The people's voice. [volume] (Helena, Mont.) 1939-1969, 1943-03-26
N ...:c+
bu'O1 TM
E.U.C.T.A.l

Won't Buy Bonds.
The Old Play Worked.
To Save the Bankers.
Probably the boldest and certainly
the nastiest attack on Secretary
Wickard's plan to make non-recourse
loans to farmers was that engineered
by Senator Byrd of Virginia, backed
by Senator Wherry of Nebraska, in
report made to the senate on March
IL by the-take long, deep breath
Joint committee on reduction Of nom
essential federal expenditures, Of
which Senator Byrd is chairman. That
committee is composed of six sena-
tors and six congressman, of which
nine are democrats, two republican
and one progressive. That's why it
is called "joint" and you get the full
force of that word when you note that
reactionaries such as Carter Glass of
Virginia; Kenneth Mcclellan of Ten
nessee; Walter George of Georgia are,-
with Senator Byrd, the democrats in
charge. The house members are of
the same sort-Cannon of Missouri,
Woodrum of Virginia, Cullen of New
York and Doughton of North Caroline.
Republicans are Senator Nye of North
Dakota; Treadway of Massachusetts
and Tabor of New York. Young Bob
LaFollette Of Wisconsin is the pro-
gressive.
| With lineup like that, what would
you or could you expect? Well, it's
worse than that The joint commit
tee demanded in it's report that non
recourse loans to farmers to plant
sorely-needed flax, soybeans, potatoes
and other deficiency crops, beNdiscon-
tinued at once! Two reasons were
given First, that the Regional Agri-
cultural Credit Corporation was set up
to meet the drouth emergency of 1880
and years following, and hence, could
not be used now because there is no
emergency-not even war, with the
nation running short on food! Sec
ond-and this is the pay-off-that the
American Bankers Association says if
farmers it will endanger the lives of
1000 banks in the country, which are
periodically burning with a desire to
lend the money to farmers-but not
on non-recourse basis and not on
the per cent rate offered by the
Regional Agricultural Credit Corpora
ton. The joint committee hints dark
1u hot 11,,1n ho,
tected against government competi-
ton they will clay off" buying War
Bonds and let the old United States
go to pot! Yes, indeed, Sen. Byrd's
report indicates that the banks dis
like non-recourse loans. They prefer
deficiency Judgments! Try your
banker and see if he will go in ca
boots with you on the risk. Say to
him: IF this crop goes haywire, the
note is cancelled; if it comes through,
the note is good" That's what the
banker calls loose" banking. Did
you ever hear of a tight one?
At that, the report was sort of
''sneaked across" Nobody saw it but
those Sin on the know" - and their
names are given in the first few lines
Of this column. Senator LaFollette
floor Of the senate, that, while he was
a member of the joint committee he
had never even been given a "look-
see" at the report or he might have
made minority report! 1t isn't the
iirst time Virginia senator has
pulled one like that across. 1t is like
he statue of Liberty play, in foot
an old one, but it still is
)eing worked. Virginia has been
jailed the Mother of Presidents" be-
,ause eight of our Presidents came
rom that state. But it has become
he mother ALSO of bankers. Carter
1lass gave us that privately-owned
on the issuance of money
nd control of credit when he put
yer the Federal Reserve banking law.
low his Junior senator comes to the
escue of the bankers on the farm
ront
hC JOlHL COululllSO T0pOTL- IS OILY
report after all 1t has not yet at
aimed the status of law. The Re
ional Agricultural Credit Corporation
as $225 million on tap to make non
scourse loans and the farmer who
eeds seed, labor and machinery cash
, put in flaxseed or potatoes or soy
cans should be busy putting in his
pplication to his local committee.
ut do it now. This is what the
armers Union has been fighting to
1T the farmer SO the nation may have
million bushels of flax on hand
ext fall to meet the needs of war
I'd to save Senator Byrd and his
inkers from being taken over-as in
- by the nazis, who under
and that a non-recourse loan is one
ade to the same nazis, at the point
a gun