Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-10
TWO more. FARM CREDIT
PLANS BEFORE CONGRESS
Present Meas.
ures Supported by Amcri-
can Farm Bureau.
cHAN nEGloNAL BANKS
froVision' In Made for FIfty-Isifty
Directornic, HUFF To lie Selected
FROM Farmers nnd Half by Fed
eral Hoard.
IRy Assocla,ed Iressl

81 '''S Hohbcidktu lTCSH
WASHINGTON. Dec. 1.-Two NOR,
'"'n credit plais were added toda,
10 tho dozen or more already bcfor.
Congress.
biii amending the farm loan act
TO provide additional credits was In.
: troduced by Senator Norbeck. Repub.
'cah' south Dakota. and Reprcscn.
'ativc Strong, Republican,. Kansas
while another. Introduced by Senator
1 Norbock and Representative a. T.
Nelson. Republican, Wisconsin. would
authorize the War Finance Corpora,
tion to make loans to foreign pur-
'chasers OF American agricultural
products.
Farmers Indorsc Both.
! Both of the bills are Endorsed by
tHe american Farm fiurcau Fedora
i ti"h. ana 20 beyond tn. adninistr,-
! non proposals in The recently intro
dnced the Icuroot Anderson bill
neither She differences may be har-
rinuiZcd easily has not yc, iccn de-
! 'cloped. but certain prOyisious of the
"o" HorgccH-Stronp measure ara
4 t"Nli4ued IN other Bills introduced
ny senator capnor. Republican. KAN
i sag chairman OF the Senate farm
bloc, and others uf the Farm grouu
| !h Congress
Increase from $4,000 20 s25. 900 of
'hc maximum loan which could Ii.
4 mdn" 10 an individual farmer by CO.
lucrative farm land banks Is one of
o'e principal features Of the Nor
peck-Sirona bill. senator Norbenk
ha'n 'hht'this change would give
i"cai cooperative associations "a be;
Ter chance TO compete with the ioint
stock land banks"
n" Limit Under Srw Hil.
Such loans, under The new hill
also would b" available for security
On machinery and other debts OF
zorro ~ers and not limited AZ under
~" present law. To land and build
IN" hiil which ] hav4 introdurcd.'
SAD Senator NOrbcck. II this feature.
makes " possible for Il farmer who
owes money On farm machinery, for
instance. To place q Iuortgps. on his
iahd " tth The Federal farm loan M.
S"'ihtl"nS and pay on the hch, ON
ne farm machine Ito may also Dor
row money to cdrcat" his family"
Another PROVISION Of the .%nrbccL
strong biil would change tic com
'''' ~ ~. NN'.9N" regional lIuI
BANKS by providing "a "hfty- nfty'
nirec'oTaie half Of III" directors 10
h' appointed by tho Federal board
nHr half by Federal farm urganlza-
lions THIS has not been done an to
~: present time, because NJ tn. gov
.rnmentH bond holdings in the farm
, 'inlSN. and the ucw bill would pro-
vide for distribution OF these bonds
;nhong tho public.
Provides Voluntary Iiuui,iatiau.
The hill also provides for voluntary
ilTuida'ion nj local farm loan asso-
'ihtens. and for appointment Of
agents wh"r" cooperative banks do
not eN!s The latter provision yvoui,,
make II possible for farmers 10 oh.
tain loans whore local association s
nave not yet been organized
The Nprb"ck Nelson foreign loan
hl would create IA revolving fund of
<2Hu.ocr 30 negotiate sales Of Nmeri.
car products. II is designed To in
'r"as" exports -! farm products by
advancing funds To foreigners. The
bili authorizes the War Finance COR
roration 10 purchase drafts or other
instruments ~ credit agains, grain
shipments abroad to Er drawn
against aud guaranteed by good.
reputable foreign Importers and then
guaranteed hy tn. foreign govern
in"n;s whore the grain is shipped"