OCR Text |
Show COMMITTEE TO DRAW BILL TO j AID GROWERS i Cabinet Officers Differ on Proposed Credit Measures MELLON SENDS LETTER He Favors Act Indorsed By National Livestock Association WASHINGTON'. Dec. 20. The en-, dorsement and support of tho treas-tlrj treas-tlrj department was given today to j the Capjier agricultural credits bill.' as against Itfl prln' Ipul rival. th I Anderson-Xjenroot credita measure .-. ic. receni : . was Introduced Into thef i . ind hi" ' h the ".- eking of E . .-tarv of Agriculture Wallace and other povernnient officials Secretory Mellon. In testimony presented pre-sented at ( losing hearlnjjfS today of 'the senate banking committee oti farm rrr-dn lefflsTatldn ami In 8 letter sent to Senator .McLn'an or 1 nnnei 11-cut, 11-cut, the committee chairman, camo lout in support of the Capper bill, with I minor modifications ami with an jamt-ndnifnl to extend for nine months I ufter next June 30. the farm loan powers of the war finance corporation. OTHER BILL PAVORKD. Support was given the Anderson-I Anderson-I Lenroot bill on the other hand, by Secretaries Wallace and Hoover, also j appearing before the committee bo-i bo-i hind closed doors Secretary Wallace was understood to have urged the 1 committee t5 report the Anderson-benrool Anderson-benrool bill OO the ground that It I -was more nearly adequate to the ; needs of the farmer than thi Capper ' bill. Mr. Hoover, whose testimony 1 was c i'd to have related more g n-crallv n-crallv to I he need of agricultural credit than to details or Its extension, appeared to favor the Anderapn-Len-root measure, which would set up farm credits departments ln the x-Istlng x-Istlng federal land banks with an authorized government-furnished capitalization cap-italization of 160.000.000 lor the l- bUkltii the views of the three cabinet members before U. the committee prepared .0 draft legislation Which Will harmoni.e the widely conflicting conflict-ing opinions hold by Its mcm? by m' mbers of congresi 5 m ...1 ly a 0 the form of aid to be extended the farme-r. and livestock growers of the country. DIFFIC1 LT d'lt H1. l the committee will me.-t Tuesday to ben ,1, admlltedl, difficult task and Chairman McLean hopes ha " bill cady for senate consideration by the end of next week, The Capper bill, which was drafted with the instance of Director Meyei '- ),.. war flnafnce corporation, and , ., ;nted wtth the endorawnent of the Vio-rhan National Livestock aMOCln.. nder the supervision of the com .- ",,,r of t irrcn; y. of private rural credit and re-discount corpora-V. corpora-V. with a minimum capltalizat on ' t'-.O Oio. tor extension of the period durlnVv hlch agricultural Paper shall -liriole for rediscount from sh ';,,': n.. month-, and for a e - , Vmce by federal reserve banks o ' aoer of co-operative associations of SKcnUurtatt for rediscount as agrb cultural paper, T i:KMK110V OPPOSED. Secretary Mellon In his lette. and Ama In his testimony, presented a ; ii, or .Objections tp the Anderr so, - en.oot bill, declaring tha 'i. WouW Slace the government to a large fr.ni In the commercial banking extent in wouj make heavy I . k?,?l't.. raw.- ad.llllc.nal w lS5 ?u?i Mnilirylnn hU lt ob- on the Andrrson-Lrnroot bill. Mr. sas :ssrr. & is; ss or the ffP-Pff (g thi life of M.e wtnga? u""' Maro- (Pontitwed 011 ,rw0) OO MELLON LIKES CAPPER'S BILL (Continued From Tai- One) 31. 124. This would adapt our present pres-ent banking system to tho needs of ! agriculture and Include tho best fca- ture of tho various plans, upon whlcn I there Is virtual agreem nL "I would admit to discount In tho ' federal reserve banks. agricultural j paper with a maturity up to nln I months, secured by commodities In ! prOOOSS of orderly marketing or by ; livestock which Is being fattened for I market. To this thero can bo no substantial sub-stantial objection. It is safe, and the , testimony before your committee I shows that It will bo helpful. ... PL N IS PK USED "A rural credits program like that I embodied In nuuatancu In th Capper bill, would draw capital and cred.t i from available sources for use wtaro needed by the agricultural and livestock live-stock Industries, and would accomplish accom-plish this on a business baml without depending on government money or tax exemptions. At the same time. it would enlarge the facilities of tho fdTal reserv e system to provide ( further for agricultural discounts, and 1 I hops so as to encurogo larger membership among eligible bank In the agricultural districts, and would extend up to $25,000. the limit on loans by federal land banks. Altogether. Alto-gether. It presents a comprehensive plan of permanent relief on practlcali lines" ' |