and Distributors
For Sale By
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^ Louis burg, N. C.
J. L. BOWDEN '?
Justice i
D. T. DICKIE
Epsom
J. D. ALSTON
B. W. BALLARD CO.
Franklinton
BEDDINGFELD BROS.
Bunn
L. H. DICKENS
" Dickens
'
I SUPPORTS FABXEBH'
I U
1 LEGISLATION
11 Hon. Uwird W. FN Delivers S)t?ckJ
In Comfnea la Iatemt of JfeNary.
Uagea Bfli aad Alia Ettagerald
Tj son BBL
The following speech was delivered
li. Congress on Friday, March 30th,
1028, by Hourfi.W. Poo, member from {
this District:
Mr. Pou. Mr. Speaker, there
In America two schota of thought
with respect to the agricultural prob
lem. One school of thought maintains
that there is nothing Congress should
do in order to' stimulate agriculture
throughout the nation. Those who be
long to this school of thought main,
tain that the fanner should be left]
to work out his destiny as best he can.
The other school of thought main
tains that' In view of our economic
(system, and because of handicaps
which that system has placed In the
way of the prosperity of the farmer,
It is the duty of Congress to act. X
belong to the latter school of thought.
1 am profoundly convinced that there
is a great agricultural problem with
which it is our duty to deal, and to
deal with how. T believe that certain(
legislation which has been proposed
will bring measurable prosperity to
the farmers of America.
I know there are those who put
aside this question with a sneer. They
characterise it as merely a calamity
howl. The figures of the Census Bu
rtau do not sustain this view. There
were in 1910 more farmers in Ameri
ca who owned their own homes than
there were in 1925. Let me give you
the exact figures. In 1910 the full own
ere of farms throughout the Nation
was 3,948,722. In 1925, 15 years later,
there were 3,868,332 persons who
were full ownere of their homes and
farms; that is to say in 1925 there
were in this Nation 80,390 less per
sons who were full owners of their
homes and farms than there were in
1910. Mr. Speaker, theae figures re.
veal a tragedy. There has been great
prosperity and development in many
lines of industry and manufacture
sine? 1910. The wealth of the Nation
has enormously Increased^ It la even
that the wealth of the Nation
lias almost doubled since 1910. Great
fortunes hare been made in many
lines of endeavor. The deposits in
our banks have increased amazing
ly. I was told recently by a gentle,
nan well informed in financial mat
ters that the banks of New York dur
ing the past winter had so much
money on deposit that they were send
ing out persons soliciting loans at a
very low rate of interest. He said
these banks had more money than
they could loan at the usual rate of
interest and in order to been their j
deposits working they were sending
out agents urging people to borrow
these 'deposits at a low rate of in
terest. Transactions on the stock
market have rtssn ta fahiilnns Ag
ares. On one day this week 4,700,004
shares of stock changed hundred
the New York Stock Exchange. Off
several days during the current week
more than 3,000,000 shares changed! <
hands. Stocks in many corporations^
have advanced to a point no one ever
supposed the price of these stocks |
would reach. Railroad stocks, which
sold lessthan seven years ago for $20
per share are selling today for more
than $100 per share. America baa
become the 'dominating nation in the
financing of the world .yet amidst all
this prosperity little, if any, proas
perity has touched the farmer, except
pcsslhly during two or three years.
His condition is even worse today
than it was in 1910.
I have not the figures before me,
but I am told that the number of home
owners in the cities Is very much
larger than the number or city home
owners in 1910. The cities have gone
fcrwurd while the farmers upon whom
the Nation must depend for all per.
manent prosperity have gone back
ward. He is gradually but steadily
I losing his home.
Much of the prosperity which the
Nation has enjoyed is attributable to
discriminatory legislation by Con
gress. The manufacturer enjoys a
practical subsidy. The tariff laws pro
tect him to a large extent from for
eign competition. When by law you
cut off competition you are practical
ly conferring a subsidy. The rail
roads by law are permitted to charge
a fair return upon their investment
We have spent millions in improving
the ports of our cities in order that
commerce might freely come and go.
Yet when it is suggested that Con.
gress -should legislate in the interest
of the farmer, the reply is made that
the farmer must take care of himself,
that the cry for agricultural relief is
merely a calamity howl, that the farm
er can work out his own salvation
without any belp, that if he doe", not
prosper it is because he is lazy ot
incompetent, that he needs no help
from* Congress or from any other
source. I would to God, Mr. Speaker,
that it were true that the American
farmer needs no help, but when the
reports ot the Census Bureau tell me
that the home owner of the farm is
on the decrease, when the number is
less now than 18 years ago, when
'more than 1,000 banks in the agricul
tural sections failed in less than tout
years, when thousands --of farmers
have given op in. despair and see
their homes and farms put up undet
the hammer of the auctioneer, when
auction sales are on the Increase,
when hard working farmers are un
able to pay even their taxes. I can not
rid myself of the profound conviction
that It is the duty of Congress to act
in some way and to act now.
? Mr. Speaker," if those who believe
there is a great farm problem with
which it is the duty of this Congress
to deal are divided, we can not hope
to accomplish very much. In the last
Congress I voted against the McNary.
Haugen bill. The President vetoed
the McNary-Hafigen hill, and even if
the friends of farm relief had been
at that time united, the measure could
not have been passed over the Presi
dent's veto. I preferred another mea
sure. I thought it was more practi
cable to begin the greal effort to
stimulate agriculture by passing the
so-called Aswell bill, but the majority
mt those, who faeor action rApect
to tbeagrlcultaThl problem Were ot a
contrary opinion. The MeNtry-Haug
w. bill amended In many respects,
now has a favorable report from the
Committee on Agriculture. Inasmuch
I cannot get exactly what I want,
L am going to accept the measure
upon which a of
Mends of agricultural relief In this
House have sttreed. and 1 do this with
out apology to any num. (Applause.)
I accept this measure becatise, as 1
have said, it ia the best I can get.
I accept it because it comes from the
committee with amendments which
have greatly Improved the McNary
Haugen bill passed by the laet Con
gress. Therefore 1 shall rote for the
McNary.Haugen bill when It comes
cpfor consideration In this House
because I am profoundly convinced
1* is my duty to do so. (Applause.)
I shall vote for It because I believe
the sentiment of the district I have
the honor to represent is overwhelm,
ingty In favor of some action by Con
gress with respect to the agricultural
problem. I shall vote for it because
every farm organization in America
with n exception has endorsed
the measure. I shall vote for it be
cause, to my sorrow, I see the tenant
class increasing, while the home own
t-r class is decreasing In number. And
this is particularly true of the section
irom which I come. I shall vote for
It because It Is the only measure which
will be helpful to the fanner upon
which I will have the opportunity to
vote before this session of Congress
pnds.
I believe there is much In our eco
nomic system, built up by legislation,
which is Inherently wrong. God
tnowa I would change the system it
t coutd; but TWH confronted by a con.
dtlon and not a theory, and because
.1 this condition t say to yon gentle,
ten of the House of Representatives
nasmuch as the system is here, the
ime is at hand for the Congress to
?to something to Inject lite and health
Into the agriculture of the Nation.
Mr. Doughton. Will the gentleman
field?
Mr. Tou. I yield.
Mr. Doughton. I will aafc my dbi
_ _ ue It It |g not also a fact that not
only home owners have greatly de
creased, but farm mortagages and
farm Indebtedness have greatly In.
creased?
Mi Pou. I understand that to bio
ttue.
Now, Mr. Speaktr, this to about all
I Intended to say at tbis time. I hope
the MoNar'y.Haugen bill will be speed
ily brought Into this House tor dl
cusslon and foractlon. I am quite
(Continued on Page Nine)
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