The Daily News Of The Virgin Islands

FIRST FEDERAL

The First Federal Savings and Loan Association has come to the Virgin Islands, and the president has promised that it plans "to tackle all eligible mortgage applications." The local office was opened with appropriate ceremonies on Labor Day. First Federal could not have come at a more propitious time in the history of the islands. Although we have succeeded in raising the floor of the island economy, nothing constructive has been done about the ceiling. To live in the Virgin Islands happily and without the ever-present fiscal squeeze, one should be either a millionaire or one of the underprivileged. Now, many more of our people can own their own homes with dignity. Credit was not always easy to come by on these islands, and then frequently, one person used his personal influence to undercut the credit of someone else. We are gradually seeing the end of this condition, and we look forward to the day when islanders can live like normal people.

The facility of credit is not our only housing problem on these islands. Hundreds of acres of land are being held by speculators who have operated against the basic economic level of the island population. Land has been held more for the luxury of speculation than for any practical use. People who form the backbone of our economy must be protected against the extremes of speculation as we know it here. Now that First Federal will make it possible for more people to build more homes, they must be able to get the land. The insular government has a responsibility in this which it has constantly evaded. In Puerto Rico Governor
Munoz has taken hold of the situation boldly and has used the power of the government to bring an end to the extremes of speculation. In the Virgin Islands, on the other hand speculation is virtually endorsed as a matter of public policy with friends of officials in high places as the greatest offenders. It will be a great day for the Virgin Islands when the people can reach the lengths of their rightful ambitions rather than to be circumscribed and reduced to the lowest level by those who would siphon off their life blood for personal gain. We believe that the establishment of First Federal Savings and Loan Association here is a major breakthrough in the right direction.