The Nezperce herald. (Nezperce, Idaho) 1900-1957, 1922-06-01
FARM CREDITS AND
LOWER FREIGHT RATES.
These Subjects Be Considered at Big
Meeting Nezperce Farmers
Union Saturday, June 8.

1 De neld at tne fTaternal dali IN TINS
city Saturday, June 3, at 2 P. m. The
subject of lower freight rates on prai-
rie wheat viii be treated at length by
Manager A. E. Holcombe of the
Craigmont Union and general discus
| sion thereof viii be had The subject
of improved farm credits win also
form part of the afternoon program,
when resolution and other action
will be taken toward favorable action
by congress on the pending bill for the
establishment of the National Farm
ers Finance Union by the government.
The following extracts from this
measure, now known as the Norbeck-
King bill, which was introduced in
both houses of the national govern
ment some weeks ago, viii give gen
eral idea of the plan. BY giving this
careful perusal every farmer will be
in position to act understandingly up
on any proposition coming up relative
to it. Tho extracts follow
An act to provide credits to secure
the successful production and profit
able and orderly marketing of agricul-
tural products and live stock in the
United States.
Be it enacted by the senate and the
house of representatives of the United
States of America in congress assemb
led,
Section /. That the Secretary of
the Treasury, the Secreatry of Agri-
culture and four additional persons
(who shall be the directors first ap-
pointed as hereinafter provided) are
hereby created body corporate and
polite in deed and in law by the name,
style, and title of the National Farm
ers Finance Union (herein called the
Union) and shall have succession for a
period of twenty-five years.
Section 2. That the capital stock
of the Union shall be $2O0,000,000 di-
vided into two hundred million shares
of one dollar each, all of which shall
be subscribed bysthe United States of
America, and such subscription shall
be subject to call upon the vote of
three-fifths of the Board of Directors
of the Union, with the approval of the
Secretary of the Treasury, at such
time or times as may be deemed advis-
able, provided, the United States of
America shall first transfer to the I'm
ion all of the certificates Of capital
stock Of the War Finance Corporation
owned by the United States and re-
ceive in return certificates of stock
of the Union of equal par value, and
with such transfer of War Finance
Corporation stock and issue of Union
stock the Union shall at once take
title to all the assets of the War FL
nance Corporation and snail become
the successor of such corporation with
full authority to conduct its business
as the business of the Union. There is
hereby appropriated, out of any money
in the treasury of the United States
not otherwise appropriated, the sum
of $200,000,000, or so much thereof as
may be necessary for making payment
upon such subscription when and ns
called. Receipts for payments by the
United States of America for and on
account of such stock shall be issued
by the Union to the Secretary of the
Treasury, and shall be evidence of
stock ownership.
Section 3. That the management of
the Union shall be invested in board
of directors, consisting of the Secre-
tary of the Treasury, who shall hc
chairman, the Secretary of Agricul-
ture, who shall be vice chairman, and
four other persons to be appointed by
the president of the United States, by
and with the advice and consent of
the Senate. Two of the four directors
appointed by the President shall be
persons who are at the time of their
appointment engaged in the banking
business in localities where agricul-
ture in some form is the major indus
try and two of the four directors so
appointed shall be persons who at the
time of their appointment are actively
engaged in some form of productive
agriculture or live stock production.
No director, officer, attorney, agent,
or employee of the Union shall in any
manner, directly or indirectly, partici-
pate in the determination of any ques-
ton affecting his personal inte4ests,
or the interests of any corporation,
partnership, association, exchange, or
union in which he is directly or indir-
ectly interested; and each director
shall devote all his time not otherwise
required by the business of the United
States, principally to the business of
the Union.
Section 4. That the four directors
of the Union appointed as hereinbe-
fore shall receive annual salaries, pay
able monthly, of $4,000. -
Continued on page p