The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-05-12
FORECLOSURE HOLIDAY URGED BY
PRESIDENT; SIGNS FARM AID BILL
New Agriculture Relief and
Currency Measure Now
Is Law.
BOON FOR SOIL FILLER
Mortgage Holder COunSeIed
to Have Patience With
His Debtor.
By [ nitod Press

By Initod Press
WASHINGTON, May 12.-
A plea that all persons having
financial claims upon farmers
refrain from foreclosure pro-
ceedings until the new farm
relief act can become effective
was made today by President
Roosevelt, as he signed the I'M
precedented currency and ag-
ricultural aid measure.
The President appealed for
patience on the part of all mortgage
/ creditors.
His statement, issued as he signed
the momentous document which
combines currency imitation author
ization with revolutionary pro-
gram for farm aid was considered a
! direct answer to those who have an
pealed Tor a farm mortgage mora
forum during the present farm
! crisis.
The bill becomes effective immed-
lately.
Clemency Is Urged
Mr.. Roosevelt said that the mort
gage relnancing section of the act
could not become effective instantly.
however, since it needed consider
able book work.
urge upon mortgage creditors.
therefore, he said, until further
opportunity has been given to make
effective provisions of the mortgage
retinancing section of the farm re-
lief act, that they abstain from
bringing foreclosure proceedings and
making any effort to dispossess
farmer debtors"
The Presidents signature to the
bill brought to enactment a measure
which was one of the key parts of
the administrations emergency pro-
gram.
Ends Long Battle
1t ended a stormy and lengthy
congressional battle for enactment
IN which the administration tri-
umphed in a long series of oppo-
sltion attempts to revise the infla-
tionfarm aid program.
The giant farm relief and infa-
ton measure IS three bills in one,
1t gives Nj. Roosevelt permission
but does not compel him-to ex-
pand credit by 100000 through
federal reserve operations; to issue
an equal amount Of new currency:
TO change the gold content of the
dollar by so per cent; to order free
coinage of silver; to accept $780,
100000 Of silver in payment of war
debts.
It gives Mr.. Roosevelt and Secre-
| tary of Agriculture Wallace per-
missive power to invoke a variety of
plans to bring farm commodity
prices to to the 1909-14 average. They
may pay bounties to farmers or rent
of the lands of farmers who agree
to curtail production Of seven COM
modlties-Wheat corn, cotton, tobac-
co, rice, hogs and dairy products.
May Tax Industries
They may impose taxes on millers.
Gamers, packers and other process
sors to raise funds to pay the bount-
les they hold a power or business
life or death over professors and
mlddlemen to prevent unfair prac-
tees and profiteering.
3. In farm mortgage refinancing.
/ federal land banks are directed to
issue up to $1,000, 100000 in bonds.
interest guaranteed by the govern
ment. The bonds will be used to
take up farm mortgages and to re-
| flnance mortgages at low interest,
with payments over a long term.
In addition, the Reconstruction
Finance Corporation will advance
$500, 100000 for direct loans to farm
ers.
Chairman Morgenthou Of the farm
board hailed the agricultural credit
section Of the new farm relief law
as the beginning Of a smashing at
tack on farm debt oppression.
MOrgenthau Is Optimistic
Morgenthau, as governor of the
new farm credit administration. will
direct this phase of the govern
ment's powerful offensive to aid ag-
riculture. He outlined the aims and
provisions Of the credit section. as
follows:
1. Reduction of Az per cent of
interest rates on the more than
81 .000,00O0O0 federal land bank
loans to farmers.
2. Temporary waving Of REQUIRE
ments for payment Of principal on
these loans.
3. Continuance of extensions on
land bank loans.
4. Provision for issuance Of $4,000
100000 Of land bank bonds for ex-
change or purchase Of farm mort
cages.
5. Provision for 100000 900 of r.
?. G. funds to refinance farmers
debts.
| 6. Sharp curtailment in fore
closures.
Z. Refinancing irrigation, drain
age, and levee districts where out
standing securities have depre-
ciated.
8. Provision Of loans to joint stock
land banks to facilitate orderly
liquidation"
C. OF C. OFFICIAL DEAD