Arizona republican., 1917-01-15
WOULD CONTROL
 BONDING BUSINESS
Republican A. p. Leased wirel


 WASHINGTON. Jan. IA circular alleged to have been sent by the Ma tional Surety company Of New York to all its agents suggesting that they could secure the positions of secre- tar1' treasurers of farm loan associa- tions to be organized to obtain loans from federal farm loan banks and then surely control all the bonding business" was made public today by the federal farm loan board with d reply thereto by George W. Norris. of the board to W. B. Joyce, president of the company.
 In his reply Mir. Norris characterized the circular as a ''scrdid appeal to the cupidity' of it's recipients amount ing to an attempt tO prostitute the act to purposes of personal gain and expresses the hope that Mir. Joyce will disown it. The circular follows:
 We learn today that one man is tc be selected as secretary treasurer of all the farm loan expectations in each countv.
 This being true, it will create an office of great value to the holder of il.
 If this proposition attracts you there is little doubt but that you can secure the hcnor If you organize i'm media tely and ask your friends in the banks to recommend you to the farm loan board at Washington. You could then surely control all the bonding bu @.ness"
 The bonding business to be trans- acted. board officials said. would in- volve the bonding of officials of the various banks and officials of thou sands Cf farm loan associations groups of farm borrowers be or gauizcd throughout the United States.
 Mir Norris letter to MT. Joyce fol lows:
 T enclose herewith a circular letter under date of January 5th. prrporting to be issued by the superintendent of department in your company. Al t has been received by several of your agents whcae astonishment at it's con- tents has led them to call 1t to the attention of this board. I suppose that there can fe no doubt of its authen- ticity.
 T would call your attention to the following joints.
 '.The statement of fact in the first paragraph is incorrect While the board has under consideration the ad visibility oi making such a suggestion to farm loan associations no decision has been reached. Your publication bi II dS Il itttl HS iikeiF 10 itad 10 ms apprehension and much unnecessary correspondence.
 The suggestion in the second para - graph that this will create an office of grea, value to the holder is nol only false in fact. but most mischiev ous in its implication. It is q sordid appeal Co tl.e cupidity of the recipient of yolr letter and taken In conjunc- tien with the concluding phrase 'you could then surely control all the bond ing blsiness.' it betrays a total lack oi ability to comprehend the broad and benelicient purposes oi the farm loan net and amounts to an attempt tc prostitute the act to purposes of per sopal gain and is a direct invitation to abuse tho position of secretary | treasurer of farm loan association ny using II as q cloak to conceal ul- l tcrior motives.
 T trust that you will promptly dis ] own this discreditable circular and see that the farm loan department oi your company if it is to be continued at all shall be put ln charge of some one who hlvc some conception of tho ! public purposes sought to be attained under the farm loan system"