The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1934-06-20
FOOL LEGISLATION

The Asheyille Citizen has this 10 say
: about the passage by Congress OF the FRA
zierLemke farm mortgage bill: - - $
eve have not seen the text Of the ffaHnr-
Ienke farm mortgage measure as II passeoasne
Mouse and Senate but the news. reports saEseSt
that this is probably of the most far-reacmf9
vieees Of legislaton enacted by theCOpgress wilcn
!. s. 5a>k adjourned. IS. a 49,. :, :,
49, 1<enevs Jaw is described by the Associaheo
1rek Sr<fkxmitting virtual sx-yesr ~InoratorisIh
en faSif mscrtgages' In other words, t"wouid ap-
near that the owners of farm mortgages VIII ne
barred this legislation is upheld by che courts,
from forecIosing such mortgages before dS4e, ne
yardIess of their terms. Nor is, that ALL 4hey Viii
be barred also from collecting the anteress spfcF
fed an the mortgages but must take instead hsse5
rental for the land as the courts may hk, theiars
or continuing meanwhie to occupy the land. This
AZ all events is the interpretation Of the LAW ess
s;yen in the news reports from Washington " a
obviously. II this Interpretation be correct, the
measure Just passed may well change radically.
the whole nature of the farm debt problem ~
the farmer is relieved of the necessity. od paying
his mortgage for six years, and # the COSTS 81
Carrying the mortgage during that period are re-
d1csd to fraction of the present costs. the mort
gage will not be a problem to him. ionce ethe"ner1
adjustment is effected. This Insurance companies
and the others owners of farm mortgages will
face q very real problem, however.
"TAey Pyii,doubGless contend that their acensti-
trtienal rights have been violated and that the
act is destructive of the rights of contract NO one
, can say with conviction what the Bnited States
supreme court will hold as to this In the Mime
sofa case the court upheld che right of state to
declare a mortgage morahoriasn for two years "
der The exercise of emergency powers reserved 70
the states Will it hold that congness can exercise
e. similar, powers for q six.year period?
1.-The law raises many questioAs.o On the one hand
it lifts the load under which the farmers have
been struggling but on the other hand it may well
make private borrowing infinitely difficult
than it is now or than it has been in the past
i, It is remarkable that, measure with such sweep
inx Implications coald have gotten through con,
sressr in the closing hours of the session with
scarcely any advance discussion of a kind that
. had registered upon the public UNDERSTANDING
The farm mortgage moratorium bill is
fair sample of much of the Legislation
enacted by the Congress which, has just
adjourned. Much of it has been made the
law of the land without due consideration
or careful study of its longrange effects
on the country. 1t was hastily prepared
and passed. It was cooked up and passed
on the demand of some minority Of .citi-
zens or some visionary connected with the
government, The public has never heard
of the greater part of this legislation and
is not Informed about the little thst It has
heard of. $50 -. i,.t44;:.9
0Rly the years Of, trouble and aiifffieefairts
that lie ahead of the eountry as the people
try to live under the yastest soeiaHstie sys,
ten ever devised outside of Russia will tel
the story of the consequences of all the
foolish legislation enacted by this Con
gress. erE