Detroit evening times., 1943-04-09

'ii' ''iiANhN o'liiilSs JhoA HiNA W
the World War other economists
in Washington used instalment
selling to lift the country from a
period of deep depression.
The government spon ored
long term extension of credit in
an effort 10 stimulate sales of
durable goods. 1t devised a pro-
gram of five-year credit on
refrigeration. To assure the sue
cess OF It's program, the govern
ment elected 10 guarantee banks
c Trying lnstalment- paper
against loss.
Tl1E retail trade is not alone in
u feeling the effects OF the
program foisted on the public by
economists giving free rein TO
their pet theories. Regulations
affecting the retail field have
spread 10 the home building
trades as well. The dangers OF
these experiments were clearly
/ outlined at a recent convention
/ OF real estate boards.
Cyrus Crane Willmore. presi
dent Of the National Association
of Real Estate Boards. protests
violently against deposit regula-
tons Of one-third down on The
construction OF a new home His
statement in the New York
Times on Saturday, Jan. 16 read
as follows:
Americans will stand for n
lot of ratiOning. hut when the
government seeks to ration n
mans right to own home it's
time tn do something about IT.
Cyrus Crane WilhnOre. ST. LOUIS
builder and developer, told sew
eral hundred realtors when he
was installed as president Of the
National Association Of Real
Estate Boards.
THE office Of Price Ad-
ministration's requirement Of "A
one-third down payment and a
three-month wait before taking
possession means just that--a
rationing Of the right 10 buy a
home Mr. Willmore SAID.
In spite of all the hardshlps
that have been thrown In the
way Of real estate, IL still looks
like the one best bet In all
America. With mounting taxes,
It's still more important than
ever for an increasing number Of
our people TO own their own
homes.
NO DOUBT, the same econ.
~ omlStS in Washington now
making It difficult for InStalmcnt
credit agencies 10 exist. will,
during the postwar period. in
panic, again cry for long
extended terms Of payment on
various commodities.
II is the answer to increased
production and increased con-
sumner demand. II retail sources,
familiar with such eXtention are
not available. there VIII be a
marked delay in putting such a
program into effect with result
lnE hardShipS.
Al the end Of the war millions
Of men VIII return, who must
ind employment in civilian IN
duStreS. Those engaged in do
tense plants viii return 10 their
pre-war positions. Postwar econ-
omy can be a frighiful failure.
leading US 10 disaster greater
IN scope than any depression
period IN the past unless some
clear thinking Is instituted by
practical economists. and this
thinking must bc immediate.
IF ALL the credit stores are
slowly strangled, who VIII
take care of. the needs Of tho
worker who has not a big bank
account? The loan shark?
Many of the men in kew
positions whose decisions affect
the granting of credit were
formerly in tho service Of small
loan companies, and il is an
oddlty that such regulations AZ
have been imposed have not af-
tcctcd the small loan business
10 the extent that II has in
iurcd tho small merchant cx-
tending credit
The reason for that is obvious.
With the large deposits inDoScd
by the regulations, the small
wage Garner is forced 10 do
business with the loan COM
panics 10 secure his righ,ful
share OF available goods.
| ABOR must protect its right
IL 10 credit, and should pro-
iect the discrimination imposed
upon those engaged in the ox-
tension Of credit 10 the worker.
Government should not create
in retailing; the
worker should be free To buv
where and what ne wants. TO
make his independent contract
IS 10 the means and method Of
payment. Price control and ra-
ionlng of scarce articles is
proper fundamental means of
the workingman and
preventing initiation.
The cost of excessive rules and
is tremendous
'urdcn 10 retail establishments
md the small businessman.
Needless 30 say, this cost is
inalIy borne by the consumer
nd will reflect itself in the
rice Of the goods which the
.prlynv ,,ttrI,en-