Brownsville herald. [volume] (Brownsville, Tex.) 1910-current, 1915-07-23

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for enabling tenants and those without
homes To purchase and improve farm
and broad acres. These associations
should be federated IN L. federal reserve
100000 80 as TO reduce interest rate and
burdens. And rs members # the federal
land banks, these associations should
be allowed Ia use the farm mortgages rs
collateral with said banks for the pur-
pose of converting them into cash and
aS the basis for farm loan bonds or
debentures.
The government should authorize the es-
Establishment OF II federal land banks, with
a capital stock OF not less than 5000, 900
each, for the purpose Of buying mortgages
from the land associations and Of raising
the capital therefor by issuing farm loan
bonds or debenture>.
The law should allow the secretary of
the treasury To deposit in the federal land
banks one-half OF the general fund held in
the treasury of the United States in order
that such banks may u>e thu government
monty 10 securely establish and maintain
this rural credit system. The credit Of
the government should be furnished in this
and other ways in abundant measure 10
place the farmers banking machinery upon
the surest foundation. The commercial
tanklng act L. saturated With government
aid. The government should subscribe for
The stock of the federal land banks, pro
Nfded he subscriptions Of farm loan as
>ociation> and other subscribers are not
sufficient.
IL should be- provided that the govern
n,cnt credit and funds are placed behind
these banks IN abundant fashion. The
federal government should obllgate itself
To lurcha~e each year SGT, 900 900 or more
of these farm loan bonds. IL should come
'>quarely 10 the aid of these banks and. il
necessary. even guarantee all their bonds.
\ farm loan board should be created IN
the treasury department at Washington.
analogous 10 the federal reserve board and
endowed with substantially the same pow
ers. This system should be entirely sep
arate and distinct from the federal reserve
act. State institutions should be allowed to
,rter the system. These are the essential
and fundamental points of the legislation
shall advocate.
BY this method let a. make ii possible
Tor farmers 10 tighten their burdens and
for the Millions OF worthy and homeless
men, tenants and laburerS, To ACQUIRE
farms and pay for them under the amorii-
Zation plan IN periods running from five To
% or more year> at a very low rate OF IN
tere>t. and IN no event 10 exceed Il per cent
per annum. In this way We guarantee
homes for the hora-le~~ and lands for the
landle>>. and thus We can put upon the
uncultlvated lands III Texas, amounting 10
lOO.OOO.OOO acres, sturdy farmers and
home builders.
The principle OF the bill introduced by
me for the relief of the cotton growers will
he an issue and | shall defend those mea-
sure>.
In addition to what the secretary of the
treasury and the federal reserve board
have ample authority for doing now to
finance III, present cotton croI the things
proposed ny me M congress last year
should be speedily adopted by congress.
Still a representative in congress am
ready To render relief To the cotton grower.
Should the European war again menace the
price Of hiS crop. The same fight will be
made by me 10 induce the federal govern
inert ~ hE2nce his needs. Under such con
dItlons the government should deposit in
the rJtIrn al and state banks Of he South
500 ,oOo,O0O or more, 10 be advanced to
TIE Producers q: cotton at a low rate of in
terest for one year longer. For such pur-
p.>c IcdcrmaiIe United States notes should
10, Issued L. that extent. or Panama Canal
bonds should he sold and the proceeds ad-
Died 10 such notes 10 bring such funds M
10 that amount and a. much more a. NAV
he required. | shall insist that the secretary
OF the treasury deposit these public moneys
a a trust fun To be io,ned to the cotton
growers "a did when he sent To New York
banks ON August , last year $40, 00O. 900.
with lauch larger sums on subsequent DAYS,
ageregating $40, 900 900, To steady the
stock market on Wal street. The cotton
can be pledged at it, market value and thu,
become the best known security for the
loans. The government should do this with
tree and lavish hand. and | pledge myself
TO icLew the contest, If the circumstances
ar" the same.
Upon these issues | shall go To the people
and invoke their iudg gent
Beng opposed - rational prohibition
and in strict accord with President vii
sons well known views, ! shall earnestly
urge the people 10 cease its agitation. A
further program of constructive legisla-