Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1917-01-15
CIRCULAR FOUND
BY A MEMBER OF
FEDERAL BOARD
PurpOrts to Be from
President Joyce of the
National Surety Com
pany, Urging Agents
to Seek Positions of
Secretary Treasurer
to Control All Bond
ing Business"

Washington. Jan. IA circular al
lcgcd to have been sent by the National
surety Co Of New York to all it's
agents. suggesting that they could Sc
cure the positions of sccretary-treasur-
N ~ farm loan associations to be or
ganizcd TO obtain loans from federal
farm loan banks. and thereby surely
control all the bonding business" was
made public today by the federal farm
loan board with a reply thereto by
GORGE w. Norris of the board to w
r. Joyce, president Of the company.
In his reply. Mr.. Norris characterizes
iho circular as a .'sordid appeal to the
cupdity" of its recipients amounting
- AN attempt to prostitute the act
- purposes of personal gain" and OK
presses the hope that Mr.. Joyce will
dsown 1t.
The Circular
fhe circular, issued under date Of
January 3. and purportng to be signed
lhc superintendent of the Federal
Harm Loan Department of the company,
iolluWs:
Wc learn today that ono man is to
" elected as sccrotlry-treasurcr of all
'N' Farm loan associations in each
county,
rhis being true. il will create an
u'',c of great value 10 tho holder Of it,
II this proposition attracts you there
q. little doubt but what you can secure
'h position " you organize Immediately
"a ask your friends in tho banks to
commend you 10 the Farm Loan
board ut Washington You could then
s.rcly control all the bonding business"
The bonding business to he transacted
board official said, would involve the
honiing ~ officials Of the various banks
1fl officials Of thousands of farm loan
t,soctations- groups Of farm borrowers
- uc organized throughout the United
,'a'rs
Mr.. Norris Letter
NJ >orris' letter to President Joyce of
tHr pmpany. under date of Jan. -. fol-
laos II enclose herewith circular letter
under date Of Jan. 5th. purporting to be
.sIci rs the superintendent III your
ompapy. As II has been received by
several Of your agents. whose astonIsh-
mert AZ its contents has led them to
ian n 90 the attention OF this board. I
0i' have doubt as to it's authenticity.
would call your attention to the fol-
'oa'ng points
THE statement Of fact in the first par
Eraph IA Incorrect While the board has
under consideration the advisability of
making such suggestion TO farm loan
associations. no decision has been reach
IN Your publication OF II as a fact is
likely 20 lead TO misrepresentation and
much unnecessary correspondence.
Tho suggestion IN the second para
Eraph that this will create an Office of
great value to the holder is not only
false tn fact. but most mischicVous in
's Implication. II IS sordid appeal
p" the cupidity of the recipient of your
letter and taken in conjunction with
ne concluding phrase. YOU could then
surely control all the bonding business
N h"traYs total lack of ability to
'nmrrehond The broad and bcncficcnt
purposes OF the Farm Loan Act and
amounts 10 an attempt to prostitute the
hct 70 purposes of personal gain and
direct invitation to abuse the po-
sIion Of secretary treasurer of n Farm
Loan Association by using il AS a cloak
" hide Interior motives.
! trust that you will promptly dis
own this circular and see that the farm
'oan department Of your company. if it
- he continued AZ all. shall be put
IN charge If someone who has some con-
'pf'on 81 the public purpose sought to
attained under the farm loan sys-
tenn