| Show Farm Fann Bureau Clips I Article From Okla Okia OklaUnion Union Farmer It t is 18 the too desire of tho the Layton Farm Bureau that this article be published for the benefit of the people in the county It is taken from too the Oklahoma Union Farmer PLANA E EXPLANATION TION OF THE FRAZIER LEMKE BILL By Congressman Wm Lemke The Frazier Lemke Lomke Bill pro pro- proVIdes provides provides vides that the Government shall refinance all farm In at 11 C mt interest and 1 principal on th the amoriza amortization tion plan not by b issuing more tax exempt bonds but by issuing Federal Reserve note notes such notes to be secured by first real estate mortgage bonds which security l is t better than gold or silver because we cannot eat cat gold or silver er hut but we ve wedo wedo do live ll on the things that are pro po produced p on the farms Under the terms of ot the Frazier Frazier- Frazier Lemke Bill a n farmer may refi- refi refinance refi refinance nance nanee his present indebtedness up to of the value of his farmand farm farmland land and and 50 of the value alue of the bUIld buildings rags and permanent improvements If that is not sufficient to take up all of his fn indebtedness then he may make further loan secured by first mortgage on his h h estock to an amount equal to 65 66 of or the faIr market value t thereof In other words the Frazier Frazier- Frazier Lemke Lemke Bill is 16 a refinance bill Its object is to refinance the farm Indebtedness at a low rate of interest In tere terest t and get the farmers out of debt Under the too Frazier Lemke BIll at It 1 10 interest a farmer can carry a loan oan of easier than he can carry one of under the thc present Federal Land Bank Act That is 19 as far as his to to pay goes goes because o 1 interest mt-erest is just one third of 4 I I But that is not all Under the Federal Land BankIn Bank in an amount equal to 5 6 of the loan Joan Another important feature of the Frazier Lemko Bill is that the debtor farmers will have some come something something thing to say as to how this law la lawshall lawshall shall be enforced and carried out while under the Federal Land Bank Act Act the farmers have noth nothIng nothing nothing Ing to say ay In fact the Federal Land Bank is largely under the control of banke bankers who still use b banker r methods When this bIll a law Jaw the farmers will VIll supervise IC the refinancing In other words for the first time they will ha have hae e something to say about theIr own bus business mess which is as it ought I to be Under the Frazier Lemke BIll the Go Government of the United States if it refinances all of the farm indebtedness ill v 1111 make a profit of in 47 years the time required for the loans to amortize If the Govern meat ment bJ b bv refinancing the farm In indebtedness deb of this nation nahon would make a profit of at 1 interest then it ft is equally clear that at 4 interest the coupon s will make a profit of out of bank bank- bankrupt bankrupt rupt agriculture in 47 years If the Government GO mikes makes a profit of by refinancing the farm indebtedness then the Fed Federal Federal oral eral tax that the too people have to toI pay could and would be reduced 63 in 47 years ears whIle I under the present Federal Land Bank Act tax tal exempt bonds are I bem being and will continue to be sold to the international bankers the bankers I Wall Street coupon clippers T enty state legislatures have I I endorsed the Lemke Bill Billand and t no reason why hy any congressman should refuse to sup support I I port this bill It has the endorse endorse- endorsement endorsement ent I I ment of an overwhelming major major- majority major y ity of the people of this nation maJor maJor-I i When passed it will put into circulation circulation lation 2 of new money I I and nd it will 11 not be necessary for the President to go over to Europe to buy a dollars dollar's worth orth of gold for a I dollar doUar and a half hate because there will III then be plenty of money m in circulation to do the money bust busl bustness business ness All farm commodities will increase in m price Farming willi will again agam become attractive and thIs nation will wll put on new nev l life e There Therefore Therefore Therefore fore may may maJ I ask every cery person pelson who reads this article to ImmedIately i Sit down and write his congress congress- congress I congressman congressman man or senator to support the Frazier Lemke Bill not only onty pas pas-I pas pas- passively pas passively but actively If IC your your our con congressman congressman gressman ressman or senator IIi fills you I Ithen then make sure that you fail faU him himat himat himat at the next election This govern government government ment belongs to us ande and we e have haH been sleeping at the switch too long Let us ue inform our in m Congress that we mean |
