Last autumn the Louisville Joint Stock Land Bank was stayed from foreclosing a $9,000 mortgage on William W. Radford's 170-acre Kentucky farm by a brand-new device for scaling down farm debts and forestalling foreclosures—the Frazier-Lemke Act, a non-Administration measure filibustered to passage by Senator Huey P. Long in the last days of the 73rd Congress. That law permitted a farmer to declare himself bankrupt and keep his farm by having its current value appraised, then paying this sum to his creditors within five years. Farmer Radford got his debt scaled down to $4,445, arranged to pay $325 rental for the...
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