Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1932-03-03

OF the united STATES government,
bearing interest at the rate of at least
3 per centum per annum.
Sec. 8. Whenever the amount of
money actually in circulation in the
United States shall exceed SIS per
capita. then the Treasurer of the
United States, by and with the advice
and consent of the Federal Reserve
Board and the President of the United
States, may retire Federal reserve
notes in an amount equal to the prin-
cipal paid on farm loan bonds, for
which Federal reserve notes were is
sued. not to exceed 9 per centum in
any one year, of the amount of Fed
eral reserve notes so issued.
Board of Agriculture consisting of one
member from each State, elected by
the farmers of such State, who shall
be elected by delegates selected by
a mass convention of farmers in each
county or parish within the United
States, who are indebted and declare
it to be their intention to take adj
vantage of this Act, such county or
parish convention to be its own Judge
as to who are bona fide farmers and
otherwise eligible to participate in
its proceedings.
Sec. II. The State delegates, so
elected, shall meet at the State cap
ital of their respective States and
elect a member of the Board of Agri-
culture, who shall hold his office
from the date of such election and
for a period of two years from March
following. and who shall receive a
salary CT $4,000 per annum and 5
cents per mile for necessary travelling
expenses while on official business,
to be paid by the United States Gov
eminent in the manner now provided
for the payment of salaries Of Mem
bers of Congress.
Sec. ~. The Federal Farm Loan
Board is hereby authorized and di-
rected to give public notice. through
the Federal land banks, to the farm
ers of each county or parish of the
time and place of holding the first
county or parish convention, which
shall be held at the seat of govern
ment of each county or parish; and it
shall at the same time give notice of
the first convention of the State dele
gates, to be held at the State capital
of each State, notice of such conven-
ton to be given at an early date
after the passage of this Act.
Sec. 13. The farmers attending
such county or parish convention and
the State delegates attending such
State convention shall organize and
make such rules and regulations for
their procedure as they deem neces-
Sary or convenient, and shall elect a
president and a secretary and make
arrangements for such other and flu
ture conventions as they may deem
necessary, and they shall at all times
cooperate and assist the Board of
Agriculture, the Federal Farm Loan
Board, the Federal land banks, and
national farm loan associations to
liquidate and refinance farm mort
cages and farm Indebtedness.
Sec. IA. Immediately after their
election the members of the Board of
Agriculture, upon call of the Federal
Farm Loan Board, shall meet at
Washington, District of Columbia, and
organize by electing a chairman and
secretary, and they shall make such
rules and regulations as they deem
necessary and expedient in carrying
out the purposes of this Act. They
shall elect al executive committee of
three, none of whom shall be members
of the Board of Agriculture, who shall
hold their office at the will of said
board, and who shall receive a salary
of $4,000 per annum, and cents per
mile for necessary travelling expenses
while on official business, to be paid
by the United States Government in
the manner now provided for the pay
ment of salaries of Members of Con-
gress.