Putnam County herald. (Cookeville, Tenn.) 1903-1922, 1921-04-28
WEEKLY NEWS. LETTER
FROM WASHINGTON

, ture trading nj agricultural products,
the packers control bill. q bill for
Standardization of weights and meas
ures, and government regulation Of
cold storage
The American Farm Bureaus
Federation which is in conference
here discussed the status of farmers
cooperative marketing associations
under the Sherman Antitrust Act.
and plans were laid TO frame farmers
legislative program. The executive
committee was urged by speakers to
work for extension of the time OF
rediscount Of agricultural notes TO
the federal reserve system.
The conference accepted an invita-
tion from Governor Harding OF the
Federal Reserve Board and named .
committee to confer with the Board
particularly as to suggested develop
ment of the farm loan bank idea. It
was decided to SIX President Hard
ing to name farmer on the Inter
State Commerce Commission.
$4,000, 900 LAND BANK ISSUE
The new issue Of Federal bank
bonds amounting to $40,0OO.O0O arc
now being offered to investors thru
out the United States, through a
group Of investment bankers in con-
junction with the land banks. AS
announced by Secretary Of the
Treasury Mellon, the bonds will bear
FIVE percent interest, and will be
free from tax, with twenty years
maturity, but will be redeemable at
the option of the issuing bank at any
time after the first ten years.
1t had been expected the amount OF
issue would be larger, some esti-
mates having placed it as high as .
hundred million. Secretary Mellon
in discussing the Offering, said, The
Supreme Court of the United States.
by its recent decision, has firmly es-
tablished the Federal land banks rs
a part o fthe banking system of the /,
country In view of the very salts
factory financial conditions Df the
banks themselves, of the exemption
of the bonds issued by these banks
from the Federal, State, Municipal.
and local taxation everywhere In the
United States, and with the very
adequate security back OF these bonds
they should prove an attractive se-
curity to investors, large and small,
throughout the country. 4s45
"A distinctive feature of the new
issues will be that the right of re-
demption by the banks cannot be
exercised until the eleventh year
after their issue. This will meet
very general demands for longer in
vestments. the present outstanding
bonds being redeemable in COM
short time s ag
GOVERNMENT AID TO HicHsNAYs
Senator Stanfield, or Oregon, will
in a short time bill pro-
viding new plan for federal aid Of
the country's highways. The bill
would have the present war tax Of
Ave percent imposed upon motor We
hicles and accessories turned into .
federal highway fund. Approximate
" $150,0oO, 900 would in this way be
available for good roads workin this
Senator Stanfeld would exempt
trucks, etc from further
federal taxation, except in matter oe
luties upon imports. N
This system, IL adopted, it h con-
ended, will form permanent found
ltion upon which to base the con-
Itruction OF the national system Of
highways in cooperation :,
With the several states, and will es-
ablish a continuous program limit
ID only by the amount Of revenue re-
na,Nnd fr<,rv, "a sourco aY1n1ral1v