The Marietta journal. (Marietta, Ga.) 1918-1944, 1920-03-12
LAND LOAN BANK
LAW IS ATTACKED
Prominent Citizen Says Present Law
Works In Interest OF Note
Owning Class

the Sessions Loan & Trust Company,
in talking with Journal man yester-
day, said: much propaganda and ad-
vertising has been put forth through
the public press about the Federal
Land Loan Bank law, but some things
about that law have been carefully
concealed and the public is entitled
to know them"
AS information on the subject, Mr..
Sessions submits the following:
The Federal Land Loan Bank law
is national law. 1t affects every
American citizen and to point out it's
defects is not an attack on any mans
business, but defense of our rights
as American citizens.
The American people have been so
intent during the past three years, on
trying to win the war and at the same
time make ends meet, that they have
not taken time to inquire into what
the Federal Land Loan Bank law has
done to them.
They have just got hold of the one
idea that the farmer is to get money
at five and one half per cent and be-
lieving that to be a good law, they
have not gone any further into the
matter.
The fact of the matter is, congress
apparently, was so anxious to do
something that. would mean votes
from the farmers and still hold the
influence of the rich that there was
written into that law provision that
is beginning to work vast and grave
injustice upon the taxpayers of the
country, and it is this part of the
law that the people everywhere are
just beginning to understand.
That same law which provides for
lending money to the farmer at five
and one half per cent also provides
that these notes shall not bear taxes
for any purpose whatever. The war
created in America over 10000 new
Imillionaires in addition to those we
already had.
Their multiplied millions which
have come out of the war needs, and
the blood and sweat of the nations
best men and women are seeking in
vestment. The owners of these same
millions find in the Federal Farm
loan notes rich and rare investment.
They can buy them by the hundreds
of millions and~S are doing it and
when their millions are tucked away
in these farm notes, all of that money
passes for twenty years out of taxa
ton. No city taxes. No county
taxes. No state taxes. No school
taxes. No federal taxes. No income
taxes. Free as the air. Just collect
the interest, spend it in luxurious
living, while the toiler and man of
moderate means, bend their backs I'M
der yoke of $5,000,00O in taxes to
run the government. Taxation has
increased 500 per cent. 1t is true
our full proportion of this five fold
increase has not reached us yet, but
it is coming. AS wealth hides itself
away in the Federal Farm loan notes
at four and one half and five per
cent, as it is doing in hundreds of
millions which are rapidly increasing,
the burden will become heavier and
heavier upon labor, production, bust
ness of all kinds and upon the con-
sumner, until finally every man, wom-
an and business in the nation will
find taxes increased all around to 500
per cent and over, for as wealthy men
escape taxation by buying these farm
notes, the proportion the rest of us
have to pay will grow bigger and
bigger.
Transportation, raw materials, the
finished product and all living sup
plies will have to bear the additional
burden. High cost of living will have
to go higher while we groan under
the loan, which is already almost in
tolerable.
When the farmer who now pays
$4,000 per year taxes gets to pay
ing $4,000 per year, which is sure
to come under the present system, he
will think congress played a monu-
mental and back-breaking joke upon
him and that is just exactly what
congress has done. The farmer will
find that five and one half per cent
on the face of his note does not mean
that at all, but means that through
this apparent benefaction, he has
been made one of the goats to bear
away the sins of the millionaire who
got his millions out of wars needs
and distresses.
The thinking man will not wait I'M
til two or three billions of the ma
tional wealth is hidden away from
taxation for twenty years, while the
rest of us pay taxes on our Liberty
Bonds and every other conceivable
possession under heaven, except our
wives and children, but will get down
to the job right now to convince our
senators and representatives in con-
gress that they've let congress put
one over on the American people.