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Show up bill SENATOR STAN F I ELD OF OREGON PRESENTS BILL ASKING FOR AID FOR U. S. STOCKMEN War Finance Corporation to be Empowered Em-powered To Assist Banks Carrying Stockmen; No Loan to Run Over Four Years Washington, D. C. Senator Stanfield of Oregon Friday introduced his bill authorizing the war linance corporation corpora-tion to make loans for the benefit of stockmen, the bill being entitled "A bill to preserve the live stock industry of the United Slates," etc. The hill adds a new section to the war finance act empowering the corporation to make loans for periods not greater than two years to any bank or trust company which has made loans to persons, per-sons, corporations or associations engaged en-gaged in growing, breeding or feeding cattle or sheep, or to any corporation of importance and responsibility engaged en-gaged in the business of making advances ad-vances to growers, breeders or feeders. Any loan made under this bill shall be upon a promissory note of the borrower bor-rower secured by notes, drafts, bills of exchange or other negotiable paper evidencing evi-dencing loans made to stockmen, this security to bear the unconditional endorsement en-dorsement or guaranty of the borrower borrow-er with waiver of demand, notice and protest. The aggregate of loans made to any one bank or corporation shall not exceed ex-ceed four times its paid up capital. The papers accepted as security shall be secured by first lien on cattle or sheep having an appraised value of not lens than 133 per cent of the corporation corpora-tion may, if it deems wise, demand further security. The time of payment pay-ment of these loans may be extended, extend-ed, but not beyond four years from the passage of the bill. All loans will bear interest at 5 and one half per cent. To finance the loans provided for by the Stanfield bill, the secretary of the treasury is authorized to use the whole or any part of the franchise taxes paid by federal reserve banks to the United States, and the secretary is authorized to deposit with the United Uni-ted States treasurer in n special account ac-count to the credit of the war finance corporation, as fiscal agent, necessary funds to cover the loans authorized, the amount of this account at no time to exceed he amount of franchise fasts fas-ts on hand. |