HEARINGS BEFORE A SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY UNITED STATES SENATE Л SEVENTY-SIXTH CONGRESS THIRD SESSION ON S. 3509 A BILL TO REDUCE PERMANENTLY THE INTEREST RATES ON MAY 7, 8, 9, 10, 16, 17, AND JUNE 7, 1940 Printed for the use of the Committee on Banking and Currency COMMITTEE ON BANKING AND CURRENCY ROBERT F. WAGNER, New York, Chairman CARTER GLASS, Virginia ALBEN W. BARKLEY, Kentucky FRANCIS T. MALONEY, Connecticut CLYDE L. HERRING, Iowa WILLIAM H. SMATHERS, New Jersey SHERIDAN DOWNEY, California JOHN G. TOWNSEND, JR., Delaware LYNN J. FRAZIER, North Dakota CHARLES W. TOBEY, New Hampshire JOHN A. DANAHER, Connecticut ROBERT A. TAFT, Ohio PHILIP LEVY, Clerk SUBCOMMITTEE ON AGRICULTURAL FINANCE, FARM Mortgages, and RELATED MATTERS JAMES F. BYRNES, Chairman ALBEN W. BARKLEY, Kentucky JAMES H. HUGHES, Delaware II LYNN J. FRAZIER, North Dakota CHARLES W. TOBEY, New Hampshire CONTENTS Black, Hon. Albert G., Governor of the Farm Credit Administration, Cheek, Tom W., member of the National Board of Farmers' Union and president of the State Farmers' Union of Oklahoma Davis, Hon. Chester, Governor of the Federal Reserve Board. Dickinson, Dr. M. F., representing legislative committee of the Na- tional Farmers' Union and National Federation of Grain Coopera- Doak, W. B., representing the National Farm Loan Association, 187 189 134 195, 217 Hodgkin, George B., representing National Council of Farmer Coop- 241 Mayer, E. S., representing National Wool Growers Association, San 193 Mylander, Charles H., vice president of the Huntington National 259 Short, R. E., representing the American Farm Bureau Federation, 39, 71 Taber, L. J., master, National Grange.. 137 Wallace, Hon. Henry A., Secretary of Agriculture, Washington, D. C. 269 EXHIBITS Copy of bill, S. 3509- Letter addressed to Hon. James F. Byrnes by Secretary Wallace in reply Statement submitted by Governor Black relative to bankruptcy cases pending under section 75 of the Bankruptcy Act as of June 30, 1939- Memorandum on centralization of authority in Governor of Farm Credit Administration under provisions of S. 3509. Supplemental statement submitted by Senator La Follette on comparative costs of interest subsidies under present law, under H. R. 8450 (as it passed the House on March 18), under H. R. 8748 in its present form, and under H. R. 8748 if amended to fix the rate of interest, payable by Information requested by Senator Miller from Farm Credit Adminis- Statement submitted by Farmers Educational and Cooperative Union Statement submitted by Dr. Dickinson relative to estimated amount of Federal land-bank and land-bank Commissioner loan proceeds used for refinancing, May 1, 1933, to December 31, 1939. Letter addressed to the Members of Congress entitled "Debunking the charges relative to the destruction of the Farm Credit Administration". Letter addressed to Senator Miller by Ezra T. Benson, executive secretary, National Council of Farmer Cooperatives, Washington, D. C., relative to major organizations which constitute the membership of council. Statement of A. L. M. Wiggins, chairman of the committee on Federal legislation, American Bankers Association, and president of the Bank Copy of amended bill and report of Department of Agriculture - - III |