Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1913-04-10

) million dollars to be issued in any one
year, as approved by the board of dir
cctOrs, consisting of the above mentioned
government representatives and others
selected by the stockholders. 1t could also
be authorized to transact business in
foreign countries to get the benefit of a
world market for it's securities.
Under such a charter branch Organi-
cations in different states could be auth
orized where the state laws did not on
tlict with the policy of the parent char
ter: the board Of such state organiZa-
tons could be represented by a board
Of directors, the governor and such other
state officials as might be deemed best.
"The objects Of the company should be
to loan money OIL mortgages not exceed
ing in any case 80 per cent. of the ascer-
tanned value. in amounts to be repaid
either in instruments or long terms; to
purchase and sell land mortgages, bonds
)r lard d~ebenturcS, With authority to
loan produce growers cooperative asso-
Citations where properly organized and IL
cOrporatcd under the laws Of any state or
states giving safe protection to lenders.
Such loans to farmers associations
should be confined to warehouses, elevat-
ors and cold storage plants, all of which
should be constructed under rules and
specifications approved by the federal
company. The loan in no event should
exceed 80 per cent. of the actual cost of
the property. which should be located on
land owned by the agricultural assOcia-
ton applying for the loan. or on land
under lease for a long term Of years
owned by or adjacent to a railroad, where
track facilities could be had to expedite
the movement of products to and from
such warehouses.
Loans should be made only on such
warehouses. elevators or cold storage
plants as cOnformed to the requirements
Of the banking laws in the issuance of
Negotiable receipts, either in the forward
ing warehouses, elevators or cold stOr-
age plants, or warehouses constructed at
market ~centers from which distribution
Of the products were to be made.
In going to the public and to Wash
ington, it should be made clear that you
are not asking the government for funds
TO build up agricultural credit. but only
for its friendly cooperative interest i'll
building up Il financial institution which
Will, with proper security, enabl those
engaged in farming, to find money at low
er rates for a long period IN instalment
-, ,np \-.,41a. .hnrll 49,. ~
he antagonistic to present banking meth
DDS, banking interests or any national
monetary system that may hereafter be
adopted. You nave the friendship of
those now engaged in the banking busin-
ess. They can and will help in any work
that means more to the producing class"
Mr.. Yoakum does not think the rail
roads are overpaid when they receive a
little less han four per cent. for hauling
produce for which American housewives
pay Is billion dollars, when the other
selling costs and the waste amounts to
20 per cent. or six and one-half billion
dollars. He says:
THE railroads are an important fact
or in this question, and there is nothing
10 be gained but a lot to be lost by grind
ing the railroads to a point where they
cannot make sufficient money to do their
share towards cutting out the farm waste
The better the railroads are. the more
"Xpeditiously they can haul the business
but they must have the money to put
their roads i'll proper condition for safe
and economical operation.
vegetables cannot be hauled in coal
cars and fruit cannot be transported in
cattle ears. The vegetable and fruit
business must have the best up-tO-date
ears to handle the business from the
farms to the markets in the best cOndi-
ton. The railroads want to do their
share in providing economical and extern
sive means of handling food to the diff
fcrcnt markets of the different cities, but
the cost of doing these things and many
others not enumerated is very large and
will call for hundreds Of millions of dol
lars. AS things now stand the railroads
are unable to do as much as they would
like to do. The reason they cannot do
that is that they cannot find the money
10 pay for additional facilities and aid
i'll many ways to build up the agriculture
al interests"