The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1921-09-23
WASHINGTON NEWS LETTER
Exclusive to the Pioneer Express

on the reaSSemDllnS OF congress on
September 21st, which would auth
orize the Federal Farm Loan Board
to close up the seed loan transac-
tions of the Government for 1919
in such a way as to cancel notes
where the yield was less than five
bushels per acre in the case of rye
and other grains, as we'll as wheat
as was stipulated in the former re-
lief bill.
This bill also provides that those
who paid their notes in ignorance of
the law passed by Congress may
have a refund of the amounts paid.
A second bill being prepared by
Representative Young covers the
seed loan transactions Of the pre-
sent year. There is now no law to
authorize the cancellation of notes
where there has been a crop failure.
This bill will permit cancellations
where the yield has been less than
five bushels per acre.
Congressman Young will have
gress returns to Washington late
this month and will press both mea-
sures for speedy consideration.
Although the Senate Finance
Committee has been somewhat div
ided over the revenue bill sent to
that body after it's passage by the
House, fair progress is being made
upon the measure. There is still
the possibility that an insurgent
movement in the committee itself
will throw the whole bill out and
lead to a revamping of the entire
plan Of tax legislation but the pro-
ability of such an event is now less
than it was some time ago. That
a counter proposal will be made
seems certain but the outcome Of
such move remains a matter of
speculation and in the end OF is pro-
able that the House bill in an am
ended form will be reported to the
Senate. The Finance Committee
has planned, according to previous
announcements, to have the bill
ready to report when the Senate
reassembles Sept. Fl, and the Sem
ate leaders in turn have expected to
pass the bill by October 3rd, in or
der that it might come up at once
in the House.
to point to long delay in the en-
actment of permanent tariff legisla-
tion and while Northwestern men,
bers are certain to view such pro-
crastination with impatience it will
be difficult to expedite action in
view of existing circumstances.
The War Finance Corporation
has announced that it has appointed
local agricultural loan agencies in
the various agricultural and live
stock districts throughout the coun-
try whose duty will be to receive
applications for loans in their dis
tricts under the Agricultural Gre
dts Act recently passed by Con-
gress and to make recommendation
as to these loans to the War Finan-
ce Corporation.
This method of procedure will
save great deal of time to the To-
cal borrowers and will give the War
Finance Corporation the benefit of
the experience and local knowledge
of conditions by the bankers, who
will compose the Agricultural Loan
Agencies. AS the administration
of the Act is almost entirely a
banking proposition, the list of
members consists Of bankers, both
State and National, who are famili-
ar with agricultural conditions in
their sections. In order that fire.
quent meetings of the committees
may be held, it was found neces-
sary to appoint three members in
or near cities where agencies are
located. Where two or more states
are served by one agency, members
were appointed by each state. The
names were chosen on the recon-
mendations of the various business
organizations in the. different dis
tricts. Members of the committees
are unpaid and the Corporation has
been gratified at the very large
proportion of acceptances on the
part of the individuals selected, in
dicating that they realize the op-
portunity for great public service.
The procedure in making applica-
ton for loans will be as follows:
The financial institutions desiring
an advance will fill out the applica-
tion form, which can be obtained
from the nearest Agricultural Age
ncy, Federal Reserve Bank, or the
War Finance Corporation at Wash
ington. Forms will be submitted in
triplicate to the local agency. The
members Of the ..ency will then
investigate the case thoroughly and.
will send the application form with