Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-12-05
FARMER RELIEF MEASURE
Administration Program for flnan-
Cial Aid.
SERIOUS PROBLEMS Are C0NSIDERED
Proposed to Extend the Powers Of the
Farm Loan Board So as to Enable u
to Deal More Directly With the
Small Earpoers ItrI

| to Deal More Directly With the
Small Farmers.
The new administration program for
immediate financial relief to farmers
was formulated ThursI--s a. confer
ence between President Harding. Sec
retary Wallace and twelve Republican
senators headed by Senator Watson OF
Indiana. 1t will be put before congress
at once with the full force Of the adj
ministration.
Broadly the plan brings together in
one administration measure the APP
proved portion of various relief meas
ures already pending In congress and
1 contains also provisions to make the
intended relief available to the small
farmer as we'll as large cattle raisers
| and grain growers.
The conference was arranged by Sem
ator Watson, who has been making
an active survey Of the question of ag-
ricultural relief 1t was preceded by a.
series of conferences between Secreta-
| ry Wallace and department Of agricul-
ture experts. President Harding/kept
his Thanksgiving dinner writing while
he heard the perfected program out
lined and gave his general approval.
The Farm Loan Board.
The plan proposes to utilize the Fed
geral farm loan board as the agency,
through which relief is to be given.
The details of the financing have been
practically worked out. The general
purpose is larger and moro liberal cred
it's and cheaper interest fates. The
opinion Of those participating in the !.
conference was that while the finance
corporation had been of great value in
alleviating the distressed condition OF
agriculture, it's loans, because Of Ger
tain limitations, did not reach down to
the average small farmer who raises a
few cattle or has small quantities OF
grain to market. BY using the Federal
farm loan board as the agency to car
ry out the plan of financing, the new
administration plan proposes 20 make
the government relief available direct
Ily to the small farmers who need it.
The whole subject of farm relief
work was discussed exhaustively, but
the marketing problem was touched
upon only in general way. 9flsI
Financial Aid Needed.
The general opinion at the confer
ence was that to extend the program
now to include so complex and much
controverted subject as cooperative
marketing would only serve to delay
the immediate object Of relief.
The president was told that the
pressing need was to provide at once
financial aid to thousands of farmers
who feared mortgage foreclosure be-
cause they are unable to dispose of
their cattle and crops without tremen-
dous losses. fet
All the senators present gave their
approval Of the program aud pledged
their support for it's immediate consid-
Grafton in congress.
The following statement on the con-
ference was issued at the White House:
At the close Of White House con-
ference Thursday afternoon, Secretary
Wallace and Senator Lodge made the
following statement:
"The president had in conference at
the White House Thursday afternoon
the sccreatry o. agriculture and Seno-
tors Lodge, Watson, Capper, McNary,
Gooding, Willis, Shortridge, McCumber,
Mclean, Nicholson, Fernald and Keys
The senators chiefly represented the
agriculture and banking and currency
committees. Two hours were devoted
to discussion of a program for fur
thcr relief Of the American farmer and
livestock growers especially in the way
of credits. The various measures pro-
posed were given consideration and
tentative program Of legislation will be
commended to the house and senate
committees on banking and currency.
Increase Lean Limits.
"Thc legislation thought to be best
suited to the agricultural and live
stock emergency contemplates provis-
ions for:
Increasing the maximum loan limits
of Federal farm loan banks from ten
thousand to twenty thousand.
Provisions for the voluntary crea-
ton of livestock and agricultural credit
associations primarily to deal with
| loans on livestock.
Amendment to the Federal farm
loan act to provide for the rediscohnt
of agricultural production and market
ing paper. Also to add two members
to the Federal farm loan board. ~
THE program contemplates creation
Of division in the Federal farm banks
to deal specifically with production and
marketing credits thus supplying a
means of discount to the farmer on
! longer time notes than are eligible to
discount by the Federal reserve banks.
Credits to the maximum period Of
three years are to be provided where
the turnover covers that period
"Thc conference brought out clear
determination to develop a workable