Improvements, defined, 31; loans
restricted to 20 per cent of, 19;
percentage of loans for, 39, 51;
to be defined by Board, 20.
Interest, believed exorbitant, 4;
debentures, 58, 60; farm loan
bonds, 21, 30, 34, 43, 49; loans by
federal land banks, 20, 30, 35, 43,
49; loans by joint stock land
banks, 23, 43; on short-term credit
operations, 60; policy of Board
on, 30, 63-64; to be fixed by
Board, 10.
Intermediate credit banks, attitude
of Board toward, 56; capital of,
58, 60; description of, 56-59; dis-
tribution of earnings, 58, 61; op-
erations of, 59-61.
Intermediate credit system, see
short-term credit system.
Joint Commission of Agricultural
Inquiry, created, 54; report of,
55.
Joint stock land banks, attitude of
Board toward, 33, 37, 44, 47; con-
trol over, 64; description of, 22-
23; liquidation of authorized, 40;
number of and loans by, 33, 35, 38,
40, 43, 44, 50; to pay portion of
cost of Bureau, 47.
Kansas City Title and Trust Co.,
test of constitutionality, 39, 41.
Land, unoccupied, relation to mort-
gage debt, 2.
Lee, Higgison and Co., sale of farm
loan bonds, 30.
Lenroot-Anderson bill, 55.
Liability, individual of joint stock
land banks, 23; joint of federal
land banks, 21; of borrowers, 17;
of national farm loan associa-
tions, 17.
Live stock, loans for purchase of
permitted, 20; percentage of loans
for, 39, 51.
Live stock, paper, eligible to inter-
mediate credit banks, 56; restric-
tions on, 57; total purchased, 61.
Loans, government, little support
for, 8; President Wilson on, n6.
Loans, by federal land banks, 32, 35,
38, 40, 43, 49; by intermediate
credit banks, 60-61; by joint stock
land banks, 33, 35, 38, 40, 43, 44,
50; purposes of, 39, 51; restric-
tions on, 19-21; 23, 37, 41.
Lobdell, Charles E., appointed mem-
ber of Board, n24; appointment
of as fiscal agent criticized, n48;
objections to putting intermediate
credit banks in Bureau, n56; testi-
mony on failure of coöperation,
46.
Lubin, David, agitation for rural
credit law, 6.
Messenger Service, 72.
Mortgage debt, see farm mortgage
debt.
Mortgages, foreclosures of, 51-52;
restrictions on, 19-21.
Moss-Fletcher bill, 7, 8.
National Farm Loan Associations,
description of, 14-18; dividends
received by, 38, 49-50; failures as
coöperative enterprises, 46, 49-50;
number in operation, 32, 35, 38,
43, 50; problems concerning, 28,
64; votes for land bank directors,
II, 46, 48.
Norbeck-Strong bill, 55.
Orchard lands, ruling of Board on,
32.
Politics, and rural discontent, 2, 5,
45, 53; in locating federal land
bank cities, n27.
Porto Rico, system extended to, 41,
47, 73.
Progressive party, plank on rural
credits, 5.
Publications, authorized, 10; list of,
80-81; nature of, 68-69; number
of, 29.
Quick, Herbert, appointed member
of Board, n24; article by, n28;
testimony on failure of coöpera-
tion, n46, n50.
Receipts, warehouse, required, 57;
Receiver, to be appointed by Board,
18, 58.
Registrars, appointment of, 10; dep-
uty, 40; location of, 73; issues of
bonds, 21; work of, 67, 73.
Reports, federal land bank, 66.
Reports, national farm loan associa-
tion, difficulty of securing, n49;
unsatisfactory, 36.
Republican party, plank on, rural
credits, 5.
Reserve accounts, federal land bank,
13, 14; intermediate credit banks,
58; national farm loan associa-
tions, 17.
Restrictions, on divident payments,
13; on federal land banks, 14; on
intermediate credit banks, 57; on
joint stock land banks, 23, 37-38;
on loans, 19-21, 37, 41, 47; on
members of the Board, 9; to pre-
vent speculation, 37, 60, 63.
Rural credit problem, and Congress,
I; discussion revived, 45, 53-55;
European experience, 3, 5, 7; pol-
itical results of, 2.
Secretary of the Treasury, author-
ized to designate banks as deposi-
taries or financial agents, 13, 42;
authorized to purchase farm loan
bonds, 34, 40; authorized to use
half earnings of intermediate
credit banks, 58; bonds purchased
by, 34, 40, 43, 49; ex-officio mem-
ber of the Federal Farm Loan
Board, 9, 47; to subscribe to
stock of federal land banks, 12,
28; to subscribe to stock of inter-
mediate credit banks, 58, 60.
Secretary-treasurer, difficulties with,
49-50; duties of, 15; restrictions
on, 47-48.
Securities Division, 71.
Shay's Rebellion, 2.
Short-term credit system, agitation
for, 2, 3, 6, 45, 52-55; established,
56-59; in operation, 59-61.
Smith, Charles E., test of consti-
tutionality, 39, 41.
Southern Commercial Congress, agi-
tation for rural credit law, 6.
Speculation, regulation to prevent,
37, 60.
States, division into districts, 25, 26;
legislation for rural credit sys-
tems, 5.
Statistical Division, 72.
Statistics, compilation of begun, 36;
on purposes of loans, 39, 51; on
relation of appraisals to sales, 39,
51.
Stock, federal land bank, author-
ized, 12, 16; government holdings
repurchased, 35, 38, 43, 49; gov-
ernment subscription, 28; public
subscription, 28.
Stock, intermediate credit bank,
authorized, 58; government sub-
scription, 60.
Stock, national loan association, to
be purchased) by borrowers, 16.
Taft, President W. H., orders study
of European credit systems, 5.
Tax exemption, for farm loan
bonds, 22, 23; for debentures, 57;
test of constitutionality, 39, 41.
Tenancy, and agitation for rural
credit law, 2, 5; expected results
of law on, 24; failure of system
to combat, 51; percentage of
loans for purchase of land, 39, 51.
Title examination, recommendation
of Board on, 36.
Treasury Department, Bureau
placed in, 9; to engrave bonds, 21.
United States Commission, author-
ized by Congress, 6; report of, 7.
Warehouse, receipts, see Receipts,
warehouse.
Willis, H. Parker, on influence of
Federal Reserve Act on rural
credit law, n8.
Wilson, President Woodrow, on
necessity for rural credit law, nó.
World War, effects on system, 33-
34, 45.
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