The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1920-12-24
WASHINGTON NEWS LETTER.

WASHINGTON NEWS LETTER.
Exclusive to the Pioneer Expressly
With the hope Of obtaining some
relief for the farmers of the north.
west Congressman George M. Young
Of the second district on last Friday
introduced bill authorizing the Sec.
rotary 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
N rediscounting notes secured by live
stock when endorsed by responsible
Banks this money to be taken out of
the net earnings of the Federal Re
serve Banks. The Federal Reserve
Board has now deposited in the Uni
ted States Treasury about $7O,OOO,O0O
that constitutes such earnings.
If this bill becomes a law it will
permit banks to turn their livestock
paper into money thus enabling them
to make extensions upon loans secur-
ed by grain and also to make new
loans secured by livestock which can
be rediscounted. In other words this
bill would put into circulation $780,
100000 within the next few roonths
and a second s5O,OOO,00o during the
year of 1922. While this money
Of a necessity be made available to
farmers everywhere. the farmers of
the northwest would be especially
favored 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 have thus far refused to
give any encouragement to their pas
sage. However Mr.. Young person
ally interviewed members of the Fed
eral Reserve Board before introdu-
cling his bill and two members of that
board have already expressed their
approval of the measure.
Among the other remedies propos-
edis resolution introduced by Sena-
DOR Gronna providing for a reestab-
hshment of the War Finance Corpor-
alton, as in the Calder resolution, and
also providing for an extension of
credit to farmers. This bill is now
before the Senate and is being strong
ly pushed by Senator Gronna and
members Of the committee on agri-
culture.
1t is not yet apparent Just how will
ling representatives of manufactu-
ring and labor constituencies will be
to support legislation Of this char
acter and if so Just how far they will
go. Men from the Vest can well rea-
lize the acuteness Of the situation, es-
pecially in states like North Dakota
and Oklahoma, but, Of course, condi-
tions are far from normal everywhere
and those unacquainted. with actual
conditions in the grain-growinr states
are only too apt to imagine that con-
ditions in the west are no worse than
elsewhere in the country at,this time.
Congressman Young, however, states
IN all seriousness that unless some re-
lief is accorded to the farmers Of the
northwest that it will be necessary
for many Of them to market their
cows and ewes this winter and thus
paralyse for years the livestock in
dustry in that section.
The johnson immigration bill to
restrict immigration to this country
for q period Of two years is now be-
fore the House and should pass early
this week Although the bill is be-
ing opposed By. few men who rs-
gard the act asa little too drastic, IL
should pass the House by large ma
jority.
In the Senate the Gronna resolution
To- reestablish the War. Finance Cor
poration and the Smoot bill to place
z a embargo upon wool have been up
Tor debate the past few dayys
Both bills should pass this week.
Other important measures arc II Va
rious committees sof the Senate and
will be reported 8 soon . they can
receive consid d0ra Tim. I,hA 60.
Finance COMMITTEES, With Senator 1ic-
Cslmber - sctins chairman, issrs-
viewing IL financial situ1,atti Hon g the
PRESENT tlme = y speech sin the
senats a siday MeC d dis-
i3sn1ssin q mt ttets u : financial nat tuas. u,l
dsciard ths rieid seoaomy d snd
Prompt payralnt 81 axs alors
w.srld lIssp y AZ "a
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