Great Falls tribune. [volume] (Great Falls, Mont.) 1921-current, 1922-11-23
CONGRESS GETS
Of FARM.
AND STOCK MEN.
Bills Planned to Help
Cattle Growers and
Agriculturists.

Washington, Nov. 22.-Encouraged
by the recommendation of President
Harding in Tuesdays message that
the nations credit systems be broad
ened to provide relief for the farm
crs, members Of congress from the
agricultural states Wednesday inaugu-
rated steps to bring about enactment
of rural credit legislation before the
end Of the present congress next
March.
Developments at the outset centered
largely in the senate and included in
PRODUCTION of bill by Chairman Nor
ris, of the agriculture committee. for
creation Of capitalized
corporation to buy and sell farm prod
ucts; an address in the senate by SEN
ator Ladd. republican. North Dakota,
warning against enactment of rural
credit legislation based on the federal
reserve system, and conference be-
tween IS senator's from the livestock
growing states and a committee of the
American National Livestock associa
ton, at which the draft of new credit
bill was discussed.
These developments, together with
statements by leaders, Indicated that
the passage of rural credit lCgiala-
ton would occupy foremost place
on the program of the agricultural
bloc. The senate members of the bloc
will hold the first meeting OF the scs
sion next week and at that time will
endeavor TO agree upon program.
Marie nffare piij
The bill presented by Senator Nor
ris for a farm products corporation
is similar to a measure offered by the
agriculture committee chairman at the
last session, but which was supplanted
by legislation extending the life Of the
War Finance corporation and its
powers in the furnishing of agricul-
tural credit until next June 30.
Senator Norris would have created
a corporation with maximum capi
tai subscribed by the government Of
500, ,000, 900 and a directorate of three
the secretary CT agriculture
and two others appointed by the presi
dent. The corporation, in brief,
would be authorized to acquire ele
vators and warehouses; TO buy farm
products in the United States and to
sell them either in this country or
government tonnage in the carrying of
products of the farm. The measure
was referred to Senator Norris com
mittee. but there were no Indications
that ii would receive much more
favorable consideration than its pre-
decessor
The bill presented by the National
Livestock association committee to the
meeting of senator's from the livestock
states was drafted by the committee
in conference with War Finance cor
poration officials and is designed pri-
lnarily to aid the livestock producers,
committee members argued it
also would provide relief for farmers
It's enactment or the passage Of ltSis-
lation having similar features. Fred j.
Bixby. president of the association,
told the senator's, was necessary to
save the livestock producers Of the
west.
Capper To Push Bill
Senator Capper. republican. Kansas,
who presided at the meeting. will in
troduce the bin Thursday and it is
expected to serve with other measures
now pending or to be introduced as Il
basis for credit legislation. The bill
would entail no use of federal funds.
IL NUuid HIbFi9t 1pE tuG lOEHllJlUn
under federal law and under the su-
pervision of the comptroller Of the
currency Of an agricultural credit cor
poration with a minimum capital of
$500 to which national banks
might subscribe to the aggregate Of
not more than 10 per cent of their
paid-in capital and surplus.
The bill contemplates utilization OF
tie federal reserve board r.achinery to
4 certain extent and drafts issued or
drawn for agricultural purposes. Sc
cured by warehouse receipts and ac-
Cepted by member banks, would. be
made eligible for redscount with
maturity of six months instead IF the
present three months.
The use of federal reserve machin-
cry was objected to by several Of the
senator's attending the conference, who
voiced the belief expressed earlier IN
the day by Senator Ladd in his
speech that a successful farm credit
plan could not be entangled with the
federal reserve system.
Indications were unmistakable that
any legislation to extend rural credits
through the federal reserve board, as
is understood to be favored by s,ne
officials, would be bit
terly opposed in the senate.