Amarillo daily news. [volume] (Amarillo, Tex.) 19??-current, 1921-03-01
FARM LOAN ACT IS
VITAL, SAYS FUQUA
RULING or COURT IN G0DsEND
TO THOUSANDS or SMALL
BORROWERS

Nothing NO delights me as the In.
formation received In a telegram this
afternoon. that the Supreme Court Of
the United States has handed down
ruling declaring tina, the Federal Farm
Loan Act is constitutional" declared
w. II. Fuqua. president Of the First
National hank.
Continuing, Mr.. FuquA said; "ThIs
Is day whom the general and not the
individual good must take the ascon.
dancy. This ruling is n godsend 10
hundreds u thousands of small bor.
rowsrs. II gives them cheap money
and under conditions best suited TO their
needs. Tho door Of possibility has
bcen opened TO them. and | am glad
that II In No
IAN appropriation of 100000. 600
has just recently bccn made by the
Federal government with which 10 buy
the securities ~ the Federal Land hank
When this ls viewed IN the light of a
prior purchase Of sis0.O00.o00. Il IL
scen that the sum total runs TO approx.
mately $500. 100000 and seldom N ever
has there been more beneflcicnt act
of our Congress. for this cerries with Il
q new hope for the home maker. tho
home builder In America--an oppor.
tunity that under conditions previously
existing. has been denied.
Telephone conversations have been
had with outstanding citizens In mum.
orous communities since receiving the
information regarding the action ~ the
Supreme Court. and find them In line
with the decision. This decision upholda
the flnsing ~ the Federal district court
AZ Kansas City. and finally dlspoaea u
ono of the most celebrated lawsuits
ever before the courts; Charles ".
smith w. The Kansas City Title a
Trust Company. The Federal Land
Bank of Wichita, and The Joint Stock
Land Bank Company ~ Chicago. In
the suit the government was repre-.
scnted by w. q. McAdoo. Geo W.
wickersham and Charles y. Hughes
There can he no. doubt that the do.
cision will relieve In large measure the
financial distress now confronting the
farmers and livestock men. Farmers
win now be IN line for more loans under
far better conditions than heretofore
Agricultural interests will have such an
inning as would have been impossible
under an adverse ruling on this
matter.
"'There II one especially comforting
thing IN the decision ~ today: The
exemption ~ all bonds and farm mort.
cages ~ the Federal Farm Loan sys'
tenn from federal. state and municipal
taxation, the very backbone ~ the
attack by the plaintiff. has been held
To he constitutional. II was also held
that Congress had constitutional
right 60 establish the Federal Farm
loan hanks. which was another point
under contest In the controversy be-
fore the court
"of the nine Justices on the Supreme
Court, six u them concurred In this
decision. two dissentcd on the grounds
NJ the lack NJ court jurisdiction. and
one was absent Thus Il will be seen
that two thirds of the entire body con
Cured In the decision. the effect oi
which VIII he resumption OF business
by the Farm Loan hanks. and loosen
ing up of the pressure that has been NJ
keenly felt among the farmers and
little cattlemen for the past severa
months"
Mr.. Fuqua has just returned from
Fort Worth. Dallas. Temple an,
Austin. at which latter place he had |
brief. informal. personal visit with hi
excellency Governor Neff. MIR. FuquI
stated that there In no public signifl
cance attaching TO his visit with tn