Show family farmer fanner slated tor for aid bil I 1 A bill to it cosier for family bize farin farinias irs to lo borrow rt fit low interest rates was presented to tile the U S senate to day with senator frank E ted moss as a co sponsor cosponsor the measure proposes to amend several existing farm statutes to reduce interest rates and increase the amounts federal farm arm agencies will have available to lend it also algo directs the secre tary of agriculture to reacts vote vate the program ol of assisting fart danners ners and creditors with voluntary debt adjustment and revives the policy of ad repayment schedules to borrowers net earnings the bill la Is almost identical with one introduced last be ses slon it was referred to tho the of agriculture for or review and received an unfavorable report it did not come to a vote in the senate it Is expected however to get further along the legisla tive five process this session bession if we are interested in maintaining conditions that make it possible to operate family size farms declared senator moss this type of credit must be modernized 1 I am aware of the difference of opinion among students of agriculture some feel eel that the practical approach Is to recognize that the small far mer is doomed but I 1 believe that the credit policies of the government should be adjusted to allow the family farmer to compete he said known as the family farm yardstick credit act of 1959 the bill would amend the bankhead Dank head jones farm tenant act the water facilities loan act the emergency and livestock loans act and the special emergency loan act ac t of 1954 1054 senator moss noted that the new bill does not change the existing requirement that a borrower leave the program when he can obtain other commercial credit at not to exceed 8 5 nor does docs it change the requirement that a potential borrower must exhaust all other sources before being eligible for the government program reduction of interest charged on farm operating loans from 8 5 to 3 percent Is proposed as is reduction of interest paid to insured private lenders from 4 to 3 percent the latter means government absorption of the cost of insurance risk and administration cost bostc which are now covered by an additional I 1 percent charged the borrower the bill raises the bermis sible bible maximum of any one loan from to and the permissible size of a borrowers total indebtedness from to 50 the maximum permissible amount of water facility loans toco operatives irrigation districts and municipalities is raised from to utahna matins have hae participated extensively extensive tv in the loan programs covered by the bill for example in one of f ive five categories operating loans utah farmers have burrowed rowed some since 1940 As of june 30 1950 1958 had been repaid according to figures of tile the farmers home administration |