The Birmingham age-herald., 1922-12-01
t. |. ?. OFF IGIALS OUTLINE MEASURE . AT WHITE HOUSE
Federal Farm Loan Board to Be Utilized for Giving Financial Aid to
 Planters
By Associated Press

ny Aetocfated brese
 Washington, November 30.-The new administration program for im- mediate financial relief to farmers was formulated and practically per fected today at conference between President Harding, Secretary Wal lace and 12 republican senators, head ed by Senator Watson of Indiana. It will be put before Congress at once and pressed with the full force of the administration.
 Broadly, tho plan brings together in ono measure the approved por- tian of various relief measures al- ready pending In Congress and coii tains also provisions to make the intended relief available to the small farmer as well as to the large cattle raisers and grain growers.
 The conference, arranged by Sena- tor Watson, was preceded by se ries Of conferences between Secre-
 tary Wallace and department of agriculture experts. Today President
 Harding heard the perfected pros gram outlined and gave his general approval.
 The plan proposes to utilize the
 federal farm loan board as the
 agency through which relief Is to he given. The details of the flnanc ing have been practically worked out. The general purpose is larger and
 more liberal credits and cheaper rates.
 Reach Small Farmer
 The opinion of those participating :. .l. the war finance corporation had been Of great value in alleviating the ] distressed condition of agriculture. 1 it's loans. because of certain limita- 1 lions. did not reach down to the average small farmer who raises 1 few cattle or has small quantities | Of grain to market. By using tho l federal farm loan board as the l agency to carry out the plan of f. l nancing the new administration
 plan proposes to make the govern
 ment Telief available directly toi l small farmers.
 The whole subject of farm relief l work was discussed but the market ing problem was not touched on only 1 in a general way. The opinion was i that to extend the program to include | so complex and much controVerted i u SuDJttt db tOTtDtldlANc Andi NthAtt1 1 would only serve to delay the in 1 mediate object of relief. The Presi- l dent was told that the pressing need 1 was to provide at once financial l aid to thousands of farmers who face 1 mortgage foreclosures because they l are unable to dispose of their cattle
 and crops without tremendous losses. All the senators present approved | the program and pledged their sup- 1 port for its immediate consideration ] in Congress.
 l Statement Issued
 The following statement was issued l at the White House tonight "The President had in conferences 1 at the White House Thursday af- ! ternoon the secretary of agriculture l and Senators Lodge, Watson, Cap- l per McNary, Gooding. Willis. Short- 1 ridge, McCumber, Mclean, Nicholson, | Fernald and Reyes. The senator's | chiefly represented the agriculture | and banking and currency commit i tees. Two hours were devoted to discussion of a program for further relief of the American farmer and l livestock growers. especially in the way of credits. The various meas- ures proposed were given consldera 1 ton and a tentative program of { legislation will be commended 10 the House and Senate committees on banking and currency
 The legislation thought to be 1 hest suited to the needs of the farm CT and livestock industry were
 "The maximum limits of the fed i eral farm land banks from ten thou sand to twenty five thousand dollars.
 Amend Farm Loan Act "Provision for the voluntary crea-
 ton of agricultural credit associa- tions to deal with loans on live stock
 Amendment of the federal farm loan act to provide for the rediscount i of agricultural production and mar keting paper Also to add two mem i bers to the federal farm loan board. eThe program contemplates creat- l ing a division in the federal farm { banks to deal specifically with pro l duction and marketing credits. thus
 supplying means of discount 10 the
 farmer on longer time notes than i are eligible to discount by the fed eral reserve banks Credits to the maximum period of three years are ] to be provided where the turnss~~ covers that period.
 "The conference brought out ! clear determination to develop a i workable plan of dealing with the
 relief of farm credits at the short I session of Congress and will have ], the cordial sanction of the majority i,, C.nnoreSs and the President"