The Washington times., 1922-12-22

pTINhtc CdpiSal tlcW auu essut nS'S
theless the question of q different
additional variety of finance for
farming will continue TO be . prime
question In American agricultural
Numerous bills on rural credits
have been introduced into Congress
and they seem extremely complicat-
ed but they all become toierabiy
clear II q few general principles are
remembered and applied to them.
The first to be considered II the
Norris bill, reported by the Senate
Committee on Agriculture.
This bill-without any disrespect
to the ideas represented In tt-can
be put aside as bill of propaganda
and Of filiDuster. It u designed to
forward the establishment Of q gov
ernniental corporation empowered to
buy and to sell and to lend In fur
therance Of agricultural prosperity.
It is not thought to stand the slight
est chance of ultimate passage. 1t is
introduced at this time in order to
promote a discussion Of the IDEAS
which Il embodies and In order to
to the Administrations bill for ex-
tending governmental aid to the ship
building and ship-operating industry.
It viii perform both those services
to its originators. The idea Of the
Government as an agricultural
banker and as a middleman In the
handling Of agricultural commodi-
ties between producer and consumer
will be more largely discussed now
than ever before. II will also BE-
brought about that large numbers OF
farmers win be asked to become in
dignant because q bill for govern
mental money tn farming has been
postponed in the United States
Senate to a bill for governmental
money in shipping.
Those propagandist and pariia-
|mentary points aside. we may pro-
coed to the bills containing the
ideas which stand q chance Of get
ting adopted. 1t seems today to be
la political certainty that whatever
bill is reported finally by the Senate
Committee on Banking and Cur
rency will command q dominant
support Of Senate votes. 1t will 90
far enough to entice a considerable
section Of the farm bloc. 1t will
decisive part of the Old Guard. The
nature of this prospective bill is not
definitely determined. but 1t can be
reasonably completely anticipated.
This bill will make use Of the ex-
listing Federal Reserve Bank sys-
tenn and Of the existing Federal
farm loan board system. 1t will
also set up a new special system
Of organizations for loans to far
mers engaged in the growing Of
cattle. Its ,chief objects Of concern
will be cattle while being GROWN
and marketed, and crops while
being marketed. It will be a cattle
and crops bill. It will establish
public fund Of public money for
starting certain parts of this work.
but 1t will be based on the idea
that the public money involved is
only for starting and not for COM
pletely continuing this work. Ulti-
mate reliance. will be placed on
private Capital and private enter
prise. Such will be the nature Of
this bill-presumably--and the pre-
sumption also Is that with some
amendments 1t will pass.
MediIWhhhc h1dlu biiio Will Uc
introduced for continuing the work
Of the existing War Finance Cor
poration. This Corporation lends
public money to banks and to CO.
operative agricultural societies en-
gagged In assisting the orderly mar
keting Of farm products. Under
the management of Eugene Meyer,
jr., 1t has been conducted with
great effectiveness and impartiality,
loaning money in Republican States
and In Democratic States. in radical
States and In reactionary States,
equally, according to business
needs. The bankers Of the west