OLLOWING the reading of a brief
special message on the subject from
the President, Senator Robinson of
Arkansas Introduced the administra.
tion's farm mortgage
refinancing bill which,
with the farm rellef
bill, Is designed to lift
the farmers out of
the slough of depres.
sion,
The bill
for issuing
farm loan banks of
bonds to the extent
of £2,000,000,000, on
which the government
guarantees the Inter
est payments. The
bonds, or the money derived from thelr
sale, are to be used by the farm loan
banks for the purpose of taking over
the farm mortgages on which the in-
terest rates cannot be more than 4%
per cent.
The expectation Is that with money
available to settle with his creditor
the farmer can scale down the prin.
cipal of his debt to a considerable ex-
tent. Henry Morgenthan, Jr.
nor of the new farm credit adminis.
tration, belleves mortgage indebted
1688 may be scaled down in two ways,
A mortgagee, willing to settle for cash
or bonds at 70 or 80 per cent of the
exchange the mort.
gage on that basis for land bank
bonds, The bank then would refinance
the farmer at 44 per or a
farmer making a composition with his
creditor could borrow the funds for
settlement from the land bank.
Opposition to the legislation revolves
around two arguments, is that
it will be an inducement to farmers to
default In the payments on their pres.
ent mortgages in order to persuade
mortgagees to settle at less than face
value. The other is that such a vast
flotation of 4 per cent would
tend to demoralize the
and react unfavorably banks and
insurance companies with hond
portfolios. The maturity of the bonds
is to be fixed by the and
probably will be
Stated briefly
of the farm
provides
by the
Nid
Senator
Robinson
gover.
principal, could
cent,
One
bonds
bond market
on
large
banks
years,
provisions
land
WM or 40
the main
finance bill are as follows:
Federal land banks are authorized to
Issue up to $2,000,000.000 in 4 per cent
bonds, Interest guaranteed by govern-
ment
The same bar
mortgages on farm lar or exchange
bonds for them
The is avthorized to sub.
scribe 000,000 to the paid-in sur-
plus of the banks.
Interest rate on loans on mortgages
shall not exceed 4% per cent.
A total of $15,000,000 would be avail-
able from the treasury to compensate
banks for interest reduction.
The 1 t on mortgage loans would
be ral from $25,000 to $50,000
Voluntary liquidation of joint
land banks is provided
A total of $100,000,000 of Reconstruos
tion Finance corporation's unds is
made vie for loans to farmers
for 18 their debts in sccord.
ini e new bank-
ks coule irchase first
stock
rporation
90 to
irrigation districts
ce their debts,
power of the
HE number of veterans to be af-
fected by the President's order re
ducing veterans’ benefits not be
known for some time. In one way or
another it will be felt by practically
all of the Spanish-American and
World war veterans, and the widows
of veterans of these wars now on the
government pension rolls, becauss it
reduces the rates on the greater part
of such pensions as will continue to
be paid. These reductions and those
to be dropped from the pension rolls
will be affected after July 1 of this
year. In brief, the makes the
following provisions:
wil
order
Payment of pensions authorized to
Veterans disabled by disease or injury
Incurred or aggravated in line of duty
in active service
tates to be paid for service connect.
od disabilities are: 10 per cent dis.
abled, $8 a month: 25 per cent, $29: 80
per cent, $40; 75 per cent, $60: 100 por
cent, $80. These are 20 per cent reduce
tions under present aids
Pensions authorized to widows, chil.
dren, and dependent parents of vet.
erans who died from disease or Injuries
incurred or aggravated in line of duty
in active service. Rates continue as at
present,
Payments authorized for non-serv.
fee connactod disabilities and deaths
of veterans who served 90 dads in the
Spanish-American war, Boxer rebellion,
Philippine insurrection, and World war,
provided disability was total and not
due to personal misconduct,
Latter allowance will not be made
to unmarried persons with income of
more than $1,000 a year or to any mar-
ried person or one with minor children
whose income exceeds $2,500.
Pensions of widows and children of
Spanish-American war veterans cut 50
per cent,
Excludes peace-time veterans
domiciliary care.
Limits sharply emergency
pensions,
from
officers’
OTH the senate and house are con
sidering a bill, of which Senator
Black of Alabama is the author. that
would establish a thicty-bour work
week, As the bill Is presumed to have
he endorsement of the President and
the speginl approval of Secretary of
Labor, Miss Perking, it is expected to
pass hoth houses,
The bill would compel private In.
dustry to adopt the thirty-hour week
and penalize interstate movement of
products msde by labor working long-
er hours,
Black expressed confidence the bill
would be upheld by the United States
Supreme court.
The Alabama senator sald the bill
would not accomplish its purpose {if
it resulted In reduction of wage levels
as well as bours and expressed the
belief that, If Industry attempted to
rednce wages, congress would act. “La-
bor has been underpaid and eapital
overpaid,” he sald.
Borah said he was “in thorough ac
cord with the principle of this bill and
I'm not so sure that we're not going to
have to come to it." [His argument
revolved around whether congress had
the power to take action.
HE country’s great loss In the de.
struction of the Akron is not the
loss of the navy's great dirigible, but
of the 74 officers and men who went
down with her in the
storm off the coast of
New Jersey. Rear Ad-
miral Moffett, chief of
the aeronautic bureau
of the navy, who was
a passenger on board,
with his shipmates ap-
held to the end the
finest traditions of the
navy,
wreck of the N
The
Akron, largest of its Admiral
kind in the world, was
Moffett
the worst airship dis
aster In history. The airship crashed
off the New Jersey coast, twenty miles
off Barnegat lightship, during a vio
lent electric storm,
heavy winds and high seas, dense
and thick rain.
Lieutenant Commander Wiley. sec
ond In command of the
the two men who were
thelr lives to the chance that brought
the German oll tanker Phoebus close
to the scene of the accident a few min
utes after it happened. They were
picked up immediately by the Phoebus,
whose crew saw others disappear be
uid
cruised
accompanied
airship,
saved owed
neath the waves before rescuers of
reach them. The Phoebus
about the scene until dawn, but was
unable to find any more survivors or
to keep track of the wreckage, which
was carried swiftly away by the seas,
First report of the disaster was re-
in radio messages from
Phoebus, Both coast guard and naval
vessels were immediately dispatched
to the scene of the wreck and cruised
around for hours In the hope of find
ing other survivors. The navy blimp
J-3, taking part In the search, fell into
the sea. Five of Its crew were rescued.
The search was fruitless, and, in the
ceived the
was {ll fated also,
naval air
mounting
upon find
Akron's
the At
J ETERMINATION to end
ship construction is
through a congress intent
ing the real causes of
plunge
lantie.
In the senate
(Dem. Utah),
pared a resolution
calling for an inves
tigation of the Akron
disaster and the con-
sideration of the ad-
visability of spending
more than the £20.
000,000 that the navy
already has invested
in lighter-thanair
craft. Chairman Trammel of the sen-
ate naval committee also was consid
ering a study of the accident.
Chairman Vinson of the house naval
commiltee has declared emphatically
“there won't be any more airships
built.”
There were some, however, not so
ready to yield beliefs founded during
many years in congress. Many had
followed Representative Dritten of
Illinois, who as Republican chairman
of the naval committee for years had
charge of most of the recent legisla.
tion for airships, particularly that an.
thorizing the $8,000,000 Akron-Macon
sister ship team. Mr, Britten has al
ways declined to support those who
thought lighter-than-air craft should
be abandoned.
Many members were undecided how
far they wanted to go In their ban on
airships. Vinson sald he thought
nothing should be done to prevent op:
eration of the Macon, which is to take
the alr toward the end of the month,
Nor did he think that the new dirigible
base at Sunnyville, Calif, where
$4,000,000 had been expended, should
be shut down.
the
gE into
King
pres
Fred Britten
ICHIGAN Is the first state to vote
in favor of the repeal of the
Eighteenth amendment, Wisconsin is
second with a decisive vote of 4 to 1
for repeal. Town and country alike
turned out thumping wet majorities,
Milwaukee, where the breweries are
hamming to turn out 3.2 beer, went
wet hy more than 10 to 1. Wisconsin's
constitutional amendment convention
will be held In Madison, April 25. It
is predicted that practically all the
delegates will be committed to repeal,
In Michigan, but one county elected
fn dry delegate,
»
P. MORGAN & CO. New York
* bankers, are in for an investiga-
tion by a committee of the United
States senate, and a committee backed
by all the authority which that august
body can give.
Without debate, the upper chamber
adopted the Fletcher resolution ex-
tending wide power to the banking
committee to make the inquiry into
private banking which President
Roosevelt has sponsored,
The resolution was drafted by Fer-
dinand Pecora, committee counsel,
with a view to obtaining all the sen-
ate's constitutional power over Inter.
state commerce, banking and tax mat-
ters for the committee.
Pecora told the committee he had
submitted twenty-three questions to the
Morgan firm and that on advice of
John W, Davis, its counsel, the bank-
ing house had refused to answer one
and taken under con-
sideration,
several others
ESPITE the Hitler government's
dropping of the boycott against
German Jewry, the National Soclalist
party will keep its boycott machine
intact. Disappointed at being de-
prived of the boycott, Nazi auxiliary
police raided a Jewish quarter in Ber-
lin. Accompanied by regular
they searched everywhere for weapons
and papers, were closed and
pedestrians were stopped. Even wor-
shippers leaving synagogues were
halted. Persons not carrying double
identification cards were arrested,
The Nazi boycott committee head-
quarters at Munich announced that
“all German stores in the near future
will supplied with big placards
identifying them as such” In this
way the Nazis will distinguish between
German and SLOTeS.
A measure forbidding kosher slaugh-
tering throughout the nation has been
approved by the reich’s cabinet,
A nary conference of
beld In the United
for the world
veloped at a
in Paris between
man H.
dent Roosevelt's am-
bassador-at-large., and
Paul-Boncour,
police,
Streets
be
Jewish
NEW suggestion for a prelimi
exnerts to be
states to prepare
conference de
Nor-
Davis, Presi
Joseph
French
the British, the Rh
Like
French want to wan-
debt settlement
the
Norman
gle a
: Davis
before economic
Ro fervid is this
his dis
{8% very ex-
conferend ¢ Convenes,
that Davis
3
pleasure that Ex
desire expressed
istence at stake, shoul ink of ne
ing else,
Mr. Davis feels that the Washington
administration has no
there are bigger jobs to be done—re-
ade it clear
1 gf
moval of trade barriers, for example,
1 Sang
So with hopes of calling
conference at an early
abandoned, the idea of a preliminary
meeting to agree on what is to be
done and how to go about it is making
headway
When
nomic
the new French ambassador
to the United Lefevre
de ia Boulaye., salied for America he
was accompanied by a treasury expert
to prepare the ground for what Paris
hopes will be a general discus
sion,
Responsible officials of the State de
States, Andre
debts
partment In Washington declared that
from london that Mr. Davis
had presented an offer to scale down
e¢ United States by
at
reports
Britain's debt to tl
SG02 000.000
were molutely without
foundation
Premier Ramsay MacDonald plans
to sail for United States about
April 15 for a conference with Pres
ident Roosevelt regarding war debts,
world economics and armament.
Mou? EVEREST at last has been
conquered. Two airplanes have
flown across the summit and for the
first time in history men looked down
upon the highest mountain in the
world, The feat was accomplished
by the British expedition headed by
the marquis of Clydesdale. A pho
tographer succeeded in taking a num.
ber of pictures which, It Is hoped, will
the
quest of the 20002.foot mountain, on
the sides of which numerous men have
perished attempting by old-fashioned
first to reach the top.
Although exhaustive preparations
had been made for the flight over
Mount Everest, the actual carrying out
of the feat was In a measure saeel-
dental. When the two ships went up
the purpose of the flyers was only to
make a test. But they found condi
tions so ideal that they turned the
test into the real business. ' The two
planes flew at an altitude of approxi
mately 68 miles and the flight over
the peak required three and a half
hours,
ASCISM Is growing in Great Brit.
ain. Every manifestation of the
Fascist movement In Italy and Cer
many can be seen In and around the
house where Sir Oswald Mosley, mil.
lionaire would-be dictator, has based
the British Union of Fascists. The
waiting room Is a small gymnasium,
Physical training is compulsory. The
Mosley black shirts, who are the be
ginnings of the British storm troops,
are required to box, fence or wrestle
twice weekly,
The black shirts form the nucleus
of Mosley's “army.” ‘They have an
auxiliary in the gray shirts, who ean
not give as much time to physienl
training as the black shirts but who
have a big place In the strong arm
branch of the organization,
©. 1932, Western Newspaper Union
ull
»
L
BL
= =
Washington.—It is seldom that in
the short space of a few weeks there
have been two court
Two Important decisions of such
Decisions far-reaching conse.
quence as the so-
called counl agency case, decided by
the Supreme Court of the United
States, and the determination by the
United States District Court for Vir-
ginia that the federal water power
act is constitutional.
In each Instance, the court finding
| Appears on Its surface just to be a
mine-run opinion. But it happens,
{ however, that each of the opinions di
| rectly affects you and me, Besides
that result, the coal agency decision
| 1s of vital importance to business,
| With respect to the conl agency
case, the facts are that » group of
{| conl mine operators banded together
in the Appalachian Coals, Inc, for the
purpose of distributing their
It is a sales agency, purely. Its pur.
pose I8 to reduce the cost of market
Ing the product. Also, it appears like-
ly that formation of such a selling or-
| ganization may have the effect of con.
trolling production to some extent at
least, although that phase of the busi
ness did not show up in the organiza.
tion program.
It would appear on the surface that
such an arrangement would be in vio-
lation of the anti-trust but the
Supreme court found otherwise, By
he stamp of approval which the high-
est court in
output,
laws,
fzation,
not qui
farmers’
But the
glo f
on natural
are
pathway in
duced
Cance, Other
reson country
expected to follow the same
order accomplish re
selling costs
fron, steel copper as
are said to be |
at the plan as one
them to operate witl
exis
of a return on huge
Supreme
plan
ments of
struction be proved In
you and I, as a natural
receive soe
benefit, 1
teed, If me lived
cour considered
the
competition, and if that con
maintained necessns
res
TERLIN,
direct
AR well no
mean we woul
in the
furnished
coal
Breney
1 £3
able to the cou
f ¥
fying
res viewed under
magni glass of the antitrust
laws and at the same time permits of
that co-operation which agriculture so
has
3
was vital to It.
reskin bile
probably
long contended
Other
the
privi
new
industries
lead If
we
era in industry. If
abuses, then Industry will
the goose that laid the
will follow
the
upon a
there are
+ killed
they do not
leges, entered
The de
Distriet cot
held the
he
complet
We
tO come
affords the
legislation of
users of
light, Of course, it
cided by the
United States where the litigation will
be carried without doubt, but the ma-
jority of constitutional lawyers enter
tain no doubt as to its validity.
To the electric user, therefore, the
decision stands of broadest impor.
tance. By holding the law constity-
tional, the court removed a serious ob
siacle to effective government control
over many of the tricks to which great
corporations devote themselves to es.
tablish a cost basis for their product
which warrants the highest
rates, I make no comment as to the
legality or illegality of these practices,
It remains as a fact, however, that
every industry subject to regulatory
whether na-
ties,
New
for
direct
basis many
benefit to
for and
ig yet to be de
the
electricity power
Supreme Court of
possible
ever-continuing demand from utility
commissions for rate reductions.
La *
There is another angle to the “New
River case.” Superficially, It appears
likely to be of some
value to investors in
stock companies en.
gaged in develop
ment of water power for electricity,
It works out in this way: The cor.
poration which has established a high
cost basis for its electricity quite nat-
urally issues its stock on that basis,
Consequently, it is seeking a return
on an investment that, in too many
instances, Is not justified by the facts.
In other words, it results in watered
stock. Having watered the stock be.
yond sound judgment, the corporation
fights every move that appears if the
result is a lowered schedule of elec
tric rutes, Hence, it Is fighting direct
ly at the ugers of electricity whether
for lighting purposes in a small home
or for power mirposes in a gigantic
etory., i
Interests
Investors
Of course, this decision applies only
to hydro-electric plants, It does not
affect the plants producing electricity
by steam. There are those, however,
who say the decision will have a bear-
ing on those rates, too, for the reason
that unless the steam plants maintain
reasonable rates, water-powered plants
will find openings to enter that field if
water Is available anywhere near,
This latter possibility is cited be
cause it shows better than anything
else how far-reaching a dry old court
opinion may turn out to be. The opin-
lon In each of the mentioned
was written in the usual style, but
each one may be looked upon, ten
Years from now, as a landmark.
CHASER
. - *
It Is actually ridiculous how every
part and parcel of a national program
develops a camp fol.
Unemployment lowing of new ideas
Program for expansion of
that plan. Most of
them are just like a parasite, They
are put forward by some one with an
ax to grind, They peg upon
which they can hang their pet hope
and proceed to spread all kinds of
argument in that hope or
idea,
Such Is
Hoosevelt's
He,
to provide
sce a
support of
the President
program.
wants
must
food and are willing to work
Washington h
en proposals off
with
cise
yinent
BE everyone else, obviously
work for men who
ha Ve
+
obtain it as seen a doz
ered Lo ex]
employment progran Most them
=
y in the view of
ally sill oh-
servers here, but the proponents of the
several additions to the relief policy
take them seriously whether
they deserve that
TT # i ¥
The latest
SE
congideration or not.
proposal—and it has be-
come a demand of some
go ah with ex
United States navy
ariions
is to n of the
ment relief measure
be misu
tha gyor 8 much iar than
have, It is as I
conceive the situation, that ie “first
be ma t
nderstood
defense’
th
Washington h : OL
optimistic ¢ Jlation-
ships, Construction « * pavy to
it allowed bs aval
therefore,
the lim
treaty,
being justified and
But
ht thi wogram for
the
opment of th avy shoul and on its
the
ploy niet lied rOgTAmM and
according to
would
own merits, 15 in
urnen
adoption
$41.1
the best judgment I can obtain,
organization and make it
later to unjustified attacks from op
In other words, demands for naval ex
makes
uestion of naval
namely, the
for it ex
and results in confusion of
of relief and naval
men to work
to decide the q
on its true
question of whether a need
putting
de
fense base,
isis,
IREUOS
. . »
gton observers, and
ful” Democrats, as
have
auld
Asi
§
i
been
quiet laug at
discomfiture of pa
Patronage
as a Club
members of the senate and house who
have been held in line by the fast po
litical thinking of President Roosevelt
do little about major patronage-—the
real plums—until he had been able to
economic problems, was in a fine po
sition to swing the political
who showed signs of stubbornness
And, it may be added, he has done so
While maneuvers of this sort obvi
ously are not made the subject of pub
lic pronouncements, s=risin facts have
developed showing that on several oc
casions ambitious senators or repre
sentatives have deemed It decidedly
advisable to stand sicowed to the Pres.
ident's programs. They may or may
not have liked his proposals, but they
went along with him just like good
little boys. They heard the master's
voice in a way that made them decide
quickly what they should deo,
Of course, some of the major ap
pointments have had to be made. Cab
inet selections are what are known as
personal selections by the President.
Such iz not the case, however, with
what is known as the “Little Cabinet,”
that long list of undersecretaries, as-
sistant secretaries, and the like. These
Jobs are used ordinarily to help some
of the individuals nall solid planks on
their political fences in the home com.
munity. Such appointments might help
in another election, you know, and
consequently they are much sought
after by the faithful,
There have been some of the "Little
Cabinet” posts filled, and there are
others for which the appointments are
near. But the President and Jim Far
ley. who rung the Demaceqrie party
from his job as postmaster general.
nave not overlooked any bets. It is
my conclusion that they obtained what
they wanted In the way of support be
fore the selections were definitely con.
cluded. ’
© 1928, Western Newspaper Union,
Howe About:
Husbands and Wives
Squatter Rights
The Specialist
By ED HOWE
MAN fs disposed to believe that
when he fights a woman, he
should tie one hand behind him, be
cause he is the biggest.
He is mistaken: the
to care for herself.
The most natural controversy of all
is that between men and women, and
the condition of women has steadily
improved since the dawn of history.
What rule, custom or law is best for
them? They have fought for it stead.
I¥, and won,
woman is able
f an old savage could be
become twenty-five
turned loose with the
and
men
because
present
perfumed
would hang
of his bad
manicured
the other
Bim In an hour
Anyone who reads of the past must
about him
thing.
now must note the same
. =» »
In the early days of the West squat
ciple, to-wit: Settlers rushed into the
and
on land. When it was
formally opened to settlement. the set
armed
the land office, and saw to it that every
squatter had the and :
the land he had settled on
the
themselves, collected at
first only bid on
Squatter sovereignty 1 ¥ 7
Squatt wereignty is being
ticed
paying
when the pr perties sare offered for
now in paving
ts .
i LB XOR,
time taxes are not pa
* by the sheriff for tas
-
and know
a
Tn 513
PeCingg
a respe
Cures Lam
well
| PT
barber, a
he n
men come t
send for }
their hay and w
ing the winter, he doe
aE a
prices a addition, he read not
blacksmith
igh
to get about all ere 1s f plue in
print, and has very excellent practical
sense,
The special
thelr way, but
to make laws for those who from ne
cessity are allaround workers,
gt are well enough In
should not be permitted
» guests was a hushand with
he
Every little while
g0 up to her, and bawl in her
“You are the sweetest thing In
and the wife
he roared
Joe Halt 1
fusses
ear:
the world; you suit me.”
would I Once
in her ear: “I just told
am not the sort of hushand who
about being married. 1 like it; we get
along, don’t we?" Other guests told
me the man was noted for appreciat-
ing his wife, and making a disturb
ance about it. If a man marries the
right sort of woman, and she likes
him and submits to him gracefully,
he'll like her, whether she is old, stout,
thin, wise or ordinary, It is the wife
naturally opposed to everything her
husband that complains he no
longer loves her,
* » -
When a widow writes a letter to kin
begging for assistance In feeding her
hungry children, she is compelled to
pay an extra cent for the stamp, that
this sort of waste may continue In
thousands of other places. I wonder
statesmen are not ashamed, instead of
being the proud creatures they are
LI
The correct and moving reason for
good behavior Is because It is profit.
able: the surest way to avoid punish-
ment. Any other teaching of good be-
havior Is complicated, and less effec
tive than sound teaching should be.
. * »
Everyone occasionally remarks the
rapid flight of time. It becomes more
noticeable after one becomes old; and
an old mah gets very much less out of
the hours as they hurry by.
- - -
A man named Lecky is a famous his.
torian, and quotes St. Jerome as say-
ing that in olden times one man slept
naked in a marsh to court the stings
of poisonous insects, This he kept up
for six months, A disciple slept at
the bottom of a well, and when he
walked about, carried on his back a
hundred and fifty pounds of tron.
Lecky fully documents these stories,
and wonders what the explanation ix
Many volumes have been written to
provide explanations, but I can explain
the stories in five words: They never
happened. Most wonders are made an;
we pretty generally know what really
goes on, and why,
© 1931, Rall Syndicate WNU Servies
seem pleased,
does