The midland journal. (Rising Sun, Md.) 1885-1947, 1933-04-14

AAC OAiSAAhA anu hOcCht WOA5hs Va
debt and interest obligations.
price Of primary commodities and
price Of manufactured goods, both
wholesale and retail.
.'The existing volume of production
in different staple commodities enter
ing in world trade.
1.-THE willingness of creditors to
make international loans and their un-
willingness to receive payment in
goods and services.
tries of the available gold supplies of
the world.
"The disharmony between the stable
and fiuctuating rates of exchange"
Prime Minister Ramsay Macdonald,
of England, will preside at the econo-
mic conference and will name the date
for its converting.
DROGRESS of the farm relief bill in
the senate has been slow. Sena-
torial dignity would not permit of the
speeding up of the ponderous machin-
cry of the upper house regardless of
the plea of Secretary of Agriculture
Wallace for speed and for the passage
of the bill as originally written by the
President and his advisors. There just
had to be hearings on the bill and
everybody. for and against, must have
a chance to talk. and they have talked.
At this writing it seems that "a"
bill will eventually pass but whether
it will be the bill that passed the
house, and is acceptable to the admin
istration, or whether it will be so rad
ieally changed as to be unrecognized
by its proponents, or unacceptable at
the White House, is for the future to
reveal.
DARN relief in other directions
moved along more rapidly. The
proposal for refinancing farm mort
cages has taken form and the propo-
sition is for the selling of farm mort
gage bonds to the extent of from nine
to ten billion dollars on which the
government will guarantee the inter-
est, but not the principal. It is ex-
pected the governments guarantee of
interest will make the bonds market
able at comparatively low interest
rate.
Farm leaders have urged govern
ment guarantee of the principal on
such a bond issue, but such guar
antee would make them direct obli-
cation of the government, and mean
simply an increase in the national debt
of nine or ten billion dollars. Guar
anteeing the interest only means that
should there be a complete default
on the part Of the farmers. which is
never probable, the treasury would
have from three hundred to four hun.
dred million dollars to pay annually
until the bonds had matured.
THERE is a growing belief In Wash
\ ington that the budget will not be
balanced during the next fiscal year
beginning July 1. regardless of the
economies made by cutting the pay of
government employees. reorganization
Of bureaus and departments. and re-
auctions in payments to veterans.
amounting to an expected total of
some seven hundred millions, and re-
CARELESS of an added revenue from the
tax on beer. estimated at about one
hundred and fifty million.
The relief grant Of FIVE hundred mil
lions provided for in bill now before
congress, and the two hundred millions
for the reforestation plans, will alone
offset the economies. It is probable
that the more ambitious plans of the
President will be financed through new
bond issues, but there will be increased
interest charges and a sinking fund to
provide for which will run into hun
dreds of millions annually.
Along with these things tax yields
are falling short of estimates because of
the continued prostration of business.
1--WE hundred million dollars to be
i provided by the federal govern
ment and distributed as unemplOy-
ment relief by the states is called for
in bill introduced In ags
the senate by Senators d e
Wagner of New York
Costigan of Colorado,
and La Toilette OF
Wisconsin.
The bill provides
that the huge sum
shall be given out
right to such states
as shall apply for aid,
and places the re-
Senator
La Toilette