Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1915-03-02
Conference Committee Finally
Agrees to Recommend Con-
StructiOn of Two Sea- a-gOing
Submarines,
HUNDREDS OF MILLIONS
YET TO BE PROVIDED
Senators Burton and Kenyon
Insist Upon Big Reduction
in Rivers and HarbOrS Ex-
penditureS,
Q . 9 % 90 - .
FARM LOAN PLAN HAS
PASSED THE HOUSE

: FARM LOAN PLAN HAS
- PASSED THE HOUSE
4" Washington, March IA
d. farm loan plan was written into
@ the agricultural appropriation
% bin by the house tonight, after
. long and vigorous fight
As framed in the house, the
{. plan would provide for system
of farm loan associations formed q
&. in individual communities to
o make loans ON farm mortgage
a: notes at not more than six per
4. cent interest These associations
: would form federal land banks
80 in districts corresponding to the
g present federal reserve districts
" for the purpose Of dealing in the
o mortgages held by the assoeia-
@ ti0n and loanlng to the associa-
tion upon those mortgages. In
these banks the government
q: would have supervising and
. under certain circumstances
&" Il stockholding interest They
o. would be authorized to is
q" sue bonds based on their farm
% mortgage security
- The cruX Vt the fight i'm the
. house came on an amendment to q
T: authorize the secretary of tho
E" treasury to issue Panama canal
90 or other government bonds 10
the amount Of s50,000,00O a year
q" to take over the bonds Of these
% land banks The amendment
% was adopted in committee OF the
% whole by vote Of 1851 to Il.
" The administration proposal q
9 was "A substitute for the Nc
&. Cumber direct loan rural credits
4. plan incorporated in the bill in
" the senate. 1t proposed a series
Q of farm loan associations with q
4" system of land banks under pri- 8
8" vate ownership and control to
g handle the loans through the sale
o of bonds to the public.
q: BY a vote of 237 10 SO the q
3? house rejected the McCumber
. proposition and then the perfect q
. ed Buckley Hollis amendment
" was agreed to without a roll call. q
o The bill was sent to conference. g
Q . Q 9 . o o o o @ 9 o . Q o Q o Z
tsY MORNING JOURNAL SPECIAL LEhsFb wtRUI
Washington, March Both house
OF congress worked until late tonight
administration leaders straining ever
csource to expedite legislation tha
must De enacted before adjournment
Thursday noon.
Rural credit legislation as AZ
to the agricultural dp-
bill held the house in
session far into the night. The SEN
ate, after devotng second day e.
tangles in the $1t,000..
coo Indian supply bill, laid il aside
this evening for an executive session
and to take up general calendar bills
Compromise Naval Bill.
a compromise on the naval build
ing program was one of the import
ant developments Of the day con-
ferees on this much discussed meas
ure agreeing to two submarines Tht
house bill had provided for but one
sea-going submarine and eleven OF the
coast defense type House conferees
yielded to the senate demand for the
sixteen coast defense vessels but
would not accept the senate propose
& Hrf ID
Neither would the house conferecs
agree to the senate proposal for q
new hospital ship and "A new gunboat
these being eliminated from the re-
port The provision for two battle.
ships was unchanged
Tomorrow the conference commit
tee viii meet further to consider see
tions of the bill relating to adboltiDr
Of the plucking board and establish
ment Of an advisory board on aero
rautics
Leaders of both houses continued
their efforts on conference reports
on unfinished appropriation bills
throughout the day ana evening and
it was generally agreed that the bic
supply measures were as far advanced
as they usually are IN the strenupu'
closing days of congress, although tn
army. navy agricultural and post Of.
flee measures still are in conference
it was expected all would be reported
tomorrow or Wednesday. in plenty q.
time for approval by both houses
Conference reports on the District
Of Columbia, military and sundry el@il
bills were finally approved during the
day. Measures approved ana sent g
the president up to night aggregating
an outlay of $3t4,411,225, the other
nine bills, excluding the $3S o0O,Vpu
river and harbor bill as passed by IN
senate aggregating s614.n29, Add
ed to these. in al probability will be
a Joint resolution appropriatng q
lump sum OF s25, ,O00.o0o % $40 ooo,-