Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
MELLON URGES RELIEF
FOR FARMERS ABOVE: ALL
Secretary of Treasury Comes
Out for Capper Cred
its Bill
obJEors TO LnNnoor MEASURE
TELLS senate thanking Commission lie
D'nvors Othcr-DiHcrrncc uf Opin-
ion Exists Among members Of
presidents Cabinet.
tEy Associated prossl

tBy Associated Pross.l
WASHINGTON II. G.. Dcc. 90
Enactment Of the Capper rural
crod!;s biz. together with legislation
Etcnd!uE tho powers OF the War
Finance CORPORATION for mine months
rather than the .Lonroot bill. which
heretofore has hornc tho ndmlnistrl-
'io1 stamp. was urged by Secretary
Mellon today before the Senate
Banking Commission.
The Treasury Secretary appeared
wt;h Secretaries Hoover and Wal
lace NJ the closing hearing OF the
committee on tho Capner, Lcnroot
and other agricultural credit bills
The committee speu; three hours m
hearing tho three Cabinet members
behind closed doors, and then adj
:ournod until Tuesday when it will
sss!n the drafting of legislation.
Cabinet Members Diner in views.
Secretary Mellon. in coming on;
FOR the Capp.r Bill. presented DIFF
'errc views than those held by Sec
rotary Wallace. Who assisted In the
framing % the LoNroct I'LL. and by
Secretary Hoover. who also indicated
a preference for tho Lcnroot meas
ure
Secretary Hoover, the frs, or tho
three cabinet members TO be heard.
was understood TO hav" expressed n
preference for the i.cnroot bill, hut
10 have Indicated some hesi;ancy as
TO an Endorsement OF the extension
proposed ~ that measure ln time for
red!scount Of agricultural paper
Mr. Hoover, Il was also said. op-
posed use OF tho Federal Reserve
Hoard as an agency In tho extension
OF farm credits, preferring utilization
ot the Farm Loan Eaarb which lie
was said 10 fool should he made
tic agricultural HnaHcIal agency OF
INC government
Cappcr nil Provisions.
The Capper bill, which was drafted
With the assistance of Director
Meyer, Of the war Finance Corpora.
ton. and presented with the indorsc-
mcnt o: the American National Live
stock Association, would provide for
organization under the supervision OF
the Comptroller OF the Currency OF
private rural credit and rcdiscoun;
CORPORATIONS with = minimum CAPT.
,alisat!on O: $250.0oo. for extension
ot tho period during which acricul.
'Hral paper shall be eligible for re.
liscoun; from six la nina months
ana Tor acceptance by Federal Re.
'erNc Banks Of papcr OF co-opcra
I'VE associations Of aEriculturaiis:r
ilr r'disCount as agricultural paper
Secretary Mellon In ms lettor. and
also in his testimony. presented q
number ~ objections to the Auder-
-Lcnroot bill. declaring that III
would place the government to a
.atge extent III the commercial bank.
~ business would max.
heavy drafts upon the treasury 70,
ne capital OF the farm credits De.
partmcnts and that would mea,
either moro government borrowine
ar higher taxes on all the reorlc
anG would provide for issuance Of
ia&-eNemp; collateral trust bonds l,
raise adGitionI! funds. Amp!ify!nf,
e las; objection, Mr.. Mellon said
would come with particularly had
@fhce for the Federal gov.
Eminent 10 authorize creation Of I'd
i7rse volume OF new tax-cxemp. Sc
aAr!t!eS' at the time & was seeking
10 shut Of: tho How Of such securities
'hFnHFH amendment OF the Federal
constitution
Pointing 70 the d!sversity Of opin-
ION upon the Anderson.Lcnroo, b!,l.
M Mellon, in his letter. added:
In View al The substantial! objec-
Ions 10 the bill already pointed out.
believe that tn. most helpiul course
iAsit can oe pursued now is to adopt
- q ~ r" SION wa i4nHS
~ ' "'. ".'1 we SNEE.si-
w. % '''' nc "' tH" "aE
lan. -, po,a IN, UNti March 81,
o-'' "Dd'' our present
..r--.,,,e., I'm 'I 10 Tue needs Of
-" '.l'-He ',H nest iea-
80 f'"us; pans, upon