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J*o# rr* tm» 4 m m tor Agrioulture
&at « »
qUoOXo tokxrem la tta ffati o*X Gmnt& tear *y !«»« Otari**
*•
leaker*
fm m vm b w r i*
M y SO* XOW.j
Sit&ieo «MA ^oaiXosaea o f tfa !k41-j Atk&mooi
Hr, $a*ar, t o farffegr liestor of Hit 3o tl. sal art.1^ , xyui tatart
«• to ifNrtfe to jrS3U v«*jr briefly aaa ta ll you abat Ua Mo«ftX Wm*rw
% ote* m m for tbe fsraero of tfa {te iM St*t»o#
1% i t * « A ^ « | « h l *
apfaaXo to a» w ar etfORglf* far I &*** 1MN& © 2 M * t of r n fteleraX
«&w* Its ,^ i a * a t i a la 1014* and. V *Afl> «H& I torn be**
HMMVWI M
m& M
af t!a §f«Ag» ia
a d u tifu l U ttle H « la fcsaoe£»*
w t l« , oa -Steaia^is fi*gr, <*r # * » !• that perlot «T tl « » « d i l l «a l oiar
feXXcer msaatm* i f tbat tea®© imp® aor, I beUove, u » t« il« « la sitt* Ueop
ia%«^*% to these f&eeeetitagfe
At ttie outset* lo t m
«K$lala Uio t o
m g tbat 1 uboll iut j&aert&kft today to
I f & m X m & % : 4 k l m ^to?a* or tho f^ioraX Xatnradiate
Cr*4lt Banka, axMpt to etar Xai«?r ho* t m fodoral
Ua h ttfttl ft a e m
8*r sta ll 2 snare
.*ef*e yotosi, through
iw & r* UmSw&Ii assiatmo© to ttaee Vafea.
o u t l m ia m m A m the aerl o il feral % ftottt*c Act
reoeatiy <*as*Qtod late Jte nltb it s imge r i f M s ^ fts * aftaUtatered S^f the
at* Item loti* BoortU fw tbat w m M b* & m m begroaft M i llaata o f &&« *&§*••*«
So
toBAmtonA sla t tho T m lor X 1*1serve S^fHUnk i m
fa r*w # « aiot f a back to the Oajpo btl^ /e u a
£&mmr %ixm bm to
Ufldt o f tla « M s t too
cwuld ^o ofttli, a m x m * m i
/e Uaa *o* < t- bUuad#
.o for t
Vm
toe aooiy iso a*a*a& tm rn 14s loouX Uoafe* aad Ha
OOalt iooa him, &ad u«o ties for aiilot* iia lo^a
m * M Us® roootawao o f I3^t 'bf^u
la U ^i«
of *0*0011ftl * u m i or otter Mfjfpaoor, tro teaate t o to bo loos UxursX
oo«flut« ito ro*oiure®3 w o liaitod, .ad tfe* laormso of Its rooouroo* by
kofrooiog m o oliior fces&o woo not io&od a 101 ollh mufe f«r», eat *0
aayuraiw* oould 1* tad th&t os&sfc lu*m onll bo iooind«
fbo $a\ #tsal Kosnmpvo Aoi n&gi emafsoA o il ttalo, aad now feoteid U10
tmaoojrim of fcho iodiviai&l
"■*^ m ** ■'■^1 *
b*ak oitU « & ii t** faroar doolo* ttwre
ttoooreo iyfttw© aritfc ito 7 at m m m i ov&iUii;lo to
the m*m*t mt& in o*eo of sooao&al o t m t or •oextoaa?'
\fett*r tio old ajstaa, I f il* ro*er«m r^plrod by low to bo feopt
^ * l ife, -»oro roouood to Urn logoi adatraum, toot book eoold aefee no auro
looae, oalooft i t
orroweu fra* t o o otbor woofc* Uador tbs Itoaorol fc>;»om
Act, &o*ororf It oat, 00 » aatter o f eourao, t &e tfao oliglH e ?epor o f
tbe 1 M r on rndoh i t koo mu* o looa, to itoo £odor$4 k w m feak on!
borr-w |Ufr£ fw* u»o in O^tedlag Curt *or loans.
m o io brought o © t uy tt» foot tfcat under iUe M ora l Kfeiorre
l<| i t *
suai ^
Ito csatiro
stoonas ifch the M o re l Ro^orv* tafe*
in other wolds, the .wfc&r fcOBte* ^ooi U*rir reserves io the federal *o*erea
teak, oai tho 13 Jfcoorol Boworro b;*Ks# h id today owr U
.
,
im ii | /•!.- | n 1 . M tf
•
n
hM M
tilU oao of dollaro
H H M |i M M M M l
with tlo roeorro* I t fco*f «ad doolroo to iaar aoo Ito loaai to fwr.are, i t ooa
®o to the *eOor<4 i ooorro fejfc, pr oont oU^lhlo pcfor i t bo* t-Joea frw 1 9000
f re»r fear * i^ea, oa& redleoouat that peper $dt& tbo Jfcdot&l :a o * m t a t ,
tboo seourl^: *4ditioii*l roootwo vUdh «1U onotoitt ftirtlior looao*
I f o il
bsmko i.t tho 0000 tiao M od to rooiooo Jit iio ir lopor of Udo Uind9 ado
privilege ^auXd not bo 00 valnoblo, uut I t obould
roMofeorod toot aoooo&ol
*tr*» *• m i otter wmwtmAm ooour at tlfforeaft poriois tfrrfe^feaut tbs
oouatry* aati U&s fact ere&oo tt* taara 1 f t m m b nko to soo to l i Ui&l
tus nober feafcs *L '.-■*» obteia fUo4& to snfes *»••• l o w «i»a eudb iot&as w t
aaassaairy far
rieuitarul zmrpsata, aa& eam%»*m% villi sound taaklMg*
ffinmt fete iadlvlSa*dl *“
raflfrtr ***#*» j&ro tmsnsslj
ttHf « M U I | to
i&
far fc&i format. *oa A U r *U»o this M i I U U
y** that tilt paMMUt oqplta of Ite 12 lM o*a assorts tafts in w r 108
alllions of idllors* .*.ai tt* «ar>ly» it w
ailUaaa*
--4 billons* * totil »f 412
i m jfA ©0& to this &m SNfc&od jrosoms, • otor 3*3 felUlaas,**
jPOMiHU r *Us* tfw vwi% M ir a ^ « r » vmmirom «<4Ob @*s ora ia a s d
tel,; tfeo asulHNr *m*s ufes cxtro of ite f n w .
A6r«fttsgos slM U r to febDfto ooaurod Ujr tte f srasr uodar tbs
to r4
i# « m "•ysi on ore giva* ol»o to tte Lusirsooft z*a oM M n f ^tarwr,
but trio Ift9*n4 hmvrm M l be# £l¥ea aortftin voforwiaos in &u*Xim s4th
ffciuars* pager ‘siU.cfc teste not **«m ftooonMl to bw* naca or a^mwroiel pespor*
Stir oxofi%Oo« •
1.
M l« ow aralal p*g*r c&a bo dLsoouaM only **»» it
ruts* ast ovor y0 4t^» ftroa tbs
of a ..count, fiorsttrs* jopor
and pa or of ftarr*r» Cooparttivo sfoifarttag MoooiMiota eon tot
disoouatea vhoa it t o not ovor 9 nttt&s to m *
3*
Stgtt ®a& danmd draft®, O3ri;:im0.1y aot mofoot to
d fe M l sgr fteooral Ho»orto baaitt 'oooaaas tearing no fixe*
mtisrlty, o^a bo 4i*oounto4 by ire, oral ao orrs t i4© ^ten os©*
lo fla&aos tte ta»«stio shlpnaat of ao»*ioriitablo, radily
36*k»to&0 stoplss, ■•ad eoourod fey t i l l s of ladlag*
there is m morm\» rolwm of mch draft*
lou
secured by bill* o f lading eovorlag tirio ahipafcat of
wheat, ooUos, sujd oU**r agricultural r»rcxiucU.
3# lanxtimm aeoe >fcmoos, vhoa ar a by ea
laol'Vtdual fur*aex *r a cooperative fenssociatloa a^iast
» ! «)(, &n& &Q*se?>ti*& by tho teak, m y be diactuated or
guyohated by M « r I &«fcerTe fc aka up to a » tarlty of
six ta;.mfctis# *faoa eecored by vftro&niae reeeis>tfe. If
dr-m, however, for tWRaaertdal aarpoeoe* the Holt of
raoturity would bo 90 mays*
4,
. Uoui i ‘baaks are permitted by the Itederal
Boeerre Act to r*&& 3*ort#^e leaue f«r fire years *hea
the aote is ©scored by a SBrtgefl* oa la^i-orad sad
uaoaca^bered fars laad, or oU»r r c4 r 4 .t •
5«
fetter dL Se»<ar*e fc sfce are
<?*»dttec to ffcirohaeo
farm lo&a bonds «a** to discount na&vtf&t federal
IatanaBttate Crodit bsatea est--hUshed by tho A^riealtarl
freitta Act of lS33t gad to
oafeeatouree of such b jfcjs.
&» otovo are a fee of the e&ae« la which tfaa fteoerfcl loeeanm
Act give* f lwiMwa to faram* ?«®or over ro sie r oewMttai mpw. 2
■sitiii I had dua* to go iato talc subject stars fully, tat this it ©11 I cm
^ItfdlB the tlo* allotted to oe«
Bofore doeiag, 1 waat to i> iat out that the waole cou 4ry,
iacludiaf tuxmrv * * wall as buaiaosa w , lo benefited by tho isev* of
M oral Xooerre aoteo by the various federal 1es«rvo boajcs. H»so acts#
turn Introe-aoa* m
o f e la s ticity lafco our a w K oacjf ayot&i raid*
II sadly i&fltead before, find i&w aeu£* lUturo iisoejr pealcs* of frot.ooat
<#caj«rr©m^ uoi’caro tfeo puftngt o f tiw &et*
S sgoocibl* la too future*
.«Jtare tfce eutefrlitgir m t of tho IWer&l Iwwsrft A< i* *m?* eo ©
of lawmy
%o ^ t rjaatoroa o«roos the Ottnjgy o?«*y /war to ft dHtfcte
t*» w w ^ t of tim a rope. ;
trasnfor*
«-**# Ua^eljr liniD >iny>
au» tt* •fffeei U &Qooti|)U»iM i^y Use locsl losae* o f Fmier«il B»©r*o adtee
end I? oolrUs o£» t o **&» of t o Ocld roUX« taut told esfc&Uetttd « l
a«hii*Ktfflfc lif t o Ifeiioral ii&;-.era» b a&s, tl*i» cU n l^U oft Uw trouble* 000%.
e»d *i«fc o f treasfer*
la oo?tfliMdCfe lot oe add Umt tl* **;«*' X
Bou?& has so
o^wtrwad ®ad a&alnietored the Jtdeff&l aeee»*a Aot &» to k ^ w w U * credit
ote&dli* <a* •eBdte&e pooitr jr of tcrloolfeira tntom^to* p l o d ^ aft tfcalr
disposal, l&ifoogh discounts ®ad ones. «em :t operation©* the vi*t msoaraes
of til® Jftuftvol ^BMKm ©$*%•* to th» fWUoefc exfcfcat ^fiAIUd tajr Jaw sM
oqimIssfceat i4«& fte >rtac4|>los of emu.4 ta&dUsg*
I U-uSk you for jrour atteatica*
@FedFRASER