
lars.
Speaker Rainey told newspapermen
this was the plan, explaining 1t was
hoped this sum would be sufficient
to provide the needed relief, but add
ing that issuance up to the billions
would probably be made possible.
At the same time Senator Smith
Dem., 8. c., who has been strongly
critical Of the farm relief bin already
passed by the house. indicated con-
fidence that changes would be made
which would satisfy those opposed to
its present language and please the
administration a. well.
The farm relief bill was referred to
the agriculture committee BY the sen
ate Thursday and win be considered
by the committee Friday.
Rainey, leaving the white house
conference, said the mortgage bin now
Is at the treasury for careful scrutiny.
He expected it would be given to con-
gress within . few days and would
be attached to the farm relief blu as
an amendment for the sake Of speed.
As he explained the plan the bill
would call for immediate and COM
plete liquidation Of the joint stock
land banks and extension Of the farm
loan system to replace the stock
banks. It would, he said. refinanoe as
many mortgages q could Be obtained
through "conciliatory methods"
Means Cuts I'm Amount
This would mean, probably. redne.
ton Of the amount Of individual
mortgages through aSyoement BE-
tween debtor and creditor. with the
government then buying the reduced
mortgages, paying With new bonds.
However. Rainey said. 1t was not de-
cided whether the bonds would b Is
sued In this way or sold on the open
market and the cash used to buy
mortgages. Interest, he said, would
come down to five per cent Or Len.
BY q vote Of SIS to 90, the farm bill,
aimed at restoring the pre.w1r ptlr-
chasing power Of agriculture, Was
passed by the house Wednesday and
sent to the other side Of the capitol.
Hundreds Of amendments have been
drawn by senator's who seek to re-
wise the measures provisions for vest
ing unprecedented powers In tho Sec
retary OF agriculture for controlling
crop surpluses.
In addition, Senator McNary Of
Oregon, Republican leader. said he
would ask for hearings, . move which
would delay the speed with which
the emergency measure has been
rushing through the legislative mills.
The bill would apply to wheat, cot
ton, tobacco, corn. rice, hogs, cattle,
sheep, milk and its products. The
secretary Of agriculture would at
tempt to balance production and
consumption by agreements with
farmers to reduce their output In re-
turn for direct payments or rentals
from lands taken out OF production.
Provide for Cotton Pool
The payments would come from
processing taxes levied on the COM
r1odities. Another part Of the plan
would give cotton planters the privi-
lege Of participating In pool Of gov
ernment-owned cotton.
The house passed the farm bill af-
ter two days Of debate which revealed
strong criticism. but the Democratic
machines great power put It across.
Seventy-three Republicans. a DEM
ocrats and one Farmer-LAborite voted
in opposition. Thirty-nine Repuhli-
cans and four Farmer LAborites
joined the Democratic majority In
favor.
The vote Of northwest members Of
the house follows:
Minnesota: For-Chase, Christian.
son, Arens, johnson, Kvale. Shoe.
maker, Hoidale. Against-Enutson.
Lundeen.
North Dakota: For-Lemke, Sin.
clair.
South Dakota: For-Hildebrandt,
Werner.
Montana: For-AyeSs. Nouaehan.
Wisconsin: roe-Henney, Hughes,
Reilly. Boileau. Blanchard, Tfear,
Peavey, Withrow. Not recorded q
voting or paired-Cannon. O1kalley.
r Do. C. Nav Ruv Stnck