Show RURAL CREDITS I I RIDER HOUSE FRAMES SUBSTITUTE FOR FARM LOAN PLAN ACCEPTED ACCEPTED AC AC- ACCEPTED BY SENATE Wo Would ld Provide System e of Farm Loan Associations to Make Loans on Farm Mortgages at at 6 Per PerCent PerCent PerCent Cent Interest I Washington A A farm loan plan was written Into the agricultural ural bill bythe by bythe bythe the house Monday night after a long and vigorous fight The rural credits amen amendment amendment ment reported by the agricultural al committee and generally accepted as haying the sanction of the admix admin was as revised by a a. series series' of amendments which revolutionized the proposal i. i As framed In the house the plan would provide for a system of farm loan associations associations' formed in individual communities to make loans on farm mortgage notes at not more than C C per cent interest These associations would form federal land banks in districts districts dis dis- districts dis- dis corresponding to the present federal reserve districts for the purpose purpose pur pur- pose of ot dealing in the mortgages held by the association and lo loaning ning to the assocIation association upon these mortgages In these banks the government would have a supervising and under certain circumstances a stoCk stockholding interest I They would be authorized to issue bonds based on their farm mortgage securities The crux of the fight in the house came on an amendment to authorize the secretary of the treasury to issue Panama canal or other government bonds bond's to the nt amou-nt amount of a year to take tak over the bonds of these land banks The amendment was adopted in committee of th the whole bya by bya a vote of to 44 |