The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1934-04-09
Forecast Frazier
Bill Vote April %
Democrat Leaders in House
Concede Sponsors Can Force
Initiation Issue
ADMINISTRATION FIGHTS IT
Majority Of Backers, However,
Are Of Same Political
Party a. President

WaShlngton, April 0.-R1-Demo-
cratic leaders conceded Monday that
. house vote would be forced soon
probably April 23-on . farm mort
gage refinancing bill calling for the
issuance Of at least $2,5o0, 900 900 In
new currency.
The bill was drafted by Senator
Frazier (Rep.. N. d. and was In
troduced In the house last session by
Rep. Lemke (Rep., N. d. It was re-
ferred to the agriculture committee
and there 1t has languished ever
since.
Lemke filed q petition to let the
house decide, without action by the
agriculture committee, whether It
wanted to consider the measure. On
that petition Monday there were 1873
Of the 145 signatures required.
We've got enough additional sisn-
atures promised to assure that the
petition will be completed" Lemke
told newspapermen.
And Rep. Byrns Of Tennessee, De-
mocratic leader, added:
II reckon they'll get 1t signed up.
That means we'll have to vote on the
BILL" Byrns, however, doubts that
the house will approve it.
win Delay Action
Il the petition should be signed up
Monday. the motion to discharge the
agriculture committee could not un-
der the rules be voted upon before
April q. Byrns indicated that, II the
motion prevailed on that day, the
house Immediately would proceed ITO
consider the bin itself ana vote on ~
passage.
The administration opposes the
measure on the grounds that 1t might
mean too much currency expansion.
It contends that It would take around
s., 000. 000, 900 to, refinance all the
present farm Indebtedness.
But Lemke disagrees with that
view.
1T would take only $2,5oo, ooo, 900
TO $4,000, 100000 In . revolving fund to
do the trick" he said. .It's the
Frazier bill eventually. 50 Why not
now?"
As he explained the measure, 1t
would give farmers who now are pay
ing around l0h per cent on their
debts q chance to refinance them for
3 per cent"
IF I have . $4,000 mortgage on
my farm now. the farm credit ad-
ministration can lend me but 50 per
cent Of the farms value, and pay 5
or 81 per cent interest on that" he
said.
Paints Dark Picture
"Then I have to borrow an addi-
tional 5000 from some other source
and pay even higher interest charges.
And the farm credit administration
makes service charges that would re-
quire me to pay back around 10h per
cent OF the loan the first year.
Under the Frazier bill, II have
. $4,000 mortgage, the government.
through the farm credit administra-
ton, can advance me q loan Of 100
per cent Of the value Of my property.
1T viii In that way pay off my old
mortgage and give me new one on
which my payments would amount to
$500 Z year for not more than II
years. would Be paying ~ per cent
interest on the loan and IN per cent
Of the principal.
AT the end Of ~ years would have
paid the government $l4.lO0 on q &c.
900 loan. The result would be that,
besides helping farmers retain their
hnesaAx thu 1nwArnn&Ay,t vana,1A ,,aakA .
net profit Of 1884. 900 900 In the II
years.
And It would put much-needed
new currency into circulation"
In expressing doubt that the house
would pass the bill. Byrns said he un-
derstood. however. that about half
Of tho discharge petitions signcrs
were Democrats.
To pass the house, the bill would
need at votes, = more than the
number required to make . discharge
petition effective.