Show Wide Wide- Power Per Given Roosevelt in Bill Bill- Br United Pren Prell W WASHINGTON April 29 29 The 2 The e Inflation farm farm relief bill passed by bythe bythe bythe the senate senate- is one of the mos most extraordinary and sweeping sweeping measures s' s sever ever adopted by an American an-American congress It gives President R R Roosevelt iron control over over- the nations nation's money It permits but permits but does docs not order order order-ex order expansion expansion of billions of dollars in in cur cur- rency It places places' the secretary ta of agriculture In control of farm production in a a. frankly experimental attempt to eliminate excess output and raise crop prices s It provides provides government f for government refinancing of farm fann mortgages to the ex extent extent ex- ex tent of Detailed provisions of the bill follow 1 r INFLATION SECTION I J I Grants the president authority 1 I. To e enter Into agreement ent with th the Federal Reserve system whereby the lat latter latter- er to e expand cr credit dit could buy federal obligations to the extent of ot 2 If II this operation proved Jn inadequate te to order Issuance of in j new ew money to to- tobe be retired by a a sinking fund at 4 percent per percent percent J. J cent ann annually aUy 3 3 To alter the gold content of the dollar within a a. 50 per cent range 4 To order free free coinage of ot silver at a ratio to be f fixed c d by him silver In-silver In silver In payment payment- of foreign debts and S 5 To accept issue to-issue silver r cert certificates leat s against against- that that bullion n 4 I I COMMODITY SECTION 1 Grants Gants Secretory Secretary of Agriculture Wallace Vallace authority and prod production production- through application o of lV J To reduce farm acreage age Ithe the cotton option Domestic lc allotment and and land leasing euing plans reimbursing relm- relm bursing farmers for such reduction by by- bounties bounties' and rentals 12 2 To Impose processing taxes taxes' designed to raise prices until farm fann measured liv In terms of what parity purchasing power powe- reaches a a- prewar the farmer fanner m must st buy Proceeds of the taxes a es to be paid to farmers inthe inthe in inthe the bounties and rentals the domestically domestically on 3 To guarantee the farmer a reasonable profit proUt cally consumed portion crop fid fair Practice tol to enforce and distrIbutOrs 4 1 To license processors and 5 5 To make marketing agreements with producers processors distributors I r CREDIT SECTION 11 I It 1 t Provides for a Issue of 4 per cent Federal Land b bank bonds interest to be guaranteed by the government first mortgages or to the land banks to to- purchase 2 2 Authorizes balance or SO 50 per percent percent basis of unpaid exChange the bonds for them on a value of- of improvement cent land value plus 20 per ot of the appraised cent land bank mortgage loans interest on outstanding 3 To reduce to 4 2 1 per cent national farm not covered by V districts in 4 D to farmers loan associations ot of joint stock land banks 5 Provides for gradual liquidation authorized to lend to Reconstruction Finance corporation to reduce interest rates to 5 conditioned on agreements these banks per cent and suspend two years Finance corporation credit 6 Extends in indebtedness Reconstruction under the recent bankruptcy to farmers scaling scaling- down their law 7 Reconstruction Finance corporation loans of 0 for refinancing refinancing re re- rethe indebtedness of drainage irrigation and levee districts financing to the paid paid-in surplus of 8 Treasury subscription of the the- Federal Land banks to facilitate operation of ot the program |