Evening star., 1933-05-12
President Requests Delay in
Foreclosures Until Aid
Is Ready.
POWER OVER PRICES
AND INITIATION GAINED
Peek Immediately Named to Direct
Administration of Far-Reaching
Federal Program.
BY the Associated Press.

By the Associated Press.
President Roosevelt shortly after
noon today signed into law the massive
bill to raise farm prices, giving him
extraordinary inflationary powers and
enabling easement of the agricultural
mortgage burden.
The President also issued a formal
statement urging farm mortgage cred
itors to abstain from foreclosures pend
ing operation Of the bill.
In taking over unprecedented man
agement over currency, Mr.. Roosevelt
has made it clear he was ready to use
it when, as, and If, it may be neces-
sary"
The legislation gives him power to
increase paper money, reduce the gold
content CT the dollar and to fix ratio
between gold and silver.
The farm provision gives the admin
istration. wide latitude to control pro-
duction either by acreage allotments or
by the leasing of lands to withdraw
them from production.
Peek to Act at Once.
In accordance with the policy OF
putting provisions Of the farm bill into
execution as soon as possible. Secre-
tary of Agriculture Wallace formally
designated George N. Peek OF Moline,
Ill, chief administrator Of the measure.
Peek will take oath of Office at once,
A farm equipment manufacturer and
student Of farm problems, he will carry
out the provisions of the sweeping bill
President and the Secretary OF Agri-
culture decide the exact course to
pursue.
Peek's title is administrator Of the
agricultural adjustment act.
He was a Republican until 1928 and
broke away from the party to support
Alfred E. Smith because of dissatisfac-
ton with the Republican administra-
tion's attitude toward farm relief pro-
posal.
The reflnancing of agricultural mort
cages allows for a lower interest rate.
with three-year moratorium on inter-
est payments
A group of Government, congressional
and farm leaders surrounded the Presi-
dents desk as he affixed his signature.
Wallace Is Present.
In the party were Secretary of Agri-
culture Wallace, Henry Morgenthau, jr.,
the governor of the new Farm Credit
Administration; Chairmen Smith and
Jones of the Senate and House Agricul-
ture Committees; Representative Full
mer, Democrat, of South Carolina M.
L. Wilson of Montana, an advocate of
the legislation; Edward A. O'Neal, presi-
dent of the American Farm Bureau
Federation; L. j. Taber, master Of the
National Grange; Mordecai Ezekial,
Jerome Frank and w. w. Meyers OF the
Department of Agriculture.
In signing the agriculture debt relief
measure into law, the President said
in his formal statement:
II have just signed the farm relief
bill, which includes the refinancing OF
farm debts.
"The act extends relief not only to
farmer borrowers, but to mortgage
creditors as well.
Holders of farm mortgages will
have the privilege of exchanging them
for Federal land bank bonds, the in
terest payments upon which are to
be guaranteed by the Treasury of the
United States.
Terms More Liberal
Farmers whose mortgages are to be
exchanged for these bonds will reap the
benefit of lower interest rates and more
liberal terms of payment.
1T Is to the interest of all the people
of the United States that the benefits OF
this act should be extended to all VINO
are in need of them and that none
should be deprived Of them through
ignorance or precipitate action.
For this reason, I appeal particu-
larly to mortgage creditors and all 9th
ers who have money claims against
farmers Every effort will be made tc
administer the act promptly, consider
ately and justly.
"All preparation that could be made
in advance by officers of the Federal
Land Bank system has been made.
(. However, applications cannot be
acted upon instantly.
Time for examination, appraisal
and perfection Of records will be neces-
sary.
Il urge upon mortgage creditors
therefore. until full opportunity has
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