Evening star., 1953-09-22

CTS ASSOCIdtIOH at OOlStttutlO
Secretary of the Treasury Hum
ABA.
work for the policy the present
administration is ! pledged to
continue.
| He dissented from calling this
hard" money policy. He called
it good" money policy and also
used the term sound" money.
Debt Management.
Discussing debt management
he said nearly three-quarterS of
the more than $273 billion debt
natures within less than five
years or is redeemable at the
holders option. He explained
that what the Treasury is trying
to do is to extend the average
maturity gradually. Concerning
future financing he said:
ut is our firm intention to
offer more intermediate and
long-term issues at opportune
times in the future. We will use
care, of course, not to press the
market in competition with
State, municipal and private
financing which is at a peak of
demand at the present time"
Concluding his address he
gave assurance the Government
is dedicated to maintain a high
level of employment and pro-
duction. He said it will pursue
policies to that end.
Undue u. S. Aid Opposed.
The bankers this morning
heard Mr.. Bensay say the ad-
ministration's farm policy is
against undue dependence on
public assistance"
Mr.. BenSon's address started
off the bankers day at the un-
bankerish hour of 7:45 am,
when the ABA's Agricultural
Commission members, composed
mostly of rural bankers, gathered
for breakfast at the Hotel
Statler.
Secretary Benson said the ad-
ministration believes that the
principles of economic freedom
are applicable to farm problems.
Four Major Proposals.
The secretary repeated the
familiar statement that the ad-
ministration inherited serious
farm problems from the Tru-
man government. Plainly, he
said, a new program is needed
and he said a new farm policy
must provide these essentials:
l., It must be geared to use
rather than storage. to building,
not destroying, markets.
2. It must be financially prac-
tical. Remember the potato
fiaSco." he asked.
| 8. It must fully protect the
farmers freedom of choice and
be in the interest of the farmer
and of the public.
4. It must provide for a con-
stantly improved farm economy
and must solve problems and not
create them.
Repeats Earlier Ideas.
This followed the line Secre-
tary Benson set in a major ad-
dress Saturday at the national
plowing contest in Augusta, Wis.
At the plowing contest, how
ever, Secretary Benson also said:
THE present farm programs
don't go far enough when it
comes to assuring the farmer an
equitable share of the national
income" Today, Secretary
Benson did not repeat this
statement, although he repeated
much of the rest of the Augusta
speech.
THE prospects for agriculture
are good" he declared. EN-
ployment is at an all-time high.
The farm balance sheet is ex-
tremely favorable. Population is
increasing steadily, providing
larger markets for the future.
Our people want good diets, even
better diets than now"
Sympathetic Aid Urged.
He urged the bankers to be
sympathetic toward their farm
er customers. Stay with them,
he pleaded, "even when weather
or economic conditions make
debt repayment less favorable"
He also remarked that bank
ers can play an effective role in
agriculture by encouraging
sound soil-building programs on
the farms and ranches.
The delegates also were well
coined by Samuel Spencer, presi-
dent of the Board of Commits
sioners of the District of CO.
lumbia, and Robert c. Baker,
president of the District Bankers
Association and executive vice
president Of the American Sc
curity and Trust Co.
City Held in Trust.
Mr.. Spencer said it was fitting
that the ABA was meeting this
year in the National Capital.
where the fiscal policies of the
Government are determined. He
added that I'VE of the District
feel that we hold this beautiful