Evening star., 1922-12-10
NEW FARM CREDIT
BILLS INTRODUCED
Both Measures Go Beyond
Recent Proposals of Ad-
ministration.
LARGER LOANS FAVORED
Norbeck-Strong Plan Would Put
Maximum Advance to Individ-
ual at $4,000.

Two more farm credit plans were
added yesterday to the dozen or more
already before Congress.
A bill amending the farm loan act
to provide additional credits was in
troduced by Senator Norbeck, repub-
lican. South Dakota, and Representa-
tive Strong, republican Kansas, while
another introduced by Senator Nor
beck and Representative A. p. Nelson.
republican. Wisconsin, would author
ize the War Finance Corporation to
make loans to foreign purchasers of
American agricultural products.
Both of the bills are Endorsed by the
American Farm Bureau Federation,
and go beyond the administration
proposals in the recently introduced
Lenroot-Anderson bill. Whether the
differences may be harmonized easily
has not yet been developed, but GER
tain provisions of the new Norbeck
Strong measure are contained in other
bills introduced by Senator Capper,
republican. Kansas, chairman of the
Senate farm bloc. and others of the
farm group in Congress.
Higher Maximum Limit.
Increase from $4,000 to $4,000 of
the maximum loan which could be
made to an individual farmer by CO.
operative farm land banks is one of
the principal features of the Norbeck
Strong bill. Senator Norbeck said that
this change would give local CO.
operative associations better chance
to compete with the joint stock land
banks
Such loans also. under the new bill.
would be availa BILE for security on
machinery and other debts of borrow
ers, and not limited, as under the
present law, to land and buildings.
THE bill which 1 have introduced"
said Senator Norbeck of this feature,
makes it possible for a farmer who
owes money on farm machinery. for
instance. to place mortgage on his
land with the federal farm loan as
sociations and pay off the debt on
the farm machinery. He may also
borrow money to educate his family"
Change in Directorate.
Another provision of the Norbeck-
Strong bill would change the COM
position of the twelve regional land
banks by providing a "ffty-ffty"
directorate, half of the directors to
be appointed by the federal board and
half by national farm organizations.
This has not been done up to the
present time because of the govern
mentS bond holdings in the farm
banks. and the new bill would provide
for distribution of these bonds among
the public.
:. The bill also provides for voluntary
liquidation of local farm loan asso-
Citations and for appointment of agents
where cooperative banks do not
exist The latter provision would
make it possible for farmers to obtain
loans where local associations have
not yet been organized.
the Norbeck-NeIson foreign loan
hlli would create a revolving fund of
S2oo,OoO TO negotiate sales of Amer
lean products. 1t is designed to in
crease exports of farm products by
advancing funds to foreigners The
Dill authorizes the War Finance Cor
poration to purchase drafts or other
instruments of credit against grain
shipments abroad, to be drawn
against and guaranteed by good.
reputable foreign importers and then
guaranteed by the foreign govern
ments where the grain is shipped,