SECY. WALLACE DENOUNCES HIGH INTEREST ON FARM LOANS; 10,000 HEAR HIS TALK
Secy. Wallace Denounces High Interest On Farm Loans; 10,000 Hear His Talk St. Paul Meeting Said to Be Largest of Kind Held ST. PAUL. Minn. — Ten thousand farmers from 18 states crowded the big...
...The Wheeler-Jones bill, it was explained, proposes to halt foreclosures, refinance distressed mortgages at a low rate of interest, and enable farmers who have lost their farms to return to the land...
...Sixty years ago, three out of every four farmers owned the land they tilled...
...The battle is on...
...NEW YORK CITY—Formation of the National Grays Harbor committee to help bring about "the restoration of la-.v...
...The 'New Deal' stands for low interest rates...
...The issue Is clearly-drawn...
...It's an old story with farmers...
...There was a time when the farmer had to pay up to 8 per cent to borrow money on his land...
...Those who expected Wallace to take the gloves off were not disappointed...
...The committee will seek a federal investigation of terrorism...
...Conference Asked Instead oFForce HARTFORD, Conn.—"The recourse to force is a disclosure of the failure of civilization in general society," declared the Rev...
...Hits "Interest Racket" The bankers, Wallace asserted, are against the bill because it hits the "interest racket...
...workers...
...In those days the money lender and the bank had things their own way...
...The 'Old Deal' stands for high interest rates...
...They were accused of using all the methods employed in the past to frustrate relief for agriculture—"attacks In congress, in the press and in the courts...
...One of the principal reasons for the Increase in tenancy is that the farm debt load is too great and Interest rates are too high...
...If we want to keep our farmers on their farms we must do something about this debt burden...
...orSer and civil rights" in Grays Harbor (Aberdeen) county, Wash., was announcsu here...
...Wallace concluded, "and they know how to meet it...
...When the depression drove down farm prices and land values, thousands of farmers who were unable to meet interest charges were pushed off their land...
...by half truths and outright falsehoods...
...Today nearly half our farmers are tenants or share-croppers—and tenancy is still increasing...
...I did rot choose this field of battle, but I do accept the challenge...
...As a result of their rule, more than one-third of all the farms in the country are mortgaged for a total of more than $7,000,000,000, representing 20 per cent of the value of all farm land and buildings...
...Maintaining that the best solution to labor problems is found through conferences, . Boland said: "Talking things over across a table until a meeting of minds is reached is the only lasting and mutually satisfactory aid to stable production and distribution...
...The time has come," Wallace told cheering farmers, "to get to the hot spot of this controversy — Interest rates...
...BIXGHAMTOX, X. Y.—As a sequel to the smashing defeat of both AFL and CIO shoe unions in an NLRB election last January, the rival organizations have merged for a fresh drive to unicnize more than 16,000 Endi-cott-Johnsnn Corp...
...In his opening sentence he hurled a challenge at foes of the legislation— the American Bankers' association and some or Its state auxiliaries, supported by "the same financial...
...CHICAGO, HI.—The longest and toughest strike in the history of the American Newspaper Guild (CIO) ended when the Hearst-owned Herald-American signed a contract providing for reinstatement of 115 of the 167 men and women who remained active thr()U"ho!it the 17-month walkout, and $24,000 dismissal pay for the remaining 52 strikers...
...Ten thousand farmers from 18 states crowded the big auditorium here last week to hear a "fighting speech" by Secretary of Agriculture Henry A. Wallace in defence of the Wheeler-Jones bill, designed to ease the debt burden of farmers...
...And I am sure that every real farmer in this room is ready for the fight...
...by prophecies cf' disaster and cries of Communism...
...John F. Bcland, chairman of the New York State Labor Relations Board, giving his views on strikes and lock-outs at the semiannual convention of the Connecticut Labor Department Assn...
...Journalistic and political interests which always gang up against anything which really will help the farmer...
...Using "Old Stuff" But Wallace emphasized, the farmers' foes don't want the problem settled that way — the way of the Wheeler-Jones bill...
...The meeting, said to be the largest of its kind ever held, was arranged by the National Farmers' Union and the National Federation of Grain Cooperatives...
Vol. 10 • May 1940 • No. 19
