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HG 2401

A 12

1940a

HEARINGS

BEFORE A

SUBCOMMITTEE OF THE
COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

SEVENTY-SIXTH CONGRESS

THIRD SESSION

ON

S. 3509

A BILL TO REDUCE PERMANENTLY THE INTEREST RATES ON
FEDERAL LAND BANK AND LAND BANK COMMISSIONER LOANS;
TO RELIEVE FEDERAL LAND BANK BORROWERS OF STOCK
LIABILITY; TO PLACE THE FEDERAL LAND BANKS ON A SELF-
SUPPORTING BASIS; TO REFUND AND GUARANTEE THE BONDS
OF SUCH BANKS; TO INCREASE THE FUNCTIONS AND RESPONSI-
BILITIES OF NATIONAL FARM-LOAN ASSOCIATIONS AND COUNTY
COMMITTEES OF FARMERS; TO PROVIDE FOR THE ADJUSTMENT
AND REFINANCING OF FARM-MORTGAGE DEBTS; TO LIMIT THE
INSTITUTION OF FORECLOSURE PROCEEDINGS AND
THE TAKING OF DEFICIENCY JUDGMENTS;

AND FOR OTHER PURPOSES

MAY 7, 8, 9, 10, 16, 17, AND JUNE 7, 1940

Printed for the use of the Committee on Banking and Currency

[blocks in formation]

COMMITTEE ON BANKING AND CURRENCY

ROBERT F. WAGNER, New York, Chairman CARTER GLASS, Virginia

JOHN G. TOWNSEND, JR., Delawara ALBEN W. BARKLEY, Kentucky

LYNN J. FRAZIER, North Dakota JAMES F. BYRNES, South Carolina

CHARLES W. TOBEY, New Hampshire JOHN H. BANKHEAD, Alabama

JOHN A. DANAHER, Connecticut
ALVA B. ADAMS, Colorado

ROBERT A. TAFT, Ohio
FRANCIS T. MALONEY, Connecticut
GEORGE L. RADCLIFFE, Maryland
PRENTISS M. BROWN, Michigan
JAMES F. HUGHES, Delaware
CLYDE L. HERRING, Iowa
WILLIAM H. SMATHERS, New Jersey
JOHN E. MILLER, Arkansas
D. WORTH CLARK, Idaho
SHERIDAN DOWNEY, California

PHILIP LEVY, Clerk

SUBCOMMITTEE ON AGRICULTURAL FINANCE, FARM MORTGAGES, AND RELATED

MATTERS

JAMES F. BYRNES, Chairman. ALBEN W. BARKLEY, Kentucky

LYNN J. FRAZIER, North Dakota
JOHN H. BANKHEAD, Alabama

CHARLES W. TOBEY, New Hampshire
GEORGE L. RADCLIFFE, Maryland
JAMES H. HUGHES, Delaware
CLYDE L. HERRING, Iowa
JOHN E. MILLER, Arkansas
D. WORTH CLARK, Idaho

II

CONTENTS

Statement of-

Pago

Black, Hon. Albert G., Governor of the Farm Credit Administration,

Washington, D. C.--

8

Cheek, Tom W., member of the National Board of Farmers' Union and
president of the State Farmers' Union of Oklahoma-

187
Davis, Hon. Chester, Governor of the Federal Reserve Board..

189
Dickinson, Dr. M. F., representing legislative committee of the Na-

tional Farmers' Union and National Federation of Grain Coopera-
tives.

153
Doak, W. B., representing the ational Farm Loan Association,
Fairfax County, Va., Clifton, Va.-

134
Goss, Albert S., Chevy Chase, Md.-

195, 217
Hodgkin, George B., representing National Council of Farmer Coop-
eratives, Los Angeles, Calif..

241
Mayer, E. S., representing National Wool Growers Association, San
Angelo, Tex..

193
Mylander, Charles H., vice president of the Huntington National
Bank, Columbus, Ohio.

259

Short, R. E., representing the American Farm Bureau Federation,

Brinkley, Ark

39, 71

Taber, L. J., master, National Grange -

137
Wallace, Hon. Henry A., Secretary of Agriculture, Washington, D. C. 269

1

36

37

EXHIBITS
Copy of bill, S. 3509_
Letter addressed to Hon. James F. Byrnes by Secretary Wallace in reply

to questions submitted by Senator Taft.

Statement submitted by Governor Black relative to bankruptcy cases

pending under section 75 of the Bankruptcy Act as of June 30, 1939-

Memorandum on centralization of authority in Governor of Farm Credit

Administration under provisions of S. 3509--

Supplemental statement submitted by Senator La Follette on comparative

costs of interest subsidies under present law, under H. R. 8450 (as it

passed the House on March 18), under H. R. 8748 in its present form,

and under H. R. 8748 if amended to fix the rate of interest payable by

borrowers at 372 percent.-

Information requested by Senator Miller from Farm Credit Adminis-

tration..

Letter addressed to Hon. Robert F. Wagner by Mr. L. J. Taber, master,

National Grange, Columbus, Ohio.

Statement submitted by Farmers Educational and Cooperative Union

of America, presenting information requested by Senator Miller.

Statement submitted by Dr. Dickinson relative to estimated amount of

Federal land-bank and land-bank Commissioner loan proceeds used for

refinancing, May 1, 1933, to December 31, 1939-

Letter addressed to the Members of Congress entitled “Debunking the

charges relative to the destruction of the Farm Credit Administration”.-

Letter addressed to Senator Miller by Ezra T. Benson, executive secretary,

National Council of Farmer Cooperatives, Washington, D. C., relative

to major organizations which constitute the membership of council.-.

Statement of A. L. M. Wiggins, chairman of the committee on Federal

legislation, American Bankers Association, and president of the Bank

of Hartsville, S. C.

Copy of amended bill and report of Department of Agriculture.

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