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R&S 216 Board Views on Proposed Legislation Farm Credit Administration May 23, 1940, H,R,9843, In a letter the Board agreed in prin ciple to permitting Reserve Banks to make advances to Federal Land Banks for periods not in oxcoss of one year on promissory notes of such banks, collaterallod by notes, etc,, given by borrowers, provided such advances wore made in accordance with the general oredit policy pursued by the System from time to time. Governor Davis (informally 5/16/40) opposed provisions of bill (S,3509) that w 6uld give Government a monopoly over farm mortgage credit. Home Loan Bank System June 13, 1940, In a letter Board opposed S.4095 nTo amend the Federal Hone Loan Act, HOLC Act of 1933, title IV of National Housing Act, and for other purposes," The bill would permit the operations of the Home Loan Bank Systom to bo expanded far beyond the scope of its original purposes and would so enlarge the field of their permissible operations and tho sources from which they attraot funds that it may be considered as having tho effect of establishing a separate and complete banking system. Similar views also expressed in letters dated June 4, 1940 on S, 2098 June 7, 1939 on H.R# 5535 Maroh 17, 1939 on a draft of a bill June 7, 1937 Opposed section of bill (H,R,3420) whioh would permit (I) Reserve Banks to buy and sell open-raarket obligations of Federal Home Loan Banks and (2) would permit HOLC to acquire obligations of Federal Hone Loan Banks, Silver Legislation Statement of Chairman Bccles, March 23, 1939, opposing issuance of additional U« S, ourroncy silver certificates or U, S, notes.