Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1916-01-01
RURAL CREDITS BILL
ATTRACTS ATTENTION
NEW MEASURE PROVIDING FOR
FARM LOANS TO BE FULLY
CONSIDERED.
CREATES NEW BOARD
AT HIGH SALARIES
Bill Calls For Division of Country Into
Twelve Districts With Bank in Each
formation of Local Asso-
Citations to Secure Farm Loans One
of Important Provisions.
Especial Correspondence


Washington. Jan. 1.-The rural cred
its bill which has lately been COM
pleted by a subcommittee of the
joint committee of congress on
rural credits and which will soon be
fornally-endorsed by the joint COM
mittee and introduced in both houses
when the session resumes, promises to
attract the widest attention in con-
gresS and turnout the country this
winter The bill will be introduced in
the senate by Senator Hollis, of New
Hampshire, and in the house by Rep
resentative Glass, of Virginia. 1t will
go to the banking committees and will
be considered in detail by those COM
mitteeS- 1t is expected the admin
istration will back the bill and a
strong effort will be made to pass it
this session, tho the wide differences
Of opinion in congress as to what
legislation may prevent enactment Of
law.
Calls For New Board.
The details of the new bill became
fully known today. 1t is known as the
Of the proposed law is to be under a
newly created board, known as the
federal farm loan board This board is
to be established in Washington and
to consist Of five members named by
the president with the advice and con-
sent of the senate. Not more than
three are to be members of the same
political party. The members are to
Il
Of the board and are to receive salar'
les Of ST., 600 a year and travelling ex-
penses. The term of each member af-
ter the board is fully established is
ten years. The board is clothed with
large powers and ample provision is
made for the necessary force Of at
torneys, experts, assistants clerks, la
borers and other employees and for reg
istcars and appraisers. The President
Is given discretion but is not required
to put these employees under the CLASH
fed service.
The federal farm loan board Is to d.
vide continental United States, exclud-
ing Alaska, into twelve federal land
bank districts, apportioned with due
| regard to the farm loan needs of the
country. They may be readjusted from
time to time and their number may
be increased by the board. In no case
shall a federal land bank be established
with less than 100000 capital.
Twelve Land Banks.
In each federal land bank district
| a federal land bank is to be eStab.
| lished, which may establish, subject tc
approval of the board, branches within
! the land bank district. The board OF
directors of every federal land bank
apart from the temporary organization
| is TO consist Of nine members, each
holding office three years. Six are tc
| be local directors and to represent ma
| tional farm loan associations. The re-
| naming three are to be known as dis.
| trict directors, appointed by the fed.
| eral farm loan board.
Section five deals with the capita
stock of federal land banks. Every fed.
eral land bank shall have before be-
| ginning business a subscribed capita
of not less than $500, 900 Shares are
$40 each. If within ninety days after
opening the books, any part of the
minimum capitalization Is unsub-
scribed, the government is to take it
| Local Associ atoms.
| Section seven provides that corpor.
atoms to be known as national farm
loan associations may be organized By
persons desiring to borrow money or
farm mortgage security under thu
terms of the act Every farm loan as.
! ISOLATION is to elect a board OF not les!
than five directors. Ten or more per.
sons who are the owners, or are abou
| to become the owners, of farm lane
| qualified as security for a mortgage
loan under the act, may unite to form