The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1933-10-13

tistics, shows that prices for farm products
have declined IL per cent since July
Every day. prices for the things we buy go
up. And they go up more and more every month.
The Fairchild index of department store prices,
which is based on information from stores from
all over the country reports that from May l
to Sept. prices have risen almost 10 per cent
In May the increase was IA per cent; in June
it was &c per cent? in July it rose to 81 per
cent; and in August it climbed by 8.4 per cent
The October letter of the National City
Bank tells us that this advance is certain to
continue at is the opinion of Mr.. A. w. Eel
monet, who complies these indexes and of other
authorities, that when prices are marked up to
a replacement basis, the advance from the low
point will approximate 35 per cent, which should
come by the end of fall or early winter"
THIS is WHY, Mr.. Morgenthau, it does not
4 seem to us in the United Farmers League
that John Hagen will be saved by your refi-
nancing 1t has always seemed to US that those
who will be saved by refinancing will be those
who hold the mortgages which the farmers can't
pay. 1t looks to us like the banks and insur-
nnce companies are going to benefit by this re-
financing business. They are getting their money
back, and they have nothing more to worry about
But the farmer will still have his interest and
txes and principal % worry about.
What difference does it make to him if he
has a different mortgage to pay now? When
he doesn't get enough out of his farm to pay
one cent of the 1920 interest and taxes, $605 is
just as bad.
Then, too, how will the refinancing of John
LIZ l.
you explain this to US, Mr. MOrgenthau?
Did you know, Mr. Morgentbau, that we
farmers in the United Farmers League have a
solution to the gigantic debt problem of the
American farmers? Of course it is not so fancy
your solution,
We were yanked out of school early to help
our fathers work the farms. So you can be
sure iLat Cur solution will not be so complicated
as your refinancing scheme Our solution Is a
simple one.
Today, with times as they are, the way ia
relieve farmers of their debt burden is to cancel
their debts.
Did you ever think of that, Mr.. Morgen
tfsau? Many banks have cancelled their debts
to their depositors, and the government has pu
its official seal on such cancellation. German!
:, has cancelled her war debt. The on-paymen
of the war debts of many European and Soutl
: American countries amounts to cancellation, doe
it not, Mr.. Morgenthau?
: Well, then, why should not farmers debt
o be cancelled?
. YOU KNOW, Mr.. MOrgenthau, farmers from
every part Of the country are going to hol
= rational conference in Chicago in Novembe
- We are going to discuss our problems and la
plans for action to solve our problems Tn
United Farmers League in this conference
of going to propose that the delegates adopt tn
st slogan Of debt cancellation for small and RUNE
10 middle farmers. And we are going to propOe
er too that fight be waged throughout the widt
n and breadth of the land to make this slogan
ne reality.
And if you want to know how we are sa
ing ourselves from immediate ruin, turn to pa,
We and read the stories of ordinary dirt farme,
he Reed how farmers themselves are stopping for
"a closures.