Dresden enterprise and Sharon tribune. (Dresden, Tenn.) 1907-1997, 1921-06-10
Tells About Farm
| Loans; Explains Act

DeFGlOpmc.It VI IaS SsioNAaA wv
tions Of Mississippi, Louisiana, Ar
kansas and Tennessee through re-
yiyal of the operation of the federal
farm loan act on greater scale
than that which was attained during
the crucial period of the late war
was predicted in an address deliver
ed in Memphis at meeting OF l5O
members of the Southern Aluvlal
Land Association by Walter Howell,
president Of the Federal Land Bank
of Louisville, Ky.
Howell explained in detail the
workings Of the farm loan act, SHOW
ing how farmers in any locality, Dy
uniting in farm, loan associations,
can obtain the funds with which to
Mace their enterprises on paying
basis.
The general purposes Of the 1eo-
oral farm loan act, Howell declared,
we're to lower and. equaliize the m
forest rates on first mortgage farm
loans with the privilege OF repay
men+ in installments over a long or
short period of years, at the option
Of the borrower; to assemble Ine
Tho farm credits of the nation SO
that they might be used as secu-
ritv for money to be employed III
farm development; to stlmulate GU
lucrative action among the farmers
and to make it easier for the landleSS
to acquire land and to provide sa1e
and sound long term investments
for the thrifty.
Summing up the situation now eH-
isting in agricultural indus ry' HOW
all EXPRESSED his disbelief in the Ell
ficacy of the emergency tariff Ia"
and the war finance corporation do
remedial agencies. The emergency
tariff law, he said, IS intended 70
cnrtail the importation of farm prod
ucts into this country, while the war
finance corporation is intended 70
finance the expectations OF farm
products into foreign countries .,
"what the farmer actually needs
the speaker asserted, lis someone 20
loan him real money in order that
he may liquidate the Indebtedness
which he incurred for the purchase
Of lands for agricultural purposes
indebtedness which now is hela ny
banks and private money lenuerS
who are asking that the notes DC
paid.
"The farmer needs rePl money
with which to purchase necessary
eouinment fertilizer, and so forth'
50 that he may successfully cultivate
his farm" Howell continued lie
needs real money so that he may
make necessary improvements on his
farm. such as comfortable mousse
a good barn, good fencing, thing
and 50 forth. He needs someone
who will loan him real money to u
uuidate the indebtedness that ne IN
CURED during the past year lot any
of these purposes and which yet re-
main unpaid. ts
"With ample funds available lot
this purpose" the speaker concluded
"the federal land banks could pes.
serve the agricultural interests Of
the country by loaning to the far.n
ers, on long terms, money win
which. they may liquidate their IN
debtedness to the banker, the mer-
chant and their other creditors.
The federal land banks OF tne
country have but recently closed Vne
sale Of $40, 100000 of bonds, and
this money, Howell said, would DC
sufficient to meet the probable oe-
mands Of the farmers for the pres
emit.
Following his address, Howell de-
voted some time to answering per.
tinent questions from members y
the association, all of whom "efe