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           / _ ~~A HOUSE ORGAN FOR THE STAFF OF THE COLLEGE OF AGRICULTUREX
           t k ok COLLEGE OF AGRICULTURE /
        Vol. I, No. 5.                                     April 13, 1923.
             Li'2D CLA.RING BILL (Co. 222,,), repealing the appropriation
        as well -Is the enabling act under which this work has been carried
        on for the -ast six years, was reported by the Senate Committee on
        State Affairs (Senator Titus, Chairman) for non-concurrence.
        Senator Cashman offered a substitute amendment killing the en-
        ablin- act but allowing the University to continue to distribute
S      picric acid.  as all receipts go into the State Tre.-.sury and are
        re-appropriated only under the enabling act, the effect of this
        amendment is the same as that of the original Miller Bill; viz.,
        to prevent the continuance o!' Dicric distribution.
             The Cashman substitute came up for consideration in the
        Senate on Aipril 12, but was laid over until April 19.
             INTEMEST Wi.TES FOR THE DYEW FEDERAL INTER iEDIATE CIEDIT BAEEKS
        just established by Congress have been announced by the Federal
        Farm Loan Board.
             These twelve banks start with $1,000,000 capital each. (\7is-
        consin will be in the St. Paul Bank territory.)   Loans to farmers
        are made only through existing banks (state, national, and trust
        campanies) and direct loans to cooperative organizations are made
        on "staple agricultural products and livestock" with a
maturity
        time for the present of not over nine months. So far the Federal
        Eoard hits limited "staple agricultural products" to grain,
cotton,
        wool, tobacco, and peanuts. The inclusion of dairy products, eggs,
        fruits, and vegetables is subject to future determination. The
        federal bank rediscount rate to the local bank is 52 per cent.
        Local banks must not charge their borrowers under this system
        more than 12 per cent in excess of the rediscount rate.
             Agricultural paper handled by this new bank system must be
       secured by warehouse receipts, shipping documents covering staple
       agricultural products, or chattel mortgages on livestock.    As the
       system starts out, it is obvious that it will not, in the imme-
       diate future, result in much cheaper money for the Wisconsin
       fanmer than he is now receiving.