South Bend news-times. (South Bend, Ind.) 1913-1938, 1920-05-16
Stocks and Bonds
AGRICULTURE
Business Interests Seek Re
peal of Farm Loan Tax
Exemption-tiouse Com
mittee Reports Substitute
for Capper-Hersman Bill.

business interests are seeking re-
peal OF the tax exemption provided
ia the farm loan act. and bills Of
repeal have been introduced. They
will meet the solid opposition Of the
farmers.
That farm loans should be with
held Just at the time Of greatest
need. due 10 case in court AFFECT
lng the cOnstitutionalty OF the farm
loan act. IS most unfortunate. In
many cases the credit now available
will strictly limit the acreage plant
Cd. An abundance Of funds only a
little later can do nothing 20 in
crease food production. Cognizant
81 this. the house banking commit
tee recently reported a joint resOlu-
tiou authorizing the secretary OF the
treasury 90 issue farm loan bonds
not in excess Of 100000. 900. The
AGRICULTURAL appropriate bill makes
"a further effort 10 relieve the credit
situation. IL has carried "A rider
providing for the appointment Of n
committee 20 consider short-ume
rural credit legislation
oilers Substitute.
The house judiciary committee
offers a substitute for the Capper-
Hersman bill 90 legalize collective
bargaining in farm products Re
quests that farmers and dairymen's
organizations Doe made wholly cX-
cIupt from the Clayton antitrust
act have been denied. The bill pro-
.sOses that no such cooperative or
ganization shall earn more than
eight percent per annum, and
authorizes the secretary OF agricul-
ture 90 issue orders against unfair
H. H.rr r-.aer
I'm restraint Of trade. The farmer
VIII be disappointed if the Capper-
HcrsInan bill does not pass, but
ma wake satisfaction in any clear
cut definition of the limits within
which collective bargaining in farm
produce Is legal
The substitute bonus bill recently
drafted reduces the appropriation
for the reclamation of arid land TO
provide eN-serviCe men with farms
~ S5O.OOO.OOO and eliminates the
$1,000 loan. From the farmers
point OF view IL is question
whether a fat cash bonus would not
be preferable TO any scheme for the
redemption of far-western land.
Plenty Of eastern farms are vacant
or will admit OF more intensive and
extensive cultivation. The need I'm
agriculture To-Day IS Tor more lmple-
ments and seed and fertilizer, not
for more land. The soldier could
invest his hOnus 10 advantage in
farming eastern and middle western
lands.
Suffering + Ahead.
The farmer has growing assur-
ance that he can plant the maximum
acreage with the labor obtainable
this spring in the knowledge that
prices will be high enough next fall
10 compensate. Sir George Paish,
the English fnancier. is quoted re-
Gently in the Public Ledger as say
ing that world crops this year will
be less than last year and far below
the need. and as urging that every
possible acre be cultivated. not only
for the profit involved. but TO fend
eff privation and suffering and avert
actual loss Of life.
Were exchange normal, il is in
cOntestable that food export from
this country would increase enOr-
mOusly.
The proposed union between Can
adam and American farmers sug-
Eests the organization of agricul-
tural interests on a worldwide
basis. II there are international
declarations OF labor, why not also
of agriculture