Farm Credits

It is conceivable that the 67th Congress will pass legislation favorable to the farmer before it adjourns. Three bills are under consideration by the House Committee on Banking and Currency, which may be combined for passage:

The Capper bill authorizes the 12 Federal Reserve banks to discount notes, drafts, or bills drawn for an agricultural purpose.

The Lenroot-Anderson bill provides capital in each Federal Farm Loan bank and authorizes the banks to issue long-term tax-free debentures on stock or land to the amount of $1,200,000,000.

The Strong bill, which liberalizes the Federal Farm Loan Act.

The Capper and Lenroot bills have been passed by the Senate.