Detroit evening times. (Detroit, Mich) 1921-1958, 1943-04-10

Though economists today ap-
parently look with disfavor upon
instalment selling, Just prior 10
the World War other economists
in Washington used instalment
selling to lift the country from a
period of deep depression.
The government SponS ored
long term extension OF credit in
an effort TO 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
carrying instalment paper
against loss.
THIE retail trade is not alone In
Il feeling the effects of the
program foisted on the public by
economists giving free rein 10
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 recent convention
of real estate boards.
Cyrus Crane Willmere. preSi-
dent Of the National Association
of Real Estate Boards, protests
violently against deposit regula-
tons of one-third down on the
construction Of new home. His
statement in the New York
Times on Saturday, Jan. Is. read
as follows:
Americans will stand for n
lot of rationing. hut when the
government seeks to ration n
mans right Ia own a home It's
time 10 do something about IT.
Cyrus Crane Willmore, 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 n
three-month wait before taking
possession means just that--a
rationing of the right 10 buy
home Mr. Willmore said
I'm spite of all the hardships
that have been thrown I'm the
nl taH
like the one best bet I'm all
America. With mounting taxes,
it's still more important than
ever for an increasing number Of
our people 10 own their own
homes.
NO DOUBT, the same econ
~ omlstS in Washington now
making II difficult for inStalment
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 10 increased
production and increased con-
sumner demand II retail sources,
familiar with such extentlon are
not available, there Will be a
marked delay in putting such a
program into effect with result
ing hardshlps.
At the end Of the war millions
OF men Will return, who must
find employment IN civilian in
duStrlcS. Those engaged in de-
Tense plants will return 10 their
pre-war positions Postwar econ
omy can be a frlghtful 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 be immediate.
IF ALL The credit stores are
Il slowly stranGled, who viii
take care OF the needs Of the
worker who has not a big bank
account? The loan shark?
Many of the men in KEY
positions whose decisions affect
the granting OF credit were
formerly in the service Of small
loan companies. and II is an
oddly that such regulations as
have been imposed have not az
feCtCd the small loan business
TO the extent that II has in
iured the small merchant eX-
tending credit.
The reason for that is obvious.
With the large deposits imposed
by the regulations. the small
wage Garner is forced 10 do
business with the loan COM
panicS 10 secure his rightful
share of available goods.
I ABOR must protect its right
II 10 credit. and should pro-
teCt the discrimination imposed
upon those engaged in the oX-
tension of credit 10 the worker.
Government should not create a
monopoly in retailing; the
worker should be free to buy
where and what he wants. 10
make his independent contract
as 10 the means and method Of
payment. Price control and ra-
tioning of scarce articles is a
proper fundamental means Of
protecting the workingman and
preventing initiation.
The cost of excessive rules and
regulations is tremendous
burden TO retail establishments
and the small +. businessman. y
Needless 10 say, this cost Is