National Affairs: Last Chips

To the Federal Farm Board last week was passed its final stack of chips to play the wheat and cotton markets. Congress voted it $100,000,000—last of its original $500,000,000 allowance—with the implication that it must make good on its stabilization program or quit.

In passing the Farm Board's ultimate appropriation Senators openly deplored its open market policy as a "sheer gamble with public funds." An effort to end its wheat and cotton speculation was beaten (55-to-26) only because Senators did not want to shoulder the responsibility of "hamstringing" its operations at a time when failure by its own action was widely anticipated....

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