The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1921-12-09

u u. It1OM fSON,
Editor and Business Manager.
WASHINGTON NEWS LETTER.
Exclusive to the Pioneer Expressly
The initial results attained in the
extension of farm credits through
the War Finance Corporation has 50
impressed members of the agrarian
bloc in Congress that legislators
from the Northwest are now study
ing the situation with view to con-
tinuing the corporation as a perman-
ent government institution.
Congressman George M. Young
sounded the keynote of this growing
sentiment last week when he assert
ed that the War Finance Corpora
tion had come to stay.
Continuing Mr.. Young explained
that while the corporation might not
keep the same form, nor precisely
the same name, any changes made
would in all likelihood tend to widen
the scope of the present Federal
agency. Congressman Young said:
"There is a class of securities not
taken care of by either the Federal
farm loan banks, the Federal reserve
system, nor the commercial or saw
. ings banks. It is essential to the
production interests of the country,
particularly the farmers, that a
market be provided for such securi-
ties. The War Finance Corporation
with some changes, can be made to
cover these requirements.
"There is one thing of tremendous
importance, however, which must not
be overlooked. The period within
+. which loans may be made by the
corporation expires July 1,snext. 1t
is none too soon to begin an agita-
ton for the extension of the law.
Large sums are being loaned by the
corporation in the northwest. Over
six hundred thousand dollars were
loaned to North Dakota institutions
last week. 1t is expected that the
total for North Dakota will reach a
larger amount this week.
Congressman O.. B. Burtness is al
so behind the movement to perpetu-
ate the life of the Finance Corpora
tion, and to this end has been giving
considerable time to the study of
corporation, as it is now operating.
In discussing this phase of the ques-
ton Representative Burtness said:
II have been in personal touch
with several of the loans made, par
ticularly those to banks in my dis
trict. Quite a number of coopera-
tive associations also are proceeding
to attempt to get their matters and
paper in shape so as to put in their
formal applications. Much good is
being done in the present distressing
condition, and in my judgment the
relief will be more generally felt in
few weeks. Although in operation
but short time the corporation
seems to be functioning splendidly.
upon this seasons experience
Congress will, I hope, be able to for
mulate permanent, and possibly, a
better law"
The War Finance Corporation has
since its inception, during the war
been passing through process Of
evolution. Originally it was created
for the purpose of expediting the
production of war materials, with
agricultural aid as rather an unim.
portant adjunct. Later, in the Sixty
Sixth Congress, it was revived by
the Gronna resolution, with the sup.
pert of the northwestern delegations
to aid in exporting farm products.
In the present Congress the agri.
cultural group greatly increased the
functions of the existing corporation
by perfecting amendments, a move.
ment in which Congressman Young
ard other members from the north.
west were particularly active. Tht
clause which opened the way to Fl.
nancing cooperative associations was
perhaps the most important Of thes<
at least as far as the state of Nortt
Dakota and it's immediate vicinity
are concerned, in view of the fifteer
million dollar loan made to the Equ
ity Cooperative Exchange, St. Paul.
That President Harding will ac
upon the Federal Judgeship nomina
ton sometime during the presen
week has been predicted from sour
ces close to Department of Justice