The Hartford republican. (Hartford, Ky.) 18??-1926, 1922-12-15
VOL. XXXV
POOL MARKETING 0.
I'D BY SENATE BODY
Sapiro Asks 9-Months Farm
ers' Credit At Commit
tee Hearing.

Washington, Dec. 13.-Opening of
the Federal Reserve system to farm
ers by extending the time limits of its
loans was urged by Aaron Sapiro.
general counsel for cooperative
marketing associations of producers
OF cotton, tobacco. rice and other
commodities. before the Senate Bank,
Ing Committee today He recon-
mended for farm credits an adapta-
iion OF the Federal Reserve system
60 permit loans to farmers extending
over their production or turnover
periods.
I'VE are against any new system
OF agricultural banks" said Mr.. Sa-
PRO. I'VE desire to make the pres
eut Federal Reserve system available
10 farmers, to tap the normal sup
plies OF credit and make the FEEDER
al Reserve funds available TO farmers
and cooperative associations that
viii put III IN on the same basis of
credit with other industries"
The Lenroot-Anderson bill was
approved in the main by Mr.. Sapiro,
and he said that through State laws
cooperative credit associations of
farms also should b. authorized.
The Banking Committee session de- P
veloped into study of cooperative
marketing. a movement which seem
ed to receive the hearty approval of
committe members.
Glass Approves Giving Credit.
Senator Glass. Democrat, Virginia
author of the Federal Reserve Act.
expressed approval of the theory of
providing agriculture. as an industry,
the necessary credit OF the Federal
Reserve system which other basic in
dustries are accorded. He pointed
out that the present system provides
for six months agricultural credit as
compared with three months for gen
eral commerce. !,
Mr.. Sapiro said the six months
term ought to be extended to nine
months. He criticized the United
States Grain Growers, Inc, declaring
II had made an improper attempt at
cooperative marketing. /,
Tells Of TURNER'S Plight.
Sent to Washington by contribu- |
tions of so cents to 81 from farm
ers and small-town business men of |
Central North Dakota. John Fray. a !
German farmer of Turtle Lake. N. /
D., detailed to the Senate Agricul- |
ture Committee the plight of farmers ]
of his section. :
Fray told how he had given up his a
real estate business and gone to
farming three years ago, only to l
come TO the conclusion that the ay- {
erage farmer in North Dakota has \
little hope of making living. l
I'VE are going to give up our v
farms unless we can get some help
he said From so TO 10 per cent A
of US are up against IL. None of our o
boys are going to stay on the farms v
next year. They say it is hopeless " e
Faxes Unpaid for Three Years. "
The witness cited instances of tax Il
es unpaid for three years on farms IL
In his section and told of low prices
received during the past year for NJ
farm products-less than dollar
bushel for wheat, IS cents for but
ter and ~ cents a pound for chick
ems. II told of the heavy mortgag- Is
Is burdening most of the farms and b'
added: II
About the only thing we have OF
eft unencumbered are energy and fo
,ur wives and children. tn
what we need is some assurance d'
or two or Tires years. The Govern
nent can give us that by fixing e'
PRICES for our products which Will VI
nable us merely TO pay our debts w
nd start even again as
Chairman Norris announced at the an
onclusion of the hearing that he W.
.oped to conclude tomorrow the taxi
ng of testimony on the Norris Dill lie
0 create a Observation-Disclosures mi
orporation to buy and sell farm pro- tn
ucts. He indicated that he would
eek immediate committee action on
he measure