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Show WHO WiLL PAY THE TAXES? i The publicity bureau for the federal fed-eral farm loan system is sOnOjlaj publishers literature relative to the farm loan act. The farm land banks were created to loan money to small la. flowers and the joint stork land banks were to loan money to the large borrowers and the Joint stock land banks were to loan money to the large borrowers, the theory of the law Is alright Is one favors class legislation. The federal land banks and joint stock land banks issue bonds against farm omrtgages. Those bonds are tax exempt In order or-der that money may be loaned at less (hall current rates of Interest The money lost by the government because of tax exemption on thif cluas of securities must be made up by a hiclier rata of taxation on the general public. Aliendy $ :t T. O.ODii.OOO of lax exempt ex-empt bonds have been Issued under this system. Critics of Ihe system claim that the farm loan act would lofe none of its valuable features by making ihese bond taxable. As !t i i u the rich "an escape taxation by Investing: la these securities. Extending the theory of the farm loan ret might just as well ha n manufucliii ... loan act or a rail toad loan get or a lions "holders loan act rtith tax exempt bonds to fur : ie h tile money Where would such ' a policy load to ' Bomehod has got lb taxes to run tho govern we soap on exemptlag thi o , erni t Issue 01 bonds from taxa-. taxa-. tion ihe poor man who does not BWH . a ot i lose bonds will be paying . i 'i morel ban his shine of the tax . I leu of the country. I The man who borrows Ihe money in ii i mi nam i mil i 'isWIssaiBssiasasajsl should pay the cost of loaning the money, not the general taxpayer as is now the cke with tax exempt farm loan bonds. |