, 1922-02-09

day " l, Is believed to be the first
prac - " movement 10 furnish III"
"dirt t mers Of Wyoming with
cree e. tcA!nery whereby they may
secu-c = Guate longtime loans upou
their ia:t At 6 per cent interest and
withou esther delay or red tape. The
movrinn I may prove to be the star
of H." 5.-gest sing" project ever
unGr''t Il to develop tn" agr:cul-
tural "C Ources of this state.
Tie plan calls for the organization
perhaps in the very near future. of
the Wyoming Joint Stock Land bank.
a GIl~tcc-million dollar concern.
which, under the law, will BE- author
lied to advance farm credits to tho
extent of $4,000. 900 and which will
att"mDt TO lend all the money nceded
to tide the farmers over not only
their present emergency but all other
emergencies. As soon as the $1,000
900 is exhausted. the plan is to in
creas" the capital stock. thereby pro-
v1ding additional sums in the sama
proportion of Is t o /.
or Vast Rrncfit.
An idea of the benefits that NAV
accrue to the farmers is to be found
in the vast amount of relief accorded
by the War Finance Corporation re-
vived by h present national admin
1stration for just such a purpose to
the stockmen of this state.
These stOckmen's loans are limited
to grants or livestock: there is no
provision for adequate loans on land.
The Joint Stock Land bank proposes
to make this provision. The Wyo-
ming Livestock Loan Company. which
operates in this state under the War
Finance plan. is limited to loans for
three years and must repay the gov
eminent at h end OF that time,
Will the Joint Stock Land bank will
be able to extend Gre dit to the farm
ers for 4 80 year period.
The present banking facilities OF
the state are inadeGuate to take care
of the farmers. The various FEEDER
al Farm Loan associations ar" de
clared to be i""Clved in too much
red tape and delay to be o. practi-
cab" value. and the loca! banks are
limited by law as to the amount of
their loans. The proposed i~nsfitl-
ton will. If the plans gotten under
way toiay are carried through sue
cessfully, provide ample provision Gov
handling al such transactions big
or little:
Wyoming Needs u
W T. Y!tAS ACodS IL Jo!Ht S'bih
Land baLk-an institution to be or
ganized; u"der the Federal Farm
Loan act bHt at the same time to be
our very own" said a. d. Johnston.
Cheyenne banker. to our cores
pendent today. "Nith i We can. t.
a very large measure. solve the great
financial problems OF II great live
stock and agricultural industries and
do it safely and quickly. Banking
interests generally AZ" turning with
flvOr to a plan for organization and
3'.rady tentative subscriptions have
on made by banker; and other fin
anCial interests. which subscriptions
will make a creditable start toward
the organization of a Joint Stock
Land bank in Che ycnne to serve all
of Wyoming. And | take it that the
situation and its needs form a fam
liar topic to every banker. so thai
an explanation of the plan will i'm
mediately gain his entire co-opera-
tion and support
Timely Aid Provided.
Concerning the financial aid be-
ing rendered the agricultural in
dustry in Wyoming by the Wyoming
Stockmen's Loan company with War
Finance corporation funds. it seems
l-i :" I tH4' INV " A'N' SA'N -
OF results to date" Johnston con-
tinued. "Too mUch cannot be said
in commentator OF the timely aid
provided for under Section "A Of the
War Finance Corporation Act which
provides for advances of United
States government funds for agriCul-
tural purposes to banks which al
ready made advances to farmers and
livestock men. The usual red tape
of government action has been praC.
tically eliminated and the Wa,
Finance CORPORATION directors n,
Washingto hG"" risen to the Occa.
sion. sensed the necessity of imme.
diate relief and have been unsparing
in their efforts to live up to the let
ter and intent of the law.
There have been those who hav,
been ready to criticize and to max,
demands but who really have MOI
comTa-0d t"o performance CT tn,
War FI"""''. corporation director!
with the i.i',"de and longitude pre-
scribed by the law. 1t should be
recognized at the outset that the Wal
Finance corporation is a child borr
out of necessity and Contemplates i
business which is temporary anC
which can only be safely operated
and maintained during the period OF
urgent necessity. Business ethic'
would not warrant such a method O.
disbursing credit in normal times.
LET us grant, then, that the full
intent and purpose of the Wal
Finance corporation is one of tenn
porary financial aid and that it is tC
be administered as such. Such ar
hypothesis naturally brings 20 mind
the second act on the program, viz:
the repayment Of this government
money, togethcr with interest, within
the time specified by law.
N,t Nncb Hahn So Ear