University of Wisconsin. College of Agriculture / Among ourselves: a house organ for the staff of the College of Agriculture
Vol. I (1923-1932)
Among ourselves: a house organ for the staff of the College of Agriculture: Vol. I. No. 5. April 13, 1923, pp. -2 PDF (829.0 KB)
/ _ ~~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.
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