Show FARMERS APPEAl FOR CREDITS BASIS Set Senate ate Banking Committee Hears Plea for Revolving b Fund of Wash Washington ashir ton May Representatives senta- senta tives of the farmers' farmers national council appealed toda today to the Senate banking committee for tor emergency legislation setting petting et tin up a temporary rural credits system to farmers and cattle cattlemen cattlemen men from tho effects of ot efforts toward deflation fostered b by the federal re reserve reserve re- re serve servo board boar The committee was vas told that unless s such aid was provided pr a 1 great c reduction in agricultural products products products prod prod- would result with ultimate In Increased Increased increased In- In creased cost of ot foodstuffs to consumers con con- sumers The specific proposal was for creation creation crea crea- tion of a revolving fut fund of or COO or more to be av for loan tl to farmers under federal farm loan loaa board administration Rate Hate higher Than Senator Hitchcock Democrat Xe- Xe braska d 1 by by- Senator Capper Republican Re Re Republican publican Kansas assorted that Governor Governor Gover Gover- nor Miller of or the Kansas City reserve bank had put in effect a rediscount rate In connection with deflation ef efforts efforts et- et forts that made agriculturists pa pay from 9 to 10 per cent for money The rate rato was hl higher her than that Imposed in other reserve districts where similar conditions prevailed Senator Hitchcock Hitch I tock cock said and he described Governor Miller as an opinionated man in whoso whose hands such power should not be placed Governor Harding of or the federal re reserve reserve reserve re- re serve board said Id the rate had been I recommended by the directors of ot tho Kansas City reserve district and also by tho thu Dallas Tex Tea district 1 on Same Kate itale Senator Hitchcock insisted th that t tho the same rediscount rate apply m rn 11 1111 nil 11 hank where the same amount of or I banking facilities had been b o 1 engaged a flat percentage basis being bein followed Senator Kendrick Democrat Wyoming Wyo Wyo- thing ming with S Senator nato Hitchcock that the Kansas City and Dallas to rn rn- rn discount rates had presented a shock to the growing cattle Industry par par- Local banks w would uld not accept accept ac ac- ac- ac cattle paper ho said nn rind J were ere calling calling- loans on such security He said the pride of or cattle on the f hoof hoot had dropped 37 31 per par cent tn Mn in the last few tew months but that this was not reflected In the cost to the tho consumer con con- sumer |