Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-06-11
LONG LOANS TO
CATTLEMEN MAY
BE GIVEN SOON
Continued from Page ons.)

world and the cattleman can be
expected and will, if at all posi-
Bile, pay his debts.
Millions LOancd-NO Losses.
awe loaned $5.5O0,OOO to cattle
men during 1917 and 1918 ana we
have received it all back, with the
exception Of a few thousand dol
lars-and without the use of an at
torney. This has proved what can
be done and should go long way
toward convincing the authorities
that aid on u larger scale will be
just as thankfully received and as
scrupulously repaid.
This record was made when
prices were up and money cheap
now with prices down, such loans
will prove even better invest
ments."
StOCkmen were warned that II
the proposed loan measure was
put into action, they should not
think of it as easy money-but that
when loans were received, they
should he considered as a further
necessity to stick to business and
work. 1t was suggested to them
that they get the active support of
all congressman and other officials
for the measure.
- can see no reason why this
proposed measure is not OF. vital
interest to every banker, stockman,
and business man in the south
west" Ramsey declared, and urged
that it be given attention and that
letters be written to Washington
urging its adoption.
The Credit Plan.
Outlining the operation and
working plan from his own point
of view, Judge Ramsey pointed out
that 1t was being considered to set
aside a fund from tho surplus
earnings of the federal banking
system of probably $50, 100000 to
be used for the express purpose of
giving one or two year loans on
| cattle security, 1t is u possibility
that the sum set aside might be
of a revolving nature and as a re-
suit, cover a much larger num-
| Der of loans. Present loans Of six
months duration are not judged
| of sufficient time to allow the
grower to have a chance to in
crease his product and turn it at
! the market to advantage.
Direct to Growers.
As outlined by the Dallas bank
ing head. this fund would prob
ably be used direct, Instances OF
how it would work were shown.
Large borrowers at the local banks
which are now loaned up. to their
capacity, would be sent over TO the
federal bank where their needs
would be met. This would at once
relieve the local banks of these
heavy loans and allow them TO
meet the needs of the smaller
growers. The case would work
also among the banks. Many
smaller banks are being carried to
a considerable extent by the
larger ones. by taking up these
loans. the banks would also he
given q chance to be of more scrv-
ice to the stockman.
New Mexico, Banks Praised.
Great praise was given the First
National bank by Judge Ramsey
for the helping hand it has extend
ed to smaller institutions.
every bank in New Mexico has
been doing good work in this
period of financial distress" Ram
sey stated. THE banks have stuck
with you stockmen and now it is
up to you to stick to them"
In concluding Judge Ramsey
stated: IF Washington, will adopt
measure to provide for long time
loans to the stocknen and will give
ue a fairly free hand in its admin
istration, the great cattle and sheer
industries of the southwest will
soon be on their feet again-and
have every reason to believe that
official Washington win ! adopt q
| suitable relief measure