The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-04-03
PRICE BOOST BILL
wins APPROVAL Of
AGRICULTURAL BODY
Beuins Consideration Of Mort
cage Refinance Bill Asked :.
BY President
DEBT REIMBURSEMENT SEEN
Measure Would Cut Principal
and Reduce interest Rates
At One Stroke IT

Washington, April 3etRePresident
Roosevelts farm aid program susged
foSYard Monday on burst u senate
speed.
As the chief executive sent 70 con-
gress legislation TO authorize refinane-
ing Of the great load Of farm indsht-
edness, the senate agriculture CON-
mittee approved-with amendments
the big farm price-raising bill which
the house already hes passed.
It Immediately pitched int oonG3d.
Grafton Of the mortgage bill with IL
intention Of approving It. attaching 4
to the price bill, and reporting the
consolidated measure for action a the
senate, all within the day.
The Roosevelt message ACCOMPANY.
ing the new bill set forth that be d.
sired readjustment q the principal Of
farmers debts, reduction Of their IN
terest rates, and . temporary read
justment Of amortization 70 give the
farmers . chance to get back On their
feet.
The farm price bill vas amended b
the committee Monday morning - In
clude q m additional alternative
available to the )ecretary Of asricul-
ture In boosting prices, the Simpson
plan which Is intended to guarantee
the farmer his cost Of producing crops
A. 1t now stands, the bin win author.
ise aid to producers Of wheat. cotton.
corn, hogy, rice, tobacco and dairy
products. Cattle and sheep were elim-
mated.
Robinso0 Spsnsefs Measure
Senator Robinson, the Democratic
leader, introduced the Roosevelt mort.
gage bill. It was referred 70 the bank
ing committee rather than the agri.
culture committee. but the latter went
ahead to give It's own approval. re.
gardleSA
Here Is In the main what the mort4
gage bill provides:
A CSC, 900, 900 appropriation for thu
treasury to subscribe to federal land
banks capital to get the plan at vogl
Immediately.
A $4,000, 000, 900 farm mortgage bond
issue, the bonds to be exchanged With
mortgage holders for the Mortgages,
under the general supervision q tho
recently consolidated federal farm
credits agency. -
It sets up machinery for taking ovs1
the unpaid balances Of mortgages OUT
standing and In the case Of mogteAeeG
on which nothing has been paid. pro-
vides that the property b reappeai9ed
and . maximum Of 70 per cent covered
in = new mortgage based on current
appraised value.
This 70 per cent would be made up
by 50 per cent Of the value Of the farm
and 20 per cent Of the improvements
Interest rates would be cut 70 ~
per cent, and the measure provides .
way for individual farmers TO borrow
under much the same procedure o.
now followed In obtaining loans from
federal land banks, which would be
the base distributing agencies.
Protects Isolated Farmer
The banks would lend to farm g.
sociations, but II . farmer did not live
in an area where an association 1umc-
toned, or where one could be formed
he could borrow directly under . pro
vision calling for subscriptions to tn
stock Of the bank, which would
amount to Is In stock for each el0c
borrowed.
This week also may see these parts
Of the Roosevelt program emerging
from the white house:
A broad railroad reorganiAfaon
plan: legislation for strict regulation
Of the stock and commodity exchangea
and . proposal for the develop0ent
Of the Tennessee River Valley.
Leaders are hopeful that within 4
days the farm legislation win b
through congress and IN tho h1ndl
Of the administration In time for ap-
plication ON this years crops and
spring mortgage payments.
Other legislation scheduled % oome
up for final action this week includes
Q bin for . $500 900 fund for out
right relief grants 70 states and . dis.
trict Of Columbia beer bill. a measure
establishing . $l00,O00,0o0 fund Soa
aiding insurance companies = to b