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Show RURAL CREDIT BILLS PRESENTED Administration Measures Are Introduced Simultaneously in House and Senate. LONG TERM FARM LOANS Bureau of Farm Land Banks to Be Established in Treasury Department. Washington, Jan. 29. Administration Administra-tion rural credit bills were introduced simultaneously in the senate and house today by Senator Fletcher of Florida and Representative Moss of Indiana, members of the commission President Wilson sent abroad last summer to study tho foreign systems. sys-tems. The bills today were for long term farm loans. Bills for short term loans will be introduced later. The introduction wan a sequel to yesterday's conference at the White House. Today's measures would establish in the treasury department a bureau of farm land banks under the direction direc-tion of a commissioner and make provision for the formation of such banks in any state under federal charter and federal inspection. Outline of Plan. Any group of farmers within a state might organize co-operative" farm land banks with power to issue bonds to raise funds from distant money markets for farm development. develop-ment. Operations of the individual banks would be confined within state lines, though supervision will be federal, fed-eral, owing to the variety of state laws bearing on land titles, taxation, foreclosure and like subjects. They would be strictly prohibited from 'doing a "city business." Loans to farmers might not exceed fifty per cent of the value of improved im-proved land, nor extend more than thirty-five years. No institution could begin business without a foundation foun-dation capital and double liability provided for national banks. The amount of long term business which might be undertaken by any of the proposed banks could hot exceed fifteen fif-teen times the amount of paid-up share capital and surplus. They might accept .aind pay . interests, on 1"deposi(s"not' exceeding fifty' per" cenf of capital and surplus and receive deposits of postal savings funds to the same extent. The report submitted with the bill was drafted by Senator Fletcher, chairman; Senator Gore, Representative Represent-ative Moss of Indiana, Dr. John Lee Coulter of Minnesota, representing the census bureau and other members mem-bers of the rural credit commission. |