The Dawson news. (Dawson, Ga.) 1889-current, 1921-06-14
CRISP INTRODUCES A
BILL TO HELP FARMERS
WOULD REQUIRE SECRETARY
OF TREASURY TO LOAN FED
ERAL BOARD $2O0,0eo,O00.

In sending The News a copy OF
bill he recently introduced with the
view of assisting in relieving the fl
nancial distress of the farmers Con-
gresham Crisp writes:
Realizing the distress of the people
of our section, owing to the sudden
contraction inaugurated by the Fed
eral Reserve Board and the scarcity
of credits, | have been trying to get
the government to extend financial re-
lief to our people; but, up to now,
have been unsuccessful
"Our only hope of governmental fl
nancial relief to the farming interests
is through the federal farm loan act.
A short time ago l went, in connec-
ton with several other members of
congress, to see the Federal Farm
Loan Board, and urged them to hasten
the inspection of land in our respective
districts and to direct that the Federal
Land Bank at Columbia, S. C., do ev-
erything possible to expedite loans III
our distr. is. The board advised us
that, out of forty million dollars
worth of bonds recently sold, our land
district was allocated only three mil
lions of dollars, and that they would
not sell any other bonds until Septem-
Der.
Our land district comprises the
state of North and South Carolina,
Georgia, Alabama, and Florida, so
you see three million dollars for all of
these states is practically nothing.
with a view to try to help the sit
uation, | have introduced bill, direct
ing the secretary of the treasury to
loan the Farm Loan Board two hun
bred millions of dollars; and, if this
bill is enacted into law, in my judg
ment it will prove of benefit to our
people. Not only the farmers, but the
bankers, business men, and the public
generally would feel the benefit if lib
eral loans were made in their COM
munity. 1t would overcome the scar
city of credits which now prevails"
Text of the Bill.
The bill introduced by Mr. Crisp is
as follows:
"A bill to direct the secretary of the
treasury to loan to the Federal Farm
Loan Board the sum of $200,000,000,
and for other purposes.
Whereas the agricultural interests
of the United States are facing bank
ruptcy on account of the scarcity of
credits; and
Whereas it is of the utmost import
ance to the whole people of the Unit
ed States, who depend upon the farm
for food and raiment, that the farmers
continue to produce, which is impos-
sible unless they are granted some fl
nancial aid; and
Whereas the Federal Farm Loan act
was enacted for the purpose Of af-
fording financial credit to the farming
of the United States; and
Whereas the $40,000000 worth of
bonds recently offered for sale by the
Federal Farm Loan Board will sup
ply only three and one-third million
dollars for each of the twelve land
districts of the United States, sum
totally inadequate for their needs; and
Whereas in the present financial
condition of the country it will be i'm
possible for the Federal, Farm Loan
Board to sell additional bonds to the
investing public in an amount sufi-
Gent to meet the imperative needs of
the farming interests of the United
States; and
Whereas any funds loaned by the
Federal Farm Loan Board under the
terms of the Federal Farm Loan act
are amply secured by first mortgage
on real estate, which insures their re-
Now, therefore,
Be it enacted by the senate and
house of representatives of the Unit
ed States of America in congress as
sembled, That the secretary of the
treasury is hereby authorized and di-
rected to loan to the Federal Farm
Loan Board, out of any money in the
treasury not otherwise appropriated
the sum of $2O0,O00,000, to be used
by the Federal Farm Loan Board III
making loans under the terms and
provisions of the Federal Farm Loan
act, said sum to be equitably pro-
portioned by said Federal Farm Loan
Board among the twelve Federal land
banks created under the act approved
July II, 1916 that each of said Fed
eral land banks shall issue to the sec
rotary a certificate of Indebtedness, to
become due at such date as the secre-
tary of the treasury may prescribe,
and drawing interest at the rate of 5
per centum per annum, for whatever
amount of said sum IS allocated to said
Federal land bank
Sec. 22 That each of the Federal
land banks receiving any funds under
the terms OF this act shall lend same
at rate of interest not to exceed 81
per Centum.