Jasper County Democrat, Volume 23, Number 72, Rensselaer, Jasper County, 4 December 1920 — PLAN U.S. LOAN TO AID FARMERS [ARTICLE]

PLAN U.S. LOAN TO AID FARMERS

Stnitor Hitchcock to Offer $60,000,000 Relief M»asin Nut Week. 60V. HAROIN6 FAVORS SCHEME Money He Would Advance Ie Govern me nV e Share In Profits of the Foderel Roeerve Benke. Washington, Dec. B.—lmmediate loana of IOO.(MW.tMX) from government funds to aid farmers In the face of falling prices of their products la proposed by Senator Hitchcock (Dem.)» Neb reek a. in a bill drawn after a conference with Governor Harding of the federal reserve board. Senator Hitchcock plana to present the measure when congress meets, negt week. The money which Senator Hitchcock would have advanced to the farmem Is the government's share in profits of the Federal Reserve banks, payabl* next month, and which under the law would be need to Increase gold rwserves or amortise Liberty bonds. Loans would be made through thw federal land banks on chattel mortgages or warehouse receipts with agricultural products or Hve stock as security. Loans on grain would be limited to six months and those on Uva etock to one year. Only Drop In the Bucket. This would be only a drop In thw bucket toward meeting the enormous needs of agriculturists," said Senator Hitchcock, "but It would have a gwxh effect beyond the actual amount of money made available." Senator Hitchcock indicated that Governor Harding was favorably Inclined toward the plan in view of the fact that the profits from the reserve banks would not be large enough to take up any substantial amount of Liberty bonds as compared with tba amount outstanding. Opposition to the revival of ths War Finance corporation or any other of the governmental war emergency measures looking to the underwriting of prices and private business was expressed by Senator Edge of New Jersey, member of the senate committee on reconstruction. Others to Consider Also. The New Jersey senator declared he would support no measure for rollfe of the farmers which did not afford relief "for the other 90 per cent of the population." Hearings were begun by the agricultural committees of the senate and house meeting In joint session, on the general agricultural situation and on proposals for financial relief for the farmers. Eugene Meyer, Jr., of New York, former director of the War Finance corporation, was the first witness. He gave a general review of the whole agricultural situation. Senator Norris of Nebraska, acting chairman of the senate committee, said treasury officials would undoubtedly be called. It was Indicated that the hearings might continue several days* and It was suggested that representatives of the various agricultural interests be called to present the farmers* view of the situation.