The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-07-24

The
| government, for % far that = whsr'
the hard cash y coming from.
That lets the Bank Of North Dakota
the businessman and farmer get on
from under these poor mortgages
these past due store bills and cash 70,
cattle not tit to ship. etc., seemingly
NO end Of cash for every purpose. Blu
let's take another angle and try K
look into the future and see the saxn(
picture. When President Roosevelt
went into office the treasury wa
broke. They tried ct first b balancl
the budget but expenditures have
bten necessary due to drouth and un.
employment ana now the government
Is In the red five billion and going
further every day. They have NJ
other revenue but taxation. 1t would
seem.
Let US suppose that have . farm
valued In 1914 at 5000, q federal loan
Of $4,000, barn yard loan Of $4,000
other debts Of $1,000.
The average income from this farm
III the Fast 10 years has not paid the
running expenses, taxes and interest.
That Is, 1t has run 1T loss for 10
years, as has the government, the
state. counties, school districts. etc.
The present value is fixed by the
appraisers Of both local and Federal
ard Aavlk ~ <hA Na1A 1Aun1 ~vaA a
mortgagor to the Bank Of North Da-
kota Is prevailed upon to make IN ap-
plication to Federal Land bank and
Commissioner for . loan. Everyone
pulls for IS large loan - possible 20
our bank, merchants, etc., win get out
as near as can be. That's patriotism
or what?
The fact Is that our government Is
paying 100 cents for q 50 cent mort.
gage. Why7 They are just dumb
maybei They are fist acquiring the
visible, tangible wealth Of this u. 8
A. into their keeping.
II the very rich climb aboard and
spend with the government TO break
this depression, those tax exempt
bonds the government Is exchanging
for mortgages on homes. farms, rail-
roads, coal mines, in fact everything
that Is real. will be paid sometime.
But the MIRA and every other en-
deavor has been money out Of our
treasury and some Of It going to those
same ultra rich, instead Of their
jumping In. Those tax exempt secur-
ity holders are still demanding their
pound Of flesh. One employee Of the
Federal Land Bank, not speaking for
the bank. said no man on earth ex-
cept Hitler Of Germany can make q
bond holder take lie than par for q
bond II he didn't Want to. The poor
simp.
When the president signed that
FraziLr-Lemke bill he Cid that very
thing. Also when this new deal pays
5000 for 500 worth Of real estate and
gives bond for It.
Their bonds and guarantee to pay
taxes and interest on the mortgages
Is just an inducement to get those
bonds sold and keep the price above
par until they get control Of salts
factory amount out Of this country's
invisible ealth.
The bondholder who held my 1900
federal bond at ~ per cent net, no
taxes. did not care II We had q crop,
and those years when he had . crop
he sat by and helped keep prices down
50 that year after year we sold for
less than cost Of production. As .
result. for the last 10 years, We have
farmed and raised stock ct q loss.
Now If you are foolish enough to
keep on supposing that this govern
ment Is going into the red to the tune
Of five or six billion year, when q
billion dollars profit in our national
budget Is all the taxes We can ever
hope to bear, without q plan II things
60 wrong, without an ace or Joker In
the hole, then let me turn that hole
card over for you.
When this country gets in bad II
and when-it won't find itself, that Is,
us, in the same fix Hitler found Ger
many when he went to bat. As
Roosevelt found the q. s. A. when he
took the oath Of office, the ultra rich
had the bonds-tax exempt some Of
them-covering every taxable proper
ty in that and this country. And
before the U. s. A. could expect to get
in taxes from It's real estate those
same bond holders had to be paid In
full first.
Hitler drove out the Jews and with
firing squad enforced his plan. The
Jews here or in Germany are no more
guilty than others, only perhaps hold
more, respectively, In their keeping
but this new deal has q way out. It's
joker in the hole II plans 60 wrong,
which they are bound to do II capital
doesn't 60 In and furnish Improvement,
as they were told to do. SO for every
one the government spent.
Here Is the sticking point. When
60 per cent Of the taxable wealth Of
this country Is converted into tax ex-
empt securities, for less in case the
other 10 per cent Is due to crop failure
or stagnation. this country cannot pay
It's interest on those bonds. It u fast
coming to = head.
It will be very soon that the re-
MAN, & 20 per cent can not carry the
burden Of this country's running ex-
-nsce.
Beer, gas. inheritance. income and
all taxes combined cannot pay this
burden and Mr.. stangler has been
farsighted In getting such 2 favorable
amount Of those sick loans off onto
the government.
Now II he can trade those govern
ment bonds for tt1OSe North Dakota