The Ypsilanti daily press. (Ypsilanti, Mich.) 1928-1962, 1944-09-20

s.. II other federal agencies which
function like government corpora
tions are included, there are today
55 aforementioned, controlled
and managed enterprises compel
ing with its own citizens engaged
in private enterprise These SO
agencies have a combined capital
of S32,236,6l9,S42 and a comulated
deficit of $5,2Sf191744. Their Dor
rowing power as OF March 81. 1914
(the latest hgure) was S93,2O70l7,-
O57.
This is a vast economic empire
whose losses are made up by taxes,
whose activities cover wide ranges
in agriculture, commerce, industry,
banking, insurance. real estate,
shipping and other fields. They
operate anywhere in the world and
on terms not open to private enter
prise. Government corporations are
not hampered by the usual regula-
lions protecting the public. In
fact. they function without any con-
troll but that OF the heads appoint
ed by the President, so that they
approach the extremes Of corporate
independence now forbidden pri-
vate enterprise altogether.
These government corporations
come into existence by various de-
vices Some have state characters:
others are organized by Act Of Con-
gress; some are the children OF Ex-
ecutiye orders; while still others
are subsidiaries of existing cor
porations. II is difficult TO discov-
err in some instances. what right
these corporations have to exist and
TO spend the peoples money Once
a government corporation is start
ed. II is mighty hard to wind it up
even when its business has come 70
an end The United States Spruce
Production Corporation has been
"in liquidation" for quarter of
century; yet, somehow II continues
on.
Let me list only the category of
financial and insurance government
corporations and agencies to show
how they multiply themselves:
Agricultural Financing and In.
surance: Banks for cooperatives,
Commodity Credit Corporation,
Farm Credit Administration; (a)
Agricultural Marketing Act Revolv-
ing Fund, (b) Emergency Crop and
Feed Loan Sec. Farm Security ad-
ministration, Federal Farm Mort
gage Corporation, Federal Crop In
surance Corporation, Federal Inter
mediate Credit Banks, Federal Land
banks, Federal Surplus Commodi-
ties Corp, Production credit corpor-
atoms, Regional agricultural credit
corps. Rural Electrihcation Adj
ministration. Tennessee Valley AS
ISOLATED Corporatives. Inc.
Construction Financing: Federal
Public Housing Authority, Federal
Works Agency: (al War Public
Works, Community Facilities. (b)
Public Works Administration.
General Financing and Insur-
ance: Disaster Loan Corporation,
Electric Home and Farm Authority,
Export Import Bank of Washington,
Federal Deposit Insurance Corpora
ton, Federal Savings and Loan In
surance Corp, Reconstruction Fin
ance Corporation, The RFC Mort
gage Company.
Home Financing and Insurance:
Federal home loan banks, Federal
Housing administration, Federal
National Mortgage Association,
Home Owners Loan Corporation
Tin liquidation).
Private enterprise cannot meet
the competition OF government
agencies whose losses can be
charged to the taxes Of the people,
which pay no taxes on their profits,
which can develop any sort Of over
head without regard TO normal
business economies. which have no
real control except the very busy
and obviously otherwise engaged
President Of the United States and
an occasional and too often desul-
! tory investigation by a committee
| Of Congress.