REPORT OF BUREAU OF MARKETING AND SUPPLIES. l6l 



pose of lending money to its stockholders up to fifty per cent 

 of the value of the land's improvements, on first mortgages 

 maturing in five to thirty years; 



That each farm-loan association shall contribute at least 

 $i,ooo to the capital stock of a Federal Land Bank; 



That there shall be twelve Federal Land Banks of $500,000 

 capital each to supervise the farm-loan association, and that the 

 Federal Land Banks in turn shall be supervised by the Federal 

 Reserve Board at Washington; 



That these Federal Land Banks shall issue farm-land bonds, 

 engraved by the United States Government and secured by the 

 mortgages assigned to them by, and purchased by them from, 

 the farm-loan association ; 



That in the event of the $500,000 capital stock of each of the 

 twelve Federal Reserve Banks failing to be otherwise sub- 

 scribed, the United States Government shall provide it ; and 



That the Secretary of the Treasury shall, upon application 

 of one or more of the Federal Land Banks, and upon the recom- 

 mendation of the Federal Reserve Board, purchase from the 

 Federal Land Banks farm-loan bonds not previously issued or 

 sold, in an amount not to exceed $50,000,000 during any one 

 year, and shall pay for the same out of any money in the treas- 

 ury not otherwise appropriated. 



It was thought that this bill would pass Congress at the last 

 session, but owing to other measures considered more impor- 

 tant from a political standpoint it was crowded to one side, and 

 there is no hope that it will even be considered at the present 

 session. 



With a few changes the Bulkley bill, or the Federal Farm- 

 Loan act, would appear to be just what is required as a rural 

 credit system and our farmers will watch with much interest 

 the course pursued by our representatives in both the House 

 and the Senate. 



The Farmers Union of Maine is fast solving some of the 

 most difficult problems of the farm, but from whatever angle 

 we work the one great, obstacle that stands out clear and dis- 

 tinct is the lack of funds with which to properly finance our 

 operations. Our state officers, representatives and business men 

 are greatly interested in the welfare of the state and direct 

 their efforts along many lines, without turning their attention 



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