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BENNER, C. L. THE FEDERAL INTERMEDIATE CREDIT SYSTEM. Macmillan, 1926. Pp. xviii, 375. Kev York: Review: by H.L. Reed, AMERICAN ECONOMIC REVIEV, Set 1926, p. 503-4 Origin of Agricultural Credits Act of 1923 The Agricultural Credits Act of 1923 was the legislative result of several more or less conflicting programs of rural credit relief; and it made provision for the organise tion of many new financial institutions. At the saae tine this statute modified the powers and methods of operation of existing institutions, including local and Federal Reserve banks, in their relations with fanner borrowers* It was accordingly inevitable that much confttsion should arise regarding the plaee these various institutions would occupy in the general credit system and their procedure in agricultural loan operations. To clarify the situation th there has been need of a book which would display a firm grasp of the principles of finance and be written in a style simple and attractive to the inexpert reader. The service of preparing sue* a volume has been performed very satisfactorily by C. L. Benner vith the cooperation of the Institute of Economics. After several chapters on the general character of agricultural credit needs, the author traces the influence and services of the War Finance Corporation upon legislative thought and presents the basic ideas of the Capper-McFadden and LenrootAnderson bills. Showing thence the extent to which the terms of these bills were embodied in the omnibus legislation of 1923, the author proceeds to define the relative statutory provisions, methods of operation and administrative development of the Federal Intermediate Credit banks and the various state and national credit corporations, as well as their relationships to other institutions. He closes with an a/c of the probable effects of these organisations upon the general credit situation. The author fels that with careful management of the F.R. Systei the ammdnftgff of the credit structure need not be impaired as a result of the great haste with which Congress proceeded in enaeting this legislation. The new machinery should be regarded primarily as providing intermediaries to assist in the mobilization of banking capital for the beu&f! of the farmer, rather than as offering opportunities for tb creation of new credit. But with this qualified approval the author does not hesitate to express himself about the superfluous character of some of the institutions for whose organization statutory provision was made. He furthermore does not fail to display full sympathy for the ea1 established local bank, insofat as its services to the £•> rmer seem not to have been fully recognized by faners of HENDERSON, G. C. The Agricultural Credits Act of 1923, QUARTERLY JOURNAL OF ECONOMICS, XXXVII, May 1923, pp. 518-522. HEHDERSON, G. C. The AgriCTiltural Credits Act of 1923, QUARTERLT JOORNAL OF ECONOMICS, Vol. 37, pp. 513- VAIGREN, V. N. "The Agrieultural Credits Act of 1925," AMERICAN ECONOMIC REVIEW, X I I I , D i i u r t i r , 192J, pp. 442-i»6O. ^ The Agrie. Credit* A«t of 192J, March 4, 192J. VALGREN, V. N. The Agricultural credits act of 1923* AMERICAN ECONOMIC REVIEW, H H , September, 1923. VALGRBN, V. N. "Tie Agricultural Credits Aet of 1925," THE AMERICAN ECONOMIC REVIEW, XIII, Sept. 1925, pp. 442-60.
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