The producers news. [volume] (Plentywood, Mont.) 1918-1937, 1936-05-15
FRAZIER LEMKE
CONTINUED from Page u

as they are OF the Supreme Court,
The Frazier-Lemke Farm Debt
Refinance Act was defeated on roll
call, after the hottest battle of the
session, by record ballot of 235,
to LAP votes.
The Frazier-Lemke Farm Debt
Refinance Bill provided for the re-
financing of farms and farm prop
erty up to 100 per cent of their
full value, as set by appraisers,
on mortgages amortized over a
period of forty-seven years at IL
per cent interest plus yearly pay
ments sufficient to liquidate the
mortgage in At years. The meas
ure would have made possible the
refinancing of hundreds of thou
sands of the farms of the nation,
at very low rate of interest, thus
making it possible for thousands
and thousands of the farmers to
have saved their farms and homes.
But it would also have established
the precedent of social financing
and would have definitely lowered
the interest rate of the nation,
which the bankers did not want.
The debate and roll call that
killed the hopes of the farmers
was greeted with lusty yells and
cheers which went ringing through
the house chambers and corridors
packed by agents and henchmen of
the finance bankers, an ominous
climax of the most holly contested
! battles of the 18th Congress, which
represented a splendid" victory
for Wall Streets house leadership.
Sponsors of the legislation, 60
ing down to defeat after five years
of arduous and unceasing work to
bring the measure to a vote, tried
vainly to swing the tide in it's ia
vor by offering amendment after
amendment designed to modify the
measure, remove objections, and
lure more votes. Some were ac-
copied but it did not change the
final results-the bankers had
turned thumbs down on the meas
ure, and their gladiators carried
out the signal.
One of these amendments would
have restricted loans to no more
than 80 per cent of the fair value
Of the farms, instead of the 100
per cent, the original bill called
for. Some hackers of the legisla-
ton, which provided for the issu-
ance Of S3,O00,OOO,OOO of new cur
rency, had predicted that this pro-
vision would bring in 40 more
votes, but the prophecy did moi
come true.
BANKERS YELL
INITIATION
The cohorts of the finance bank
ers charged the measure provide:
for initiation - printing press
money! and "greenback legisla
ton" were hurled by them at the
measure throughout the days up
roarious session. Supporters OF
the measure, retorted " it will saw
the homes of millions of farmers.
But the minions of Wall Street
bankers, like a tribe. Of painted
warriors hooted and hOWled, Sin
flation", "fiat money" "green
backs" until they were black in
the face-but the billions OF dol
lars supplied the bankers by tn
FNC was not initiation.
BYRNS DOES
HIS BIT
Speaker Byrns left the speaker
rostrum at the psychological mo-
ment, took the floor, and read
letter from President William
Green, of the American FederatiO.
of Labor, announcing that that OF
CARNATIONS executive council ha
gone on record against the bill
"largelv because of its initiation
arv nature" This maneuve1
turned the tide against the bill a
it provided an out for many cor
gressmen from industrial districts
who were supporting the measure
hypocritically because they the
labor was for it, and so .wer
afraid to go openly to the supper
of the bankers, until the banker
stooges at the head of the Amer
lean Federation opened the doc.
for them. This spelled the door
of the Frazier-Lemke Farm ~
finance Bill.
SPEAKER
is REBUKED
With tempers frayed and part
lines smashed, the fight became
bitter that Byrns was reDuKe