The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1933-03-27
PRESIDENTS ORDER
PROVIDES UNIFIED
COMMANDER WORK
Farm Boards Sterilization
Operations Are Abolished
BY New Move
BETTER COORDINATION SEEN
Saving Of $4,000, 600 and Bet
tor Service Forecast AZ
Result Of Change

Washington, March 27.-tR-Presi-
dent Roosevelt informed congr s
Monday Of an executive order estab-
fishing al federal agricultural credit
agencies under one unit.
In the same order, the president
abolishes sterilization operations by
the farm board.
The new agricultural financial or.
ganization Is to be known - farm
credit administration" and win in
clude the farm board, the farm loan
bureau and various credit agencies In
the department Of agriculture and Re-
construction Finance Corporation.
"A better coordination Of the agen-
cies involved In our agricultural credit
system" the president wrote, will
produce q more uniform program for
agricultural credit and will result In
substantial economies.
"A saving Of more than 100000 Is
the immediate effect Of this order"
He emphasized the maintenance BY
the federal government Of the policy
Of aid to the system Of cooperative
agriculture.
Henry Morgenthau, Jr., chairman Of
the farm board. who Is expected to
head the new government unit, was
called into conference by the -peesi-
dent later in the day.
Text u Message
The presidents text:
ITO the senate and house Of rep
resentatives:
Pursuant to the provisions Of Sec
ton l, Title 3, Of the Act entitled an
act to maintain the credit Of the Unit
ed States government appgo " q
March 20, 1888. am transmitting
herewith an executive order reorgan-
izing the agricultural credit agencies
Of the United States.
This executive order consolidates
IN one agency-the farm credit ad-
ministration-the functions Of ali
present federal organizations which
deal primarily with agricultural credit.
namely, the federal farm board, thu
federal farm loan board. the functions
OF the secretary Of agriculture with
regards to loans In aid Of agriculture.
and those OF the Reconstruction r.
nance Corporation pertaining to the
management Of regional agricultural
credit corporations.
1.-THE functions Of the federal farm
board with regard to further stabil-
ization operations are abolished by the
order.
IA better coordination Of the agen.
cies involved In our agricultural credit
system win produce more uniform
program for agricultural credits and
viii result In substantial economies.
"A saving Of more than 100000 =
the immediate effect Of this order.
Further substantial savings are ante.
tpated.
Seeks Sound Credit
Important Is are the foregoing, Of
greater and controlling Importance Is
the maintenance Of the long stand
ing policy Of the federal government
to maintain and strengthen Z sound
and permanent system Of cooperative
agricultural credit. subject to federal
supervision and operated on the basis
Of providing the maximum Of security
to present and prospective investors IN
bonds and debentures resting on farm
Mortgages or other agricultural secur-
ities-all for the purpose Of meeting
the credit needs Of agriculture ct
minimum cost
The executive order carrying this
into effect would become final within
81 days unless blocked by congress.
which - virtually impossible under
the presidents new powers.