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A BILL TO ESTABLISH THE FARMERS' HOME CORPORATION
AND TO ENCOURAGE AND PROMOTE THE OWNERSHIP
OF FARM HOMES AND TO MAKE THE POSSESSION OF
SUCH HOMES MORE SECURE, TO PROVIDE FOR
THE GENERAL WELFARE OF THE UNITED STATES,
TO PROVIDE ADDITIONAL CREDIT FACILI-
TIES FOR AGRICULTURAL DEVELOP-
MENT, TO CREATE A FISCAL
AGENT FOR THE UNITED
STATES, AND FOR
OTHER PURPOSES

JANUARY 27, 28, 29, FEBRUARY 2, 3, 4, 5, 9, 11, 18, 19, 1937 (ALSO TESTIMONY GIVEN IN SEVENTY-FOURTH CONGRESS

APRIL 16, 1935)

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570017

COMMITTEE ON AGRICULTURE

SEVENTY-FIFTH CONGRESS

MARVIN JONES, Texas, Chairman
HAMPTON P. FULMER, South Carolina CLIFFORD R. HOPE, Kansas
WALL DOXEY, Mississippi

J. ROLAND KINZER, Pennsylvania JOHN R. MITCHELL, Tennessee

FRED C. GILCHRIST, Iowa JOHN W. FLANNAGAN, JR., Virginia CHARLES W. TOBEY, New Hampshire HARRY P. BEAM, Illinois

AUGUST H. ANDRESEN, Minnesota JAMES G. POKE, Ohio

CLARE E. HOFFMAN, Michigan RICHARD M. KLEBERG, Texas

BERT LORD, New York
FRED CUMMINGS, Colorado

GERALD J. BOILEAU, Wisconsin
WALTER M. PIERCE, Oregon
FRED BIERMANN, Iowa

SANTIAGO IGLESIAS, Puerto Rico E. M. OWEN, Georgia

ANTHONY J. DIMOND, Alaska
HAROLD D. COOLEY, North Carolina SAMUEL W. KING, Hawaii
WILLIAM L. NELSON, Missouri
FRANK E. HOOK, Michigan
HARRY B. COFFEE, Nebraska
SCOTT W. LUCAS, Illinois

KATHERINE WHEELER, Olerk
II

CONTENTS

Statement of-

Page

Alexander, Dr. Will W., Administrator, Resettlement Administration,

Washington, D. C.

75

Binderup, Hon. C. G., a Representative in Congress from the State of

Nebraska--

281

Connally, Hon. Tom, United States Senator from the State of Texas. 274

Evans, Hon. Peyton R. Evans, General Counsel, Farm Credit Ad-

ministration, Washington, D.'C

123

Gee, Dr. Wilson, professor of rural economics, University of Virginia,

representing Association of Southern Agricultural Workers--

19

Gray, Chester H., Washington representative, American Farm Bureau

Federation...

315

Gray, Dr. L. C., Director, Division of Land Utilization, Resettlement

Administration, Washington, D. C.---

59, 341

Jackson, Gardner, chairman, national committee on rural social plan-

ping, and representing Southern Tenant Farmers' Union, Washing-

ton, D.O.--

178

Jackson, J. F., general agricultural agent, Central of Georgia Railway,
Savannah, Ga..

13

Johnson, Hon. Luther, a Representative in Congress from the State of

Texas

280

Marsh, Benjamin C., secretary, Peoples Lobby, Washington, D. C.-- 161
Marshall, Robert, Director of Forestry and Grazing, Office of Indian
Affairs, Washington, D. C.-

143
O'Neal, Edward A., president, American Farm Bureau Federation,
Chicago, Ill..

316

Patman, Hon. Wright, a Representative in Congress from the State of

Texas

289

Poe, Dr. Clarence, editor, Progressive Farmer, Raleigh, N. C.

350

Rankin, B. Kirk, editor, Southern Agriculturalist, Nashville, Tenn.- 361

Thatcher, M. W., Farmers National Grain Corporation, Washington,

D. C., and member of the President's Committee on Farm Tenancy - 298

Wallace, Hon. Henry A., Secretary of Agriculture, Washington,
D. C.--.-

---215, 356

Wearin, Hon. Otha D., a Representative in Congress from the State of

Iowa

317

Westbrook, Col. Lawrence, Assistant Administrator, Federal Emer-

gency Relief Administration.

323

Wilson, Hon. M. L., Under Secretary of Agriculture, Washington,
D. C.

35
Wood, Hon. Reuben T., Representative in Congress from the State
of Missouri..

295

53 440SU 3403

9/98 31150-200 NULB

FARM TENANCY

WEDNESDAY, JANUARY 27, 1937

HOUSE OF REPRESENTATIVES,
COMMITTEE ON AGRICULTURE,

Washington, D. C. The committee this day met at 10:30 a. m., Hon. Marvin Jones (chairman) presiding.

(The committee had under consideration H. R. 8, reading as follows:)

(H. R. 8, 75th Cong., 1st sess. ]

A BILL To establish the Farmers' Home Corporation, to encourage and promote the

ownership of farm homes and to make the possession of such homes more secure, to provide for the general welfare of the United States, to provide additional credit facilities for agricultural development, to create a fiscal agent for the United States, and for other purposes

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as the Farmers' Home Act.

SEC. 2. (a) There is hereby established a corporation to be known as the Farmers' Home Corporation (hereinafter in this Act referred to as the Corporation), which is hereby declared to be an agency and instrumentality of the United States. The principal office of the Corporation shall be located in the District of Columbia. The management of the Corporation shall be vested in a board of directors consisting of three officers or employees of the United States, designated by the President of the United States, one of whom shall be from the Treasury Department, one from the Department of Agriculture, and one from the Farm Credit Administration. The President shall designate, from the agency of which each director is an officer or employee, an alternate for such director. Each alternate director shall possess all of the powers and perform all of the duties of the director for which he is acting in the event that such director is absent or unable to serve for any reason. The directors and alternate directors shall receive no additional compensation for their services as directors of the Corporation but may be allowed actual necessary traveling and subsistence expenses when engaged in business of the Corporation outside of the District of Columbia. The Corporation shall annually make a full report of its activities to the Speaker of the House of Representatives, who shall cause the same to be printed for the information of the Congress.

(b) The board of directors shall have power (1) to select from its members a chairman and a vice chairman; (2) to determine and prescribe the manner in which the obligations and expenses of the Corporation shall be incurred, allowed, and paid ; and (3) to adopt such bylaws, and to promulgate such rules and regulations, not inconsistent with the provisions of this Act, as may be necessary or convenient for the proper conduct of the affairs of the Corporation or to carry out the purposes of this Act.

(c) The capital of the Corporation shall be in the sum of $50,000,000, subscribed by the United States of America, payment for which shall be subject to call, in whole or in part, by the board of directors of the Corporation. The Corporation shall issue to the Secretary of the Treasury receipts for payments for such stock subscriptions and such receipts shall evidence the stock ownership of the United States. There is authorized to be appropriated, out of any money in the Treasury not otherwise appropriated, a sum not in excess of $50,000,000 for the purpose of subscription to the capital of the Corporation.

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