Western news and the Libby times. [volume] (Libby, Mont.) 1920-1933, 1933-05-25
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National Topics Interpreted 0 ffI7111fffN
by William Bruckart Ahrr1nhIf

from forced payment of the interest
Will be of most help.
Direct loans to the farmers by the
land banks are allowed Under the
mortgage section of the law In cases
where farmers live In communities
having no farm loan associate. The
land banks will require such bor-
rover to agree to join farm loan as
ISOLATION If one is organized In his
vicinity but the law opens the way
for him to obtain credit despite the
absence OF such an organization.
On top of these increased benefits
available to the farmers. the law ap-
propriated so00,000,000 of Reconstruc-
ton Finance corporation money to en-
able farmers to redeem or repurchase
farms lost through foreclosure, or TO
reduce or reflnance what Is known as
junior mortgages and obligations.
These commitments may include such
things as mortgages on live stock or
farm machinery and other equipment.
Congress sought to provide assistance
the pressure occasioned by the local
bank or other lender of money who
naturally wants to be paid off. 1t was
argued that no farmer would be sue
cessful In a full measure IL he had
threats hanging over him OF losing
his work stock or whatever he had
mortgaged to provide working funds.
Loans from the Reconstruction
Finance corporation funds may not
exceed $1,000 but 1t is provided there
need be no repayment of principal for
the first three years. As was stated :
| In debate In the senate. this privilege
enables a farmer to put bIs~debts into
one second mortgage and feel little
| bit free until conditions improve. And
| 1t might be added that IL conditions do
not improve within three years. money
| will not be worth much anyway.
It Is almost three months since the
Roosevelt administration took over the
government. Many
| Economic things have hap
Policy pened, some OF them
/ of an astounding
/ character, In that time. In the broad
| err perspective, one OF the things that
/ has attracted attention Of those who
look into the future Is the deep-rooted
economic policy TINT President Roose-
velt has fostered
In some respects, the President has
been driving hard toward what may
| be described as economic nationallsna.
For example, there is the law which he
describes as placing the government IN
partnership with industry. In other
respects, he has sought ends properly
described as economic International
j Ism. The tariff truce and the program
for lowered tariff barriers throughout
the world constitute proof of this
course. | have found 1t difficult to
reconcile the two, yet 1t has been
pointed out to me that the President
will be free to follow either course
after the forthcoming world economic
conference Is ended. II all nations
stand hitched, there will be tariff re-
auctions through the world II they do
not agree m that conference, Mr..
Roosevelt can turn back to economic
nationalsm.
The price parity bill, which have
Just analysed. is essentially national
istlc, and If 1t proves successful there
win be sufficient unto ourselves. In
this connection, the gold embargo
should be recalled. While our tariff
rates have been high, holders Of cap
ital In this country loaned billions
abroad. These events surely have the
appearance OF foundation for
aplamed economy" and affect our own
development.
President Roosevelt Is not going to
allow the American delegation to talk
about the debts owed to the American
government. That subject remains In
his hands. 1t Is safe to say he will be
his own secretary Of state to receive
any communications the eleven foreign
nations have to make respecting their
: inability to pay their semi-annual in
J stallments in June and later.
In considering what the Roosevelt
, administration has done since March
A, many observers
Just Hard here have reached
Workers the conclusion that
the President did
! !. not need TO select strong men for his
cabinet. The makeup Of that cabinet
never has been looked upon by those
inclined to analysis as being outstand-
Ing in any particular respect. He has
chosen honest, Woodworking individ
: uals for the various posts, but 1t Is nc
? secret that announcement Of appoint
:. ment Of some Of them brought ques
: tions among some rather important
persons In the Presidents own parts
!, as to the identity of those named. In
:, deed, In the case OF one cabinet mem
: Der, I heard two longtime Democratic
:. senator's remark that they never had
!. heard of him before
: The point Of all this IS that Mr.
Roosevelt has come to be the govern
. want insofar pS ono individual or