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Show RURAL CREDITS RIDERJ1GED HOUSE FRAMES SUBSTITUTE FOR FARM LOAN PLAN ACCEPTED AC-CEPTED BY SENATE. Would Provide System of Farm Loan Associations to Make Loans on Farm Mortgages at 6 Per Cent Interest. Washington. A farm loan plan was written into the agricultural bill by the house Monday night after a long and vigorous fight. The rural credits amendment reported by the agricultural agricultur-al committee and generally accepted as having the sanction of the administration admin-istration was revised by a series of amendments which revolutionized the proposal. As framej in the house, the plan would provide for a system of farm loan associations formed In individual communities to make loans on farm mortgage notes at not more than C per cent interest. These associations j would form federal land banks in districts dis-tricts corresponding to the present federal reserve districts for the purpose pur-pose of dealing In the mortgages held by the association and loaning to the association upon these mortgages. In these banks the government would have a supervising and under certain circumstance a stockholding Interest. They would be authorized to Issue bonds based on their farm mortgage securities. The crux of the fight In the house cau on an amendment to authorize ! the secretary of the treasury to l.-sti" 1 Panamit canal or other government bonds to the amount of J."'".1"1".1"10 a year to take over the bonds of tiles -land banks. The amendment was adopted in committee of the whole by a vote of l"T to 4 4. The administration proposal was .1 substitute for the McCumlier direct loan credits plan Incorporated In the bill In the si nate. It proposed a dories do-ries of farm loan associations with a system of h'lid banks under private ownership and control to handle the loans through the sale of bonds to the publ Ic. Hy a vote of 2.17 to X'J the houi rejected the McCumber proposition and then the perfected I'.ulkley -Mollis amendment was agreed to illiout a roll call. |