Warren sheaf. [volume] (Warren, Marshall County, Minn.) 1880-current, 1921-06-01
RURAL ACTIVITIES AND NEWS
OF INTEREST TO THE FARMER
NATIONAL REFERENDUM
NOW BEFORE FARMERS
Each Unit In Marshall County Will
Vote On Measures Before
Congress.

.RractfcdIly evess go ~ ,.aa d.
ty is Spending lis spare iflomen..
ing up on the laws which afe bending
before congress and are being put dp
to a nationwide referendum Of the
farmers by the Farm Bifeai Fedora
ton. In 45 states where the farm bu-,
reau units are duly organized the con-
sideration Of these national legislative
measures will be put up for the vote OF
the farmers. Every township in Mar
shall county has received a copy Of
these laws, which were printed in the
last issue of the Sheaf. Each unit is
supposed to bring these laws to the at.
tention of it's members for passage upon
by ballot before the 10th Of June.
This great nationwide referendum is.
one of the greatest events in the his
tory of legislation in the United States
and marks the first time that such a
step has been taken by any. organiza-
ton throughout the length and breadth
of the land The machinery of the
farm bureau is offering to each and
every farmer an opportunity to express
his own individual opinion regarding
these laws to be passed by congress.
When 100000 farmers speak through
the medium of the farm bureau feder-
alton the result is sure to be heard in
Washington.
Most of the questions contained in
the proposed legislation are easy of
understanding with the exception of the
rural credits bill which has been Civ
ing some difficulty According to. the
remarks of Hon. William s. Kenyon,
the enactment into law Of the McFad-
den-Kenyon rural credit and multiple
insurance bill would not only be boon
to the agricultural production but
would greatly strengthen our whole
banking and credit systems. No
European country relies on ordinary
bank deposits for agricultural produc-
tiOn as is the case with us. The time
required for such credit to reproduce
itself is too long to employ ordinary
deposits, and where this bad banking
method is practiced we find the banks
loaded up with frozen assets which
make it impossible for them to finance
the production and distribution Of COM
merce, the real mission of the deposit
bank. Il -9-," e. r. q.
'"rhis bill purposes to create two
Federal corporations by two separate
SpCS1dl Vial lCl ldnCly, VI Cu1C
society and multiple insurance league.
Multiple insurance means all kinds Of
insurance. The principle of multiple
insurance is Well tried in Europe.
where some companies have operated
for more than two centuries"
According to the Washington Star
editorially, Briefly stated, the purpose
of the bill is to make available to
American farmers credit facilities
equal to those enjoyed by industrial
and commercial interests, and the null
tiple insurance feature is joined to the
credit measure because the farmers in
surance policies are to constitute an
additional security for his loans.
''That more advantageous system
of credits is one of the great needs of
American agriculture has long been re-
cognized. Deposit banks have not been
able to provide such credit, because
sound banking practice forbids that the
demand funds Of depositors shall be
tied up in longtime loans Thirty,
sixty, or even ninety day loans do the
farmer little good, for, unlike merchant
or manufacturer, he will make, as a
rule, but one turnover of his capital in
year. Experience has demonstrated
that the average credit need of agricul-
ture is for loan maturing in about II
months =
"The McFadden-Kenyon bill very
wisely provides that loans under the
proposed system shall be for production
only. No loans would be made under
it for the purchase Of land or luxuries
or for any purpose except to. further
the processes Of production