The Ward County independent. [volume] (Minot, Ward County, N.D.) 1902-1965, 1920-12-16

With the hope Of obtaining some
immediate relief for the farmers Of
the northwest, Congressman George
M. Young Of the second district on
last Friday introduced bill author
izing the Secretary of the Treasury
to deposit fifty million dollars each
year for the years of 1921 and 1922 in
the Federal Land banks to be used
by such banks in rediscounting notes
secured by livestock when endorsed by
responsible banks, this money to be
taken out of the net earnings of tie
Federal Reserve banks. The Federal
Reserve Board has now deposited in
the United States Treasury about $7C,-
100000 that constitutes such earn
ings.
If this bill becomes law it will
permit banks to turn their livestock
paper into money thus enabling them
tc make extensions upon loans secured
! by grain and also to make new loans
secured by livestock which can be re-
discounted. In other words this bill
would put into circulation $4,000 900
during the next few months and a
second $4,000, 900 during the year Of
! 1922. While this money would Of a
necessity be made available to farming
and agricultural sections everywhere
farmers Of the northwest would es-
pecially benefit on account Of their
greater livestock holdings.
Many bills have been introduced Of
various kinds to bring relief to the
northwestern states but the depart
ment> heads and the Secretary of the
Treasury in particular have thus far
refused to give any encouragement
to their passage. However, Mr.. Young
| personally interviewed members of the
Federal Reserve Board before intro
ducing his bill and two of the board
members have already expressed their
approval of the bill.
| Among the other remedies proposed
is bill introduced by Senator Gronna
providing for re-establishment of the
War Finance Cooperation, as in the
Calder resolution, and also providing
/ for an extension Of credit to farm.
ers. This bill is already up for de-
| bate in the Senate and is being strong
ly pushed.
| 1t is as yet not apparent just how
ing and labor constituencies will be t.
NoupPolC lcSls1dlIOl VI ILLS CNiidCLcl
and if SO just how far they will 60
Men from the west can well realize
hthe acuteness Of the situation, especi.
ally in states like North Dakota and
Oklahoma, but, of course, conditions
are far from normal everywhere and
those unaquainted with actual condi-
tions in the grain states are only toe
apt to imagine that conditions in the
west are no worse than elsewhere in
the country at this time. Congress.
man Young, however, states in all SER
iousness that unless some relief is
accorded to the farmers in the north.
west that it will be necessary for many
Of them to market their cows and
ewes this winter and thus paralyze
! for years the livestock industry in that
section.
J The Johnson immigration bill tore.
strict immigration to this country fol-
a period of two years is now before
the House under debate and should
pass yet this week Although the bill
has been opposed by a few congress
men representing constituencies COM
posed largely Of foreigners it should
pass the House by large majority.
~ the Senate the resolution TO re-
establish the War Finance Corpora
ton and the Smoot bill to place an EN-.
barge upon wool have been up for de-
bate the past few days. The Smoot
bill should pass. Other important
measures are before the various com.
mittees Of the Senate and will be re-
ported as soon as they can receive
considerable The Senate Finance