The Daily Missoulian. [volume] (Missoula, Mont.) 1904-1961, 1917-01-15
Attempt to Prostitute Loan
Act" Meets With Rebuke
From Chairman.
AGENTS WERE URGED
TO CAPTURE OFFICES
County Secretaryships Were
to BE Made to Control
Bonding Business.

Washington, Jan. IA circular al
legged 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-
tary-treasurer of farm loan associa-
tions to be organized to obtain loans
from federal farm loan banks and
thereby surely control the bonding
business, was made public today by
the federal farm loan board with re-
ply thereto by George w. Norris of
the board to w. B. Joyce, president of
the company.
In his reply Mr. Norris characterizes
the circular as "a sordid appeal to the
cupidity" of its recipients, amounting
TO "an attempt to prostitute the act to
purposes Of personal gain" and cx-
presses the hope that Mr.. Joyce will
disown it.
The circular, issued under date of
January and purporting to be signed
by the superintendent of the federal
farm loan department of the company
reads as follows:
We learn today that one man is to
be selected as secretary treasurer of
all the farm loan associations in each
county.
This being true, it will create am
office Of great value to the holder of it.
IF this proposition attracts you
there is little doubt but that you can
secure the position if you organize i'm
mediately 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
business"
The bonding business to be trans
acted, board officials said, would in
yolve the bonding of officials of the
various banks and officials of thou
sands of farm loan associations to be
organized.
The Boards Reply.
Mr.. Norris letter to President Joyce
of the company under date of January
13. follows:
Il enclose herewith a circular letter
purporting to be issued by the super
intendent Of a department in your
company. AS it has been received by
several OF your agents. whose aston
ishment at it's contents has led them
to call it to the attention of this
board, I suppose there can be no
doubt of it's authenticity.
Il would call your attention to the
following points:
ct
paragraph is incorrect. While the
board has under consideration the ad-
visibility of making such a suggestion
to farm loan associations, no decision
has been reached. Your publication Of
1t az a fact is likely to lead to mis-
correspondence.
The suggestion in the second para
graph that this will create an office
of great value to the holder is not only
false in fact, but most mischievous in
its implication. 1t is sordid appeal
to the cupidity Of the recipient of your
letter and taken in conjuntion with the
concluding phrase, you could then
surely control all the bonding busi-
ness, it betrays a total lack Of ability
to comprehend the board and bene-
ficient purposes of the farm loan act,
and amounts to an attempt to prosti-
tute the act to purposes of personal
gain and is a direct invitation to abuse
the position of secretary treasurer of
farm loan association by using it as
a cloak to conceal Interior motives.
Il trust that you will promptly dis
own this discreditable circular and see
that the farm loan department of your
company, if it is to be continued at all,
shall be put in charge of someone who
has some conception of the public pur-
poses sought to be attained under the
farm loan system"
Joyce Issues Statement.