Show U. U S. S Loans For Stockmen n I Senator Stanfield of Oregon who Is deeply concerned over the preservation preservation preservation of the livestock Industry of ot The be west has Introduced a bill a adding adding ad ad- ding a a new section to the war finance corporation act under which that corporation would be authorized to tomake tomake tomake make loans for the benefit of ot she sheep p and cattle growers during the next four years by which time the senator anticipates that the livestock Industry industry industry indus Indus- try will again approaching be nor norr- mal The Stanfield bill would add to the war finance act section 22 al altogether altogether al- al together new which reads as follows follows follows follows' fol fol- fol- fol lows lows' That the corporation shall shan be empowered empowered empowered em em- powered and authorized acting as the fiscal agent of ot the secretary ta y of II the treasury to make loans or advances advances advances ad ad- vances upon such terms not Inconsistent inconsistent Incon Incon- with the provisions of this I section as the secretary of the treas- treas section as the secretary of ot the i treasury by regulation may proscribe prescribe pre pro scribe for periods not exceeding two I years from the respective dates of ot such advances or loans May Ia Lend to Banks To any bank or trust company In Inthe inthe the United States which at the time this section takes effect has made a aloan aloan aloan loan or advance o 0 any person firm irm corporation or association engaged in business in the United Stat States s' s sas as n a a grower or r breeder reeder of ca cattle nl or Jr r sheep shoop II To any imy corporation having a paid In capital of not less than 1000 organized under the laws Jaws of ot any r I I I l I iI state in the United States and engaged engaged ed In the business of ot making loans loans' or advances to growers breeders or feeders of cattle or sheep which at atthe atthe atthe the time this section takes effect has made loans or advances to persons persons persons per per- sons firms corporations or associations associations associations engaged In business in the United United Unit Unit- nit nit- ed ad State as growers breeders breeders or feeders of cattle or sheep Any loan or advance ce made by the corpor tI n 1 under the authority o othis of this section shall be made upon the promissory note or acceptance of the borrower and shall be secured by notes drafts bills of exchange or other negotiable instruments evidencing evidencing evidencing evi evi- loans or advances made by bythe bythe bythe the borrower I to growers growers rowers breeders or feeders of ot cattle cattle or sheep such notes drafts b bills of exchange or other negOtiable negotiable ne ne- Instruments to bear Uie the unconditional unconditional unconditional un un- un- un conditional indorsement or guaranty of or the borrower with waiver of ot der de- de mand notice notice an and Pt protest st st. r A Aggregate Aggregate- gr Limited The aggregate of ot the loans orad vances ances made to any tany one bank trust company or corporation of ot th the kind kindI de described I in this section sha shall 1 not ot I exceed four times the ald ad in capital pital i of such bank trust company o or corI cor- cor l cor-l 1 I I t i 1 All notes drafts bills of ot exchange exchange exchange ex ex- change or other negotiable instruments Instruments instruments ments accepted as security for loans or advances under this section shall be secured by first or paramount lien Hen on cattle or sheep having an appraised value o of not less than onehundred one onehundred onehundred hundred and three thirty per cent per cent of ot the face amount of such notes drifts bills of ot exchange or other negotiable negotiable Instruments The corporation shall retain power pow pow- er ito to require additional security at any time Under regulations to be prescribed prescribed ed by the secretary o of the treasury the corporation may upon like security security security se se- extend the time of ot payment of any ariy loan or advance through renewal re renewal renewal re- re newal substitution of ot new obligations obligations obligations obliga obliga- or otherwise but the time for tor payment of ot any such loan loan- or advance e I shall not be extended beyond four four I years from the date of the passage i i of this act j I May n Extend Till 1 1020 1920 20 i Notwithstanding the limitation of I section 1 of this act the loans or advances advances advances ad ad- vances provided for by this section may be made until the expiration of of I Ithe the year 1925 I I I All loans or advances made tinder under tin un- i der authority of this se section shall bear interest a al t the rate of five and ana j i I one half per cent 5 per cent per I annum annum payable annually or or at maturity maturity ma ma- if m made de for less than one year I ii i In order to m make ke the advances or loans provided for In this section the secretary of ot the treasury isau is is' is authorized authorized au au- to use the whole or any part of ot the franchise taxes paid by feder feder- federal j. j al reserve banks to the United States The secretary may from time to time cause to be deposited with the treasurer of ot the United States in a special account to the credit of ot the I War Finance corporation as fiscal agent necessary funds to carry out the purposes ses of or this this' section provided provid provid- ed the tho amount so transferred or deposited deposited deposited de de- posited to said account shall shan at no nd notime notime time the amount of ot franchise taxes paid by the several federal feder l re reserve reserve reserve re- re serve serve banks binks or of the United States which has not been used for the pur purposes pur- pur poses osee authorized by the act of ot l I March 3 3 1919 1919 The The War FInance nance corporation shall keep a separate account as fiscal fiscal fiscal fis fis- cal agent of all transactions engaged ed in In under authority o of this section shall bo be No loans or advances made out of funds belonging to the corporation under authority of this section Section 23 All An acts or parts of acts In iii anywise contra contravening en ng the provisions of ot section se 22 are hereby repealed or suspended for such time of ot this tills section may mayI maybe i a as the ho provisions I be in force force- |