The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1923-01-10
Tax Free Bonds,
Subsidy Opposed
by Farm Bureau

The snip subsidy Dill pending III
Congress was condemned after deter
mined minority support for the pro-
ject had developed in the meeting of
the Minnesota Farm Bureau fedora
ton in The Saint Paul Wednesday
night. The vote was % to r.
Oppose Tax Exempt Securities.
Another major struggle came with
the recommendation that a COnstitu-
tional amendment forbidding the is
suing of tax exempt securities be
urged. This part Of the committee
report also was adopted. Talks on
the two discussed problems extended
the time of the meeting until it was
impossible to continue the discussion
of all of the committee report, which
will be considered further this morn
ing.
High lights on the bureaus pro-
gram for the year are:
Increased activity in co-opera-
tive marketing.
Retrenchment in buying.
No increase in production and
demands for improved farm fin
ance measures.
Reduction of railway rates.
Completion of the Great Lakes
st. Lawrence waterway.
The meeting was called to order by
George w. Freeman of Zumbrota,
chairman of the program committee,
who spoke briefly of the success of
the cooperative marketing movement
in the past.
Farmers Markets Urged.
Heading the committee report with
the declaration that agriculture can
be made permanent and profitable
only when the producer of agricultu-
al products controls the marketing
and distribution thereof, the commit
tee stated that the farmers must de-
velop and provide marketing facili-
ties for themselves. Under the sub
division of marketing, the report, as
adopted by the meeting, asked:
Government aid in the stabiliz-
ing of prices of agricultural prod
ucts, government aid in the dis
posal of the exportable surplus of
agricultural products, and legisla-
ton that will place those products
on a par as basis of exchange
for products purchased by the
farmers.
The report indorsed the Minnesota
and United States departments of ag-
riculture for their reports on crop
and live stock makets.
Agriculture, our basic industry
must have such access to moneys and
credits as will enable it to finance its
special needs" the report read. 1t
continued:
eve commend the amortization fea-
ture of farm loans and urge for con-
sideration Thu, particular type of long
term credit.
eve ask that the Legislature make
effective the rural credit amendment
adopted at the last general election.
Demands on Congress.
eve demand of Congress credit
laws providing for twelve, twenty.
four and thirty-six month rediscount.
| ing loans for agricultural purposes;
the extension of the Federal Reserve
discount period of agricultural paper
| to nine months; forbidding member
banks making a greater charge thar
2 per cent above the Federal Reserve
rate; establishment of intermediary
| credit institutions for rediscountine
| paper property secured, to be admin.
istered by board which shall be re-
quired to recognize banks of deposit
cooperative associations, farm loar
associations and farm finance corpora
tions; that Federal Reserve banks bs
required to pay member banks custom.
airy rates of interest on all deposit bal
| ances.
| 1--WE demand that Congress submit
to the various states without further
delay, a constitutional amendment
forbidding the issuance Of all tax