The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1916-07-19
THE FARMER COMES IN
HIS OWN. i

one OF the greatest pieces Q
tive legislation ever pa,
American congress. No, -
Of course, but one Y.rm H,' -, |,
/. We refer to the Fede, ' ~
- for which We are lu 10 say our
- own congressma
~ Walker made ard and successful
. fight.
This one Of the Democratic con
Ity .,ro.. , FAR above anything ever
ali ,,. e American farmer by a
~ poo,,,,.n lawmaking body. This,
81 N. is a broad statement but we
oh. .gc any Republican to dispute
g., he measure which now becomes
law viii 90 far towards placing
he tiiler Of the soil on a firm footing
! and make him independent of the
sometimes fraudulent means which
are used to deprive him Of the profits
Of his labor
Particularly win the South profit by
this law, This section OF the country
has been burdcned By high interest
rates 80 long that it has become sec
ond nature to, pay cxtortionate rates.
This bill provides for the planter to
get money on his land at 6 per cent
or less, which wiz put him on an
equal footing with other business
men. and that is where he should
have been many years ago.
The Federal farm loan act authoriz-
cs two kinds of Federal banks. name
~ Federal land banks and joint stock
land banks.
There will be established at Wash
ington a board charged with the exc.
cution of this act to be known as the
Federal farm loan board This board
will consist OF five momebrs, incIud.
ing the secretary of the treasury who
Will be a member and chairman ex-
oilicio, and four members to be ap.
pointed by the president of the United
States. or the four members to he
appointed by the president not more
than two win be of one political par
ty.
The Federal farm loan board will
divide the United States, including
Alaska, into twelve districts, which
viii be known as Federal land bank
districts. and will establish in each
district Federal land bank. The bill
leaves it to the discretion OF the board
as to whore these banks shall be To-
Gated, but stipulatos that each shall
include in its title the name of the
city IN which II is located. Each
bank shall he temporarily managed
by five directors appointed by the
Federal farm loan board. The perma
nent board Of directors viii consist of
nine members. each holding Office
FOR three years, six of them will he |
known MS local directors and be ehos !
en- by and be representative of the !
National Farm Loan association. while !
the remaining three will be known as
district directors and viii be appoint. /
ed by the Federal farm loan board. /
and win represent the public inter.
csts.
Every Federal farm land bank must
have before beginning business a sub. !
scrihod capital of not less than $3.50.
coo, which may be subscribed to and
held by an individual firm or corpo-
ration, or by the government of any
state or by the United States. The
subscription books OF the Federal land
banks win be kept open thirty days
to give the public Il chance 10 sub
scribe foc its shares and at the end
af that time whatever amount is not
taken the secretary OF the treasury
viii subscribe on behalf OF the United
States. No dividends, but stock own.
ed by individuals and National Farm
Loan associations will receive divi3
bends, but only National Farm Loan
associations will receive dividends.
hu' only National Farm Loan associa.
tons and the government will have
vote at shareholders meetings. The
bank holds the right TO retire the
stock OF individuals at par as soon
lN Hhta e.rhgywfs,tt.. n a.. t....-