The Washington times., 1922-01-28

as are now temporarily avails
Corporation, recommendation
the committee on agriculture
take steps to aid the farmer,
agricultural conference last n
The committee on agricultural
credit, insurance, and taxation recon-
mended the enactment by Congress
of laws providing intermediate credits
Tor farmers through COMMONLY
financing. continuation Of the War
Finance Corporation pending such
action, amendment OF the Federal re-
serve and farm loan acts, and Con-
gressional investigation Of the subject
OF crop insurance.
The committee also urged q consti.
tutional amendment prohibiting Is
suance Of tax free securities except
bonds and other obligations of Fed
eral farm loan banks. and the re-
enactment Of an excess profits tax.
It urged equal consideration for agri-
culture with other industries In any
tariff policy, and the report protested
against enactment Of any consump-
ton. sales, or manufacturers tax.
Short Term Credit.
In urging the enactment OF legfsla-
ton to meet the tarmer's need for
short-term credit of from six months
to three years the report asks that q
law be enacted which shall empower
any agency Of the Government to
discount for any national bank, State
bank. trust company, incorporated
live stock association, or savings In
stttution, with Its Endorsement, any
note or other such obligation. the pro-
ceeds Of which have been advanced
or used In the first instance for an
agricultural purpose, or for the rails
Ing. breedings, fattening, or market
ing Of live stock, and to make loans
direct to any cooperative association
organized under the laws Of any State
and composed Of persons engaged in
producing staple agricultural prod
ucts, IL the notes or such other obliga-
tons representing such loans are Sc
cured by warehouse receipts covering
such products.
Would Borrow Money.
The committee urged that the Fed
eral Farm Loan Board continue to
employ extraordinary efforts in the
sale Of farm loan bonds. and that Con-
gress pass appropriate legislation to
create an agency within the farm
loan system to market its bonds. 1t
was also recommended that as soon
as the needs Of the small borrowers
and the available funds Of the system
VIII permit. the borrowing limit be
raised from $4,000 to $4,000.
In referring to international credit.
the report says:
I'VE trust that Il may not seem in
consistent with prudent policies of
state for the United States at the
proper time to participate in a con.
ference for economical and financial
reconstruction in Europe to the end
that we may counsel with the prin-
cipal customers for our products con.
corning their present difficulties and
future needs, that they may under.
stand our situation, that we may un.
derstand theirs, and that we may as
certain what we may expediently do
within the limitations of our consti.
tuition and our established American
policies to accommodate them and our.
selves through sound credit arrange.
ments by international financial insti.
tutions, or otherwise. in helping to
stabilize exchange and thereby to
stimulate international trade which is
one Of the chief factors in determining
the value Of our products and in re.
storing the normal commerce of the
world"
Capital Traction Earnings.
The net income of the Capital Trac-