Franklin Roosevelt actually said...

"I have been unable to find any system in which second mortgage loans have been made available to farmers generally on a basis as low as the present 5 percent Land Bank Commissioner loan rate."

"Further reductions in the interest rates payable on Federal land bank loans are not justified."

"The effect of such an arrangement is that part of the individual borrower's interest is paid for him by the United States."

"I believe, therefore, that there is no justification for continued Government subsidy of Federal land bank interest rates below the unprecedentedly low rate these banks are now offering farmer-borrowe..."