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Show LEGISLATION URGED FUR CREDIT RELIEF Bernard Darucli Pleads for Measures That Will Put Farmers Farm-ers ci Eqjal Basis. Lcrnard M. Laruoh, financier and formerly chairman of the war Industries Indus-tries board, recently uppoared before tin K-nate finance committee of the f: Tin bloc, consisting of Senator Arthur Ar-thur Capper, chairman, and Senators Charles I MoNary. W. L. Jones. K. K. I. add, C. A. Swunson. J. A. KMidricU and I'at Harrison, and urg'il them to enact legislation "that will put the farmers on n credit equality wltn other Urn's of business." He told them that It makes little difference what parth u-Isr u-Isr rural credit bill I s enacted to bring that condition about, for the bill ran 1l' amended later on If need be. Mr. Lururh gave It as his opinion that any of the four bills now before congress would give n substantial measure of relief, but was of the opinion that the measure finally decided de-cided upon should provide three sorts of loans and correspondingly three sorts of short-time debentures from the sale of which would he ol-tainef ol-tainef the funds for carrying the loans (which might nmonnt to many times the capital of the proposed In-tltutif.r.) In-tltutif.r.) viz.: (1) loans for facilltnt-ng facilltnt-ng the marketing of agricultural prod-icts prod-icts hi u.i ordcrlv manner and nt discretion, dis-cretion, (2) live stock loans, nnd (.".) 'oans for production purposes. The last, he thought, should be based on 'he united credit of local ii'-soc!atlons f farmers, so th-r nil the members of 'he group would Indorse the notes of "nch. He was confident that there would be a whin nnd ready niarVct for lebnntures or notes runn'ng from six months to three years, because the iccvity would be unsurpassed. Not n!y would the, money centers readily ibsorb such Instruments, but he was nnviiici-d that there would be a wide nnrlcet for them In the rural commn-lities commn-lities themselves. Regarding the pro-nosed pro-nosed federal reserve act nmend nents Mr. P.nruoh. while favoring June of them, said he thought It would e unwise to give farm paper a long-. long-. T matnrltv period than s'x monlhs. vhlch Is the present limit. Accommodations Accom-modations beyond six months could ome from debenture funds. |