Ogden Daily Standard | 1920-02-07 | Page 1 | Gronna Wheat Bill Pledge Repudiation

HUM 1EAT BILL PLEDGE RfHIATIM NEW YORK. Feb. 7. Julius H. Barnes, United States wheat director, made public a letter :to Senator Gron-na Gron-na m which he terms the latler's bill for the repeal of the wheat guarantee act and the abolition of the grain corporation cor-poration as a direct repudiation of the pledge made by congress to the wheat producers for the crop of 1913. Senator Gronna's bill, which has been favorably reported by the senate agricultural committee, repeals all government control over the price of wheat and requires the grain corporation corpora-tion to wind up Its affairs without delay. de-lay. Mr. Barnes asserts that, at a lime Wh"u no one can accurately predict 'the trend of prices, Senator Gronna apparently feels such confidence in his own judgment that the farmer will benefit by the withdrawal of government govern-ment stabilization that he would immediately imme-diately take from the wheat producer the protection of the billion dollar guarantee, which congress has pledged itself to give until Juno 1. The wheat director gives warning that by abolishing abolish-ing government support congress may .precipitate a still further decline in the price of wheat, even below that of tho guarantee price. He adds that "only the most colossal egotism would presume to forecast tho course of j prices in the face of worldwide unset-tleinent, unset-tleinent, which within the past few 1 days has wrecked the United Stntcs' export trade by total collapse of overseas over-seas finance." If congress should repudiate its own pledge to the farmer, Mr. Barnes ndds, the possibility of depreciation in value after the withdrawal of tho government govern-ment guarantee are such that six million mil-lion farmers will ask congress by what, right it repudiated tho pledged national nation-al guarantee on the underlying foundation foun-dation of which tho influence of supply sup-ply and demand has built an average premium of thirty cents per bushel. jBjSfijjjjjjjjj