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Show New Rural Credit System for Farmers? ready been established by federal legislation. leg-islation. Tliat additional rural credits facilities facili-ties are needed was urged In the report re-port of the Joint commission of agricultural agri-cultural Inquiry, headed by Representative Represen-tative Anderson of Minnesota. The bill Introduced by him In the. house and by Senator Lenrootof Wisconsin in the senate, however, providing for credits of this nature through the federal land banks is meeting criticism. criti-cism. Objection is made to confusing this new type of agricultural credit with the long terra loans on land which are provided by the federal land banks. A strong movement appears ap-pears to be developing for the establishment estab-lishment of an entirely Independent system. Schemes for the creation of a new system are contained In a bill recently recent-ly introducecd in the senate by Senator Sen-ator Simmons of North Carolina and also In another hill just perfected which was presented In the senate by Senator Norbeck of South Dakota and In the house by Representative King of Illinois. The Simmons bill creates what is called the National Agricultural Credits Cred-its corporation, with a life of fifty years. XX7ASniNQT0N.--Presldent Hard-1 ing's recommendation to congress con-gress of legislation providing farmers with credit facilities as favorable as those enjoyed by commerce and Industry In-dustry may lead to the establishment of a rural credits system entirely. Independent In-dependent of either the federal reserve re-serve system or the federal land banks. A new chain of banks, which would be linked up with a central corporation corpora-tion at Washington, to take the place of the War Finance corporation. Is proposed. The system would be designed de-signed to furnish credits on agricultural agricul-tural products and live stock over periods ranging from six months to three years, which are not provided through the agencies which have al- |