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Show FARMER PERILS ARE PICTURED III MORTGAGE BILL Sssd and Crop Loan Official Flay Proposal for Moratorium Adoption of tha Anderaon Maw-Thatcher Maw-Thatcher bill declaring a moratorium on real aetata mortgagee and daada of tnut In Utah until April 1, IMS, would be the "wont thing that could happen to farmer! who are aiklng auch action," ac-tion," Parry E. Burnham, regional manager of tha farmeri' eeed and crop production loan office, declared Saturday. Sat-urday. Tha measure, Introduced In the lower house of the atate legislature, haa been referred to tha Judiciary committee. It declare an emergency exists, and la designed to "provide relief for debtors during such emergency emer-gency by suspending until April 1, 1135, foreclosures of real estate mortgages mort-gages or deeda of trust now pending or which may be commenced In oourte." MEANS TWO THINGS "Passage of this bill would mean two things the stoppage of credit in the state and the Inability of the United States to make aeed and crop production loans In Utah because of a slate law conflicting with federal regulations regarding these loans," Mr. Burnham said. Tha congressionsl action setting up funds tor 1833 aeed and crop production produc-tion loans states that first mortgages on the crops must be given the government gov-ernment Any state law declaring a I moratorium beyond October SI, 1833, when tha loans fall due, would be In conflict and prevent loans, he explained. ex-plained. 'Doubtless this would mean the I rOeatlaeed en Fas Twelve.) I BILL PICTURES FARIHERILS (Oeatlaatd Press Pace Smn) regional office In Salt Lake would be removed," Mr. Burnham aald. "Not only would such action have a disastrous effect on farmera who ' have as a last resort this federsl fund to finance their 1033 crops, but it would act to the detriment of every person dependent upon credit "Insurance companies, banks and building and loan firm are heavily invested in mortgages, on both farma and city home. If a moratorium ia declared on these, how can these same institutions mske payments to tha farmers and others who have policies, savings and certificatea with them? "If there is a moratorium on morU gage indebtednesa, what protection will there be for any person, firm or corporation in the business of extend ing credit? This credit would be shut off Immediately. The measure could only act to the disadvantage of those who think they need such relief as is proposed In the bill." |