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Show F. P. Champ Talks to Farm Debt Body In addressing the State Convention Conven-tion of County Farm Dept Adjustment Ad-justment Committees at Salt Lake City on Wednesday, May 18, Frederick Fred-erick P. Champ, of Logan, President Presi-dent of the Cache Valey Banking Company, speaking on the relationship rela-tionship of Banks, Trustees and Other Fiduciaries to Farm Debt Adustment reminded those assembled assem-bled of the fact that the welfare of millions of small investors, including in-cluding savings bank depositors, life insurance policy holders and other Investors in farm mortgages, who, for the most part, are small investors, is Involved in the question ques-tion of farm debt adjustment, because be-cause the savings of these people who are in many instances already in need or distress, are impaired by any attack upon the sanctity of the contract or the disregarding of real values in approaching the (jfuestion of debt adjustment. Mr. Champ advanced the suggestion sug-gestion that these committees should never lose sight of the fact that they are essentially emer-cy emer-cy committees, working along the lines of bankruptcy procedure, and that their activities shctuld be limited to cases of advising honest hon-est compromise for persons with good reputations who have been caught in an emergency brought on by causes wholly beyond their control, and who entertain an honest desire to pay their debts. Limited to such cases, the program pro-gram is constructive, but anything any-thing that these committees may do, directly or Indirectly, to add to the popular idea that it is proper for a debtor to circumvent an honest obligation and shake down a creditor is immoral and will destroy a debtor in the end, rather than help him. Furthermore, such procedure can easily add to the psychology which convinces a defaulting debtor deb-tor that the Government will assist as-sist him, and thereby get hoped for relief at the expense of; someone some-one else. A psychology of this type does a distinct injury to everybody In a material as well as in an intangible way, because it will ultimately undermine the credit structure and destroy those fiduciary and largely mutual institutions in-stitutions which hold the savings of sixty million life insurance policy po-licy holders and nearly as many' savings bank depositors. The un-J reasonable creditor, as well as the llTiwmennaMo hfnr rrwiict- Vu trolled and assisted in counseling together in the interests of the public as a whole, but not with any suggestion of arraying class against class. The speaker congratulated the members of the committees on ther volunteer and constructive service in what is often more or Less thankless task. |