The Monett times., 1921-06-10
REFERENDUM VOTE BY
NATIONAL FARM BUREAU

Federation is getting a referendum
. vote to present, to show the sentimen
of the farmers in regard to the diff
ferent propositions.
E The list of questions to b
+ answered by the farmers is printe'
in this article. Farmers are requested
! to answer Eyes" or "no" to the diff
! ferent questions, sign their name a
the bottom and mail to Ronald Camp
bell, secretary Of Lawrence Count,
Farm Bureau.
/. Do you favor commodity financ.
, ii ing based on bonded warehouse re.
ceipts?
Bonded warehouse receipts" may
be likened to certificates of deposit OF
money in bank; the commodity
would be the money" and the bonded
warehouse the "bank." Warehouses
are "bonded" by the Government un-
der the Warehouse Act. Using wheat
as the commodity, for example, the
farmer would deliver his wheat at the
"bonded" warehouse and receive re-
ceipt certifying the grade, quality and
amount delivered. This bonded
warehouse receipt may then be used as
collateral security in securing a loan
at the bank. Commodity financing"
contemplates the pooling of bonded
warehouse receipts" and issuing
debentures against them. These de-
bentures would be salable in the
money markets and the money so OBJ
tanned would be available for the
farmers.
2. Do you favor live stock financ-
ing based on an adequate pledge of
animals and feed?
The use of feed as well as live
stock as collateral security in securing |
loans forms a safe basis for live stock |
loans running a sufficient |
length of time to produce as well as
to fatten or develop the animals.
8. Do you favor the development
of personal rural credit system
based on proper safeguards?
At the present it is possible to OBJ
tain credit for short periods for use
III purchasing live stock, machinery
and other equipment, but it is diff
cult to obtain longtime credit, such
as is necessary for tenant farmers or
for parties wishing to start farming.
Several plans have been submitted,
Ill with the same objectin view
70 furnish better credit facilities to
armers for use in promoting pro-
luction.
A. Do you request that authority
,e granted the Federal Reserve Board
% to classify rediscounts as to give
9riority to loans for basic production
If all kinds?
"Rediscounting means the purchase
~ one bank of notes and bills of ex-
hange held by another, the purchas-
ng bank being protected by the sell
ng banks endorsement of the dis
ounted paper. Federal Reserve
anks may rediscount (for their men, a
er banks) short-time notes and bills :,
exchange, issued or drawn for =
industrial, or commercial :
and conforming to certain '
oecifications which have been care :,
lily formulated by the Federal Re- :,
srve Board" By basic production u
meant farming, mining, numbering, u
tc. f
5. Do you favor increasing the
nit on Federal Land Bank Mortgage
ans from $4,000 to $4,000?
This increase would enable farm s.
adequately to finance the purchase a
a quarter section of cornbelt land. cf
6. Do you favor asking Congress "
submit to the states a constitutional SC
nendment prohibiting the issuance by
all tax-free securities? ne
Tax-free securities are state, county pr
ID municipal bonds in the main and OF
present an investment today of more tie
an s20,000,000,O0O held mainly by lo
ealthy individuals and large estates. es
lese bonds are property just as land ce
If these bonds escape taxation, on
eater burden must of necessity be pc
aced on other property. sh
T. Are you in favor of continuing an
e Excess Profits Tax? un
Corporations now pay normal tax ed
10 per cent on net income in ex- KIN
SIS of certain credits, and the Excess
'ofits Tax. The Excess Profits
TX provides for an allowance of
900 and per cent on the invest
ent capital, then the tax rate is 20 at
T cent up to 20 per cent on the in tn
stment capital, and above that 81
cure is 40 per cent Of the net in lei
me. to
8. Are you opposed to the enact gi,
ant Of General Sales Tax? TIL
rho tax, ,,rnpncod se :. ,,X;fe,.,. -, IL.