Evening star., 1923-03-01
FARM CREDITS BILL
PASSES IN HOUSE
Measure Proposing to Estab-
Iish Two New Banking Sys-
TENS Goes to Conference.
VOTING is 305 TO 36
Chief Opposition Is Registered
From New York and New
England States.
VOTING is 305 TO 36

The farm credits bill, proposing to
establish two new banking systems,
one government and the other private.
to meet the financial needs of the
agricultural industry. was passed
today by the House. 1t now goes to
conference.
The vote was 305 to 36, chief op-
position being registered by members
from New York and the New England
states.
The new federal banking system
proposed would consist of twelve in
termediate credit banks" located in
the same cities as the federal farm
loan banks and with a capital OF $5,-
600. 900 each. They would be author
lied to- issue tax-free debentures up
to a total of $500. .000. 900. giving them
aggregate resources Of $660.000,0 600, or
nearly twice the amount which the
War Finance Corporation has been
called upon to advance to the aSricul-
tural industry.
Private Corporations.
Private credit corporations which
would be authorized by the bill would
have a capital of not less than $780,
600 each and their number would be
unlimited.
1t is these organizations that will
make advances to producers of live
stock on long-term paper. There also
would be private rediscount corpora
tions having a capital stock OF not
less than 100000 each. Under an
amendment adopted by the House, the
War Finance Corporation would con-
tinue to function until next January
81, by which time it is assumed that
the new farm credit systems will be
in operation.
Consideration of the bill was COM
pleted at a session lasting until
nearly midnight last night, but a final
vote went over until today because Of
the absence of a number of members.
No Important Changes.
No important changes were voted in
the bill during it's consideration for
amendment at the night session, after
it had been brought up during the
day under a special rule limiting de-
bate to four hours.
A provision was added, however,
extending the life Of the War FL
nance Corporation until January 81.
1924. Representative Byrnes, demo-
crat, South Carolina, who offered the
amendment. stating the extension
was necessary to insure adequate
credit facilities while the new bank
ing systems provided under the bill
were being organized.
The bill received almost solid sup
port among members from the west
and south. the main opposition being
voiced by representatives from east
ern states.
The House last night voted down
an amendment by. Representative
provision of the bill exempting from
taxation debentures of the govern
ment-f1nanced intermediate credit
banks.
Those Opposing.
Party lines disappeared, both dur
ing consideration of and the vote on
the measure. Those opposing the bill
were:
Republicans - Alderman, Parker.
Radcliffe and Taylor. New Jersey:
Andrew, Frothingham. Greene, Luce
Rogers. Underhill and WinsIow.
Massachusetts,; Burdick, Rhode Island; !;
Burton and Stephens, Ohio; Edmonds,
Gernerd, Graham. Kirkpatrick, Tenn
pie and Kreider. Pennsylvania: Fem.
Glynn. Merritt and Tilson, Connecti-
cut: Greene, Vermont; Hill, Maryland; !;
Hustled and MacGregor, New York;
Layton. Delaware; Moores, Indiana,
and Stafford, Wisconsin.
Democrats: Carew and Riordan,
New York: Tague, Massachusetts,;
Deal and Tucker, Virginia.
The bill as passed by the House was
called up Immediately it reached the
Senate and conferees appointed.