Salt Lake Telegram | 1921-06-26 | Page 20 | Private Financing of Farms Urged by Hoover

i 6 6 PRIVATE t. t FINANCING OF FARMS URGED o BY HOOVER Secretary of Com Commerce erce Believes Believes Be- Be Norris Bill Ill III Advised Advised Advised Ad- Ad at Present r l WASHINGTON June Juno 25 While 25 While expressing e pr disapproval of the Norris bill to create a hundred million m corporation to aid farm exports Secretary Secretary Sec- Sec j i rotary Hoover Hooyer told a senate committee committee com com- com I m today that the administration I recognized the serious economic plight t I i of American farmers and was engaged I In In mobilizing private banking credIts credits cred- cred Its to prevent pre the forced liquidation t t t If v t. t of farm commodities I p particularly cotton cot cotton cotton cot cot- ton and sugar Let us first attempt he said to prevent forced liquidation of these theM commodities by mobilizing private capital as has been done in tho the cattle cattle cat cat- tle tIe industry and then if it w we fail there will wl be he time tima enough to pet get the government o to take up the burden directly Pointing out that the United States StatE's had sent to Europe a t. t billion dollars dollars' dol dol- lars lars' worth of foodstuff In the last eleven months he said Maid It was evident evident evi evi- dent that the go governments and peo peoples peoples peo- peo peo-I peo ples Illes there find mone money for foods b but t conceded that the situation as t to cotton cotton cotton cot- cot cots s ton was worse Chairman Norris referred to the administration admInistration administration ad ad- ministration bill hili empowering cring general steps to fund all of the war debts which the United Spates t tes holds s. s The obJect of tM t hill bill Is to get these loans in shape for lor handling Mr Hoover Hooyer said and wh when n pressed for a statement as to whether hEther the treasury Intended to permit exchange of German reparations securities he said Well It Is is quite possible that the treasury could got get bett better r securities by exchanging exchangIng- some of the securities of new nations for German bonds England owes four billions Senator Senator Sen Sen- ator Norris said ald Do you ou mean to say ay we wo would be asked to take Ger- Ger y r 1 man mah bonds bond against this debt and that they would be bEl better bolter No Xo Mr 11 Hoover respond responded d. d Isaid fIt I 1 said exchanges might bo be made which I would give us better security Noone Noone No one proposes that the United St States tes j should exchange good securities for less good so far as I know m w. w I