The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-04-14
HOUSE PASSES
MORTGAGE
FUNDING BILL
Roosevelt $2,0OO,OOO, 900
Proposal Gets by With
out Change
CURRENCY MFLATORS'
ASSAULT is DEFEATED
By HARRY FERGUSON
United Press Staff Correspondent

WASHINGTON, Apr. Id (UP)
The Democratic leadership in the
house Yesterday beat back an as
Sault Of the currency initiation
bloc. and passed President RoOSe-
velts $2.0OO.OOO,O 900 farm mort
gage refnancing program intact,
On the other side Of Capitol
Hill the administration did not
fare so well. The senate detied
the White Houses wishes and
adopted an amendment to the
farm relief bin which would per-
nit the secretary of agriculture
arbitrarily TO fix prices high
enough to assure "a reasonable
profit" on domestically-consumcd
farm products.
House action on the mortgage
rehnancing completed It's IcgiSla-
ton designed to carry out Mr..
ROosevelt'S farm program. 1t al
ready has passed the farm relief
bill which includes the domestic
allotment plan. the cotton option
program and the marginal land
leasing provision.
The currency initiation bloc IL
the house charged with all MS
force yesterday against the RAM
parts of the Democratic leader
ship.
Only quick thinking and agile
strategy on the part of Speaker
Rainey made it possible for tha
Roosevelt program to go through
unchanged.
The inf1atiOnists proposed to
substitute the Frazier plan-ca!i-
mo for an -$S,O00,000.000 cXpan-
sion of the currency-fOr the
farm mortgage refinancing pro-
gram. Formal motion was made
for the substitution. Speaker RAJ
ney brought his gavel down smart
" and paused for IS seconds be-
fore ruling:
1.-THE Frazier substitute is clear
initiation. 1t has nothing TO do
with this pending bill. They are
as far apart as the poles"
Then the vote was quickly taken
on the refnancing bill itself,
which was adopted. 387 to II.
This measure provides for iSsu-
ancc of $2,OOO.OO0.OO0 in federal
land bank bonds. The bonds can
be used in three ways:
l. To purchase farm mort
cages.
,. To make new loans on farm
mortgages.
5. To be used to refnance at a
lower interest rate, after one
year, any outstanding issues o.
farm loan bonds.
The senate continued It's Strug-
Gle with a farm bill that includes
both the relief program designed
to raise commodity prices and the
farm mortgage refnancng plan.
A vote on the combined bill is cX-
pected before the end of the
week.
The Norris minimum price
amendment. which passed by a
vote of At to Al. was not in the
bill as drawn by Secretary of Ag-
Ticulture Wallace. The senate az
riculture committee attached it to
the farm bill after extensive hear
ings.
The effect of the amendment, if
il survives until final action on
the bill. would be to place addi-
tional power in the hands Of the
secretary of agriculture. He could
operate through the minimum
price provision or through the do
mestic allotment plan-including
It's processing taX-according to
which he thought better adapted
10 any given situation.
Administration leaders made a
last ditch fight against the amend
ment when Senator Harrison,
Dem, Miss, moved to reconsider
the vote. Norris mustered enough
votes to defeat the maneuver.
Currency infationists were &C
tive on the senate side of the cap
itOl too.
Senator Bankhead. Dem, Ala ,
offered a resolution calling for
the banking and currency com-
CONTINUED on page three)