The Kennewick courier-reporter. [volume] (Kennewick, Wash.) 1914-1938, 1921-06-16

rho American Farm Bureau fed
.;on has issued QUESTIONABLE to
sst.in a poll of the farm bureau MEM
,.,hin as to questions of national
policy. .:,,r.ira was rece;vad IN
panton county too iate 70 De sent TO
bens J;fferent communities and be act
1l y an and returned to state headquar-
e 81 bv June IS, the date for closing
the poll. e Tho ho.rd &c 4;
Az " Of the Benton county farm
rec.oi on June 13 each question was
bule;dsred and voted on. The result
con Ih;s vote will be sent to state head
OF .ln to,s in lieu of an Individual MEM
qua lh;n noll for the county. The ques-
ners per-. The explanations of same, and
uon,, ote of the board is given here.
InH:es.rssion of the QUESTIONABLE by
np,ambers is invited.
me'"' Finance
Do you favor commodity inan-
.;na based on bonded warehouse re-
) .s;ests? Voted. Yes.
e.agponded warehouse receipts" may
:. likened to certificates OF deposit
oe money in a bank; the commodity
Of III, I be the "money" and the bonded
wo uahonse the "bank." Warehouses
ahonded" by the government un-
are are tho warehouse act. Using wheat
ue' +ha commodity, for example, the
s o. would deliver his wheat at the
MnnJad warehouse" and receive re-
..;nt certifying the grade, quality and
srarnunt delivered. This "bonded
s~orehouse receipt" may then be used
W. Collateral security in securing a
, ~ at the bank. Commodity finan-
c;ncn contempates the pooling of the
shonded warehouse receipts" and is
suinp debentures against them. These
Johentures would be saleable in the
money markets and the money so OBJ
tanned would be available for the farm
Do YOU favor live stock financ-
inc based on an adequate pledge of
animals and feed? Voted. Yes.
The use of feed as well as live stock
az collateral security in securing loans
forms safe basis for live stock loans
running a sufficient length of time
IN nroduce as we'll as to fatten or de-
yelop the animals.
8 Do you favor the development of
a nersonal rural credits system based
On proper safeguards? Voted. No.
At present it is possible to obtain
credit for short periods for use in pur-
chasing live stock, machinery and 9th.
or equipment. but it is difficult to OBJ.
tain longtime credit, such as is neces-
sary for tenant farmers or for parties
wishing to start farming. Several
plans have been submitted, all with
the same object in view; to furnish
better credit facilities to farmers for
use in promoting production.
4. Do you request that authority
be granted the Federal Reserve Board
so to classify rediscOunts as to give
priority to loans for. basic production
Of all kinds? Voted. Yes, when JUS
tilted by the demand.
"Rediscounting means the purchase
by one bank of notes and bills of ex-
change held by another, the purchas-
ing bank being protected by the sell
ing banks endorsement of the dis
counted paper Federal Reserve
banks may rediscount (for their men,
Der banks) short-time notes and bills
Of exchange issued or drawn for ag-
ricultural, Industrial, or commercial
purposes and conforming to certain
Specifications which have been care
fully formulated by the Federal Re-
serve Board" By basic production is
meant farming, mining, numbering,
etc. -
5. Do you favor increasing the linn
i on Federal Land Bank mortgage
loans from $4,000 to $4,000? Voted.
No.
This increase would enable the farm
er adequately to finance the purchase
Of quarter section of cornbelt land.
" Taxation "...
s. Do you favor asking Congress
to submit to the states a constitutions
al amendment prohibiting the is
suance of all tax-free securities?
Voted. No. ..sa...... e1"ra@
Tax-free securities are state, coun-
y and municipal bonds in the main
and represent an investment today Of
more than $4,000, 900, 900 held mainly
BY wealthy individuals and large. es-
tates. These bonds are property just
as land is. If these bonds escape tax
alton, greater burden must of ne
cessity be placed on other property.
-. Are YOU in favor of continuing
the Excess Profits Tax? Voted. Yes.
Corporations now pay a normal tax
OF 10 per cent on net income in excess
Of certain credits, and the Excess
Profits Tax. The Excess Profits Tax
provides first for an allowance of 3d.
vo9 and 8 per cent on the invested cap
ltai, then the tax rate is 20 per cent
up to 20 per cent on the twisted cap