Agricultural relief: Agricultural relief

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Multivolume work

Identifikator:: 1831932415

Document type:: Multivolume work

Title:: Agricultural relief

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Collection:: Economics Books

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Volume

Identifikator:: 1831935244

URN:: urn:nbn:de:zbw-retromon-232156

Document type:: Volume

Title:: Agricultural relief

Volume count:: Pt. 8

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 591 - 642

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of hon. William C. Lankford, representative in Congress from the state of Georgia

Collection:: Economics Books

AGRICULTURAL RELIEF 633 Mr. LANKFORD. Section 8 provides— that the corporation shall be empowered and authorized to make advances on farm products as collateral security to any bank, banker, trust company or farm organization in the United States which has rendered financial assistance to any farmer, group of farmers or farm organizations. And this plan is a little different from the plan of ordinary bills, and I want to get it thoroughly before this committee. Let me go over that again. The bill provides for the advance of money to certain banks, provided those banks have made advances to individual farmers of money. Provided— now, here is the milk of the coconut and the gist and heart of the bill, if it has anv- these advances are made through the banks only to the individual farmer: And provided, The farmers receiving such financial assistance shall have entered into contract with the corporation, as set out in section 11 of this act, and shall have kept and abided bv all contracts so made. Now, this contract, which is set out in the bill is a rough, crude contract drawn by me—which could be amended by the committee— provides that these farmers shall control their production as dictated and as determined by the cotton advisory council or the wheat advisory council, or other commodity advisory council. It provides further that not only shall these farmers control the acreage which they plant each year, but they agree and obligate themselves not to sell any cotton whatever after they begin obtaining these loans, unless the cotton advisory council determines that a sale shall be made. Mr. PurNELL. In other words, they borrow money on their crop and hold it on their own farms? Mr. Lankrorp. On their own farms, or in warehouses, or in what- ever way is necessary, so as to make the cotton to be produced actually for the debt. The plan is simply this, stated in other words, that we will create the farmers finance corporation, which will loan money through the banks, to the individual farmers, to enable them to hold their cotton, provided the planters of 75 per cent of the acreage of cotton in the United States shall have signed the contracts agreeing to the control of their acreage planting, and agreeing to a control of the marketing. Mr. PurneLL. What percentage of the value of the crop held by each individual farmer would you permit him to draw a loan upon? Mr. Lankrorp. The bill provides for loans to the full value of the commodities. I say in the bill that he shall be authorized to borrow the average price at which that cotton has sold, for the last 10 years. Mr. AsweLL. Do you think you could get 75 per cent of the plant- ers to sign that? } } Mr. Lankrorp. I do not know; I believe we could. I believe you would be offering the farmers so much under this bill that they would sign up. I have great faith in the American farmer signing up con- tracts if you once offer him something to sign for. Mr. PurNeLL. In other words, you give him a loan on the basis +f the full market value at the time the loan is made?

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