The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1916-09-07
CHANCES GOOD
FOR FARM BANK
AT SPOKANE
Farmers of Inland Empire Show
Marked Interest in New
Rural Credits Law
COMMISSION HOLDS HEARING
County Agriculturalist Lampson and
Secretary Swayze of Commercial
Club Attend

The Federal Farm Loan board, a
creation of the Rural Credits law, re-
Gently passed by congress, held pub
lie hearing in Spokane, Monday for
the purpose of securing data and in
nation to guide them in formation of
the twelve farm loan districts and the
selection of the locations of the
twelve federal land banks. The meet
( ing was held in the court room of the
federal building with a large number
present, and was one of the many, that
the board are holding thruout the
country. Benton county was repre-
sented at the hearing by Lee M. Lamp
son, county agriculturalist, and 7. A.
Swayze, secretary of the commercial
club.
The meeting was considered of i'm
portance to the entire Northwest be-
cause of the rumor that the board was
favorable to the formation of dis
trict linking the Northwest with the
Dakotas and Nebraska, or a district
including California with the Federal
Land Bank located at San Francisco.
Such an arrangement it was brought
out would be inimical to the farming
interest of the Northwest. The board
dropped the hint that they were will
ing to entertain testimony on the sub
ject "Why the Federal Land bank,
representing the states of the North
west should be located at Spokane.
Spokane then proceeded to do herself
pround in taking advantage Of the op-
portunity to exploit the city and the
Northwest and were ably backed up
by an apparently united Northwest.
The program of Spokane called for
the formation of the five states of
Montana, Wyoming, Idaho, Washing
ton and Oregon into a district with
the land bank at Spokane, and backed
up the contention with the argument
that the geographical location, the
size of the territory, the present ag-
ricultural Importance, the past rapid
growth and the prospective growth of
the region called for the formation Of
the district named while the trans
portation and mail facilities, the 10
cation of the city in the heart Of the
great agricultural region of the dis
trict was evidence that the bank, to be
OF greatest service to the farmers Of
the district, should be located at Spo-
kane.
A large amount of data and figures
OF every farm industry were submit
ter. Governor Lister made an elo-
quent speech on the Northwest in gen.
eral and concerning the western por-
ton of the state in particular. Mr..
Lampson spoke on "Can the Farmer
Cooperate" and in no uncertain terms
paid high tribute to the cooperative
successes of the growers in this re-
glon. One good thing is that all the
complimentary remarks made con-
cerning the Northwest were taken by
the boards stenographer and will be
given careful study by government
ofhclals. Unless some city has unex-
pected and unheardof advantages Spo-
Kane will probably secure the land
oank, since the large cities of western
washington are all supporting Spo-
Kane. Portland, However, is making
a bid for the bank. Many farmers
We're heard and every one expressed
the opinion that the new farm loan
law would be good thing for him.
Herbert Myrick, an authority on ru-
raj credits, in his book "The Federal
farm Loan System" says "ten or more
1arm owners who wish to borrow mon
ey on mortgage for long time at rea-
sonable interest in one locality, may
unite to incorporate their own local
cooperative realty bank, known as a
National Farm Loan association,
(which, by the way, does not require
a building and operates at almost no
expense). All the local associations
In the several states that comprise the
district invest all their capital in
snares of the Federal Land Bank" ."
mat is, the mortgages held by the
local associations are turned over to
'he federal bank, which in turn holds