The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-05-12
C. o N T l N u E u
from page one'
Says He Will Use
Grant of Power If
And AS Necessary

Speaker Rainey delayed its arrival
from capitol hill. The speaker signed
Friday morning.
Henry Morgenthau, Jr., governor
designate of the farm credit admins
tration, has almost completed ar
rangements to speed the reduction OF
the agricultural debt burden. The
legislation permits a three-year NOR
atorium on interest payments.
President Issues Statement
In a statement the president said:
Il have just signed the farm relief
bill which includes the refinancing of
farm debts.
THE act extends relief not only to
farmer borrowers but to mortgage
creditors as we'll.
Holders of farm mortgages will
have the privilege OF exchanging them
for federal land bank bonds, the in
terest payments upon which are to be
guaranteed by the treasury Of the
United States.
Farmers whose mortgages are to
be exchanged for these bonds will reap
the benefit Of lower interest rates and
more liberal terms of payment.
ut is to the interest Of all the peo-
pie of the United States that the
benefits of this act should be extend
ed to all VINO are in need Of them and
that none should be deprived of them
through ignorance or percipitated ac-
ton.
Will Act Promptly
For this reason, appeal particu-
larly to mortgage creditors and all
others who have money claims against
farmers. Every effort will be made to
administer the act promptly. consid-
erately and justly.
Cali preparation that could be made
in advance by officers of the federal
land bank system has been made.
However, applications can not be
acted upon instantly.
Time for examination, appraisal
and perfection of records will be
necessary.
II urge upon mortgage creditors.
therefore, until full opportunity has
been given to make effective the pro-
visions of the mortgage refinancing
sections Of the farm relief act that they
abstain from bringing foreclosure pro-
ceedings and making any effort to dis
possess farmers who are in debt to
them. I invite their cooperation with
the officers of the land banks, the
agents of the farm loan commissioner
and their farmer DEBTORS to effect
agreements which will make foreclos-
ures unnecessary. This is In line
both with public duty and private in
tereSt."
Later it was said the president will
make a similar appeal to holders of
mortgages on small homes.
Wallace, who will direct the pro-
gram aimed to bring better prices and
t. adjust American production to de-
mand, prepared messages to process
sors. producers, and handlers of basic
commodities, summoning them to
commodity conferences which he
hopes to begin early next week.
After the conferences, which vii.
explore the possibilities and methods
OF helping agriculture this year, he
will call public meetings and set up
commodity councils. These, under his
direction, will perfect trade agree
ments, levy processing taxes if neces-
sary, and pursue other courses open
to the 1owan in lettering the lot OF
the farmer.
Mongenthau completed his setup to
make available Monday the first loans
from a special 5000, 000.o 600 fund and to
get the $2,O00,000,000 mortgage refi-
nancing program under way in two
weeks.
Gradually rising commodity prices
created some doubt whether Roosevelt
would invoke the inflationary power
granted in the bill Immediately. He
has warned the nation against a too
swift upward swing that might lead
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