Henderson daily dispatch., 1940-05-09
Closing Grain
WHEAT:
Farm Credit
Bill! Attacked
Continued From Page One)

(lO0tlnUeQ L
Bank and Trust Company at VIM
ston-Salem. He was honor guest on
Bob Hanes Day" as the North Caro-
lima Bankers Association opened It's
44th annual convention here. Hanes
is a former president Of the State
body. The other principal speaker,
Ray A. Ilg of Boston, Mass, urged
bankers to make careful studies and
surveys Of what is needed TO Sell
their illness to the public, and &C.
lively TO meet all competition.
Ben Il. Roberts, vice president Of
The Durham Bank and Trust Com
pany of Durham, was elected presl-
dent of the State association, sue
ceeding w. H. Woodland Of Green
vile. Phillip Woollcott Of ASheVille
was elected third vice president, and
placed in line for the presidency in
l943. R. c. LeWellyn of Mt. Airy and
r. p. Holding of Smithfield advanced
as vice presidents. J. A. Harris, Jr., OF
Troy was named treasurer to succeed
Gordon c. Hunter of RoXboro.
Explaining the position Of the
American Bankers Association, and
commercial and savings banks on the
Jones' Wheeler bill, Hanes said:
I'VE believe the provisions Of the
Jones' Wheeler bill will injure rather
than benefit the farmer, and we find
ourselves sharing this opinion with
the more important farmer organi-
cations.
I'VE believe, and we have testified,
that in our opinion the provisions Of
the bill will result in concentrating
practically all of the farm mortgage
borrowing in the hands Of d bureau
Of the Department Of Agriculture,
and the elimination of all other lenC-
ers. Such a bureaucratic monopoly IS
not in the public interest, nor i'll the
interest of htc farmer.
1--WE believe that this bill would
ultimately result in the Feu al gov
eminent becoming the largest farm
land owner in the nation.
"We hold that the SubStitutiOnS Of
q government guarantee of land bank
bonds for farm mortgages as under
lying collateral for these bonds will
destroy the value OF farm mortgages.
This proposal to increase contingent
liabilities of the Federal government
billions of dollars through the guar
antee should be cause for alarm.
The size OF the government debt is
becoming a serious threat TO recovery
and economic stability.
1--WE believe the elimination of diff
ficiency judgments and the establish
ment as a statutory right the pri-
vilege of scaling down debts will re-
suit in reputation of such debts and
will destroy the integrity of credit"
ITO say" charged Hanes, that the
American Bankers Association or the
commercial and savings banks Of the
country don't want farm credit to
serve farmers BETTER as did the Sec
rotary of agriculture, is to make a
statement that is not true
Bankers who testified about the
Jones' Wheeler bill gave 'intelligent,
honest, and sincere testimony, Hanes
said, and I'VE believe 1t was con-
Structive."
He said that Secretary Wallace
charged April 81 in Minnesota that
the opposition of banks is part of
campaign against lower interest rates
for the farmers. The secretary's adj
iress was typical political speech
which avoided any attempt to meet
single argument advanced against
this deliberate proposal to destroy
the Federal land bank system and
substitute for it centralized, bu-
reaucratic farm credit system under
which the farmer would have to 60,
,at in hand, to a department OF the
Federal government for his credit
needs"
1T is a deplorable thing that the
opinion of American citizens honestly
nd sincerely presented to the Con-
ress should be made the object OF