Amendment to the Farm Loan Act. Hearings Before the Committee On Banking And Currency of the House of Representatives On Senate Bill 1837, Tuesday, June 7, 1921 ...
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To quickly assess the difficulty of the text, read a short excerpt:
Allen. Mr. Chairman and gentlemen of the committee, I have a formidable bunch of papers here, but I will not read them all into the record.
The occasion of our being here is in connection with this bill pro- viding' for increasing the rate or, rather, permitting the Board to increase the rate on farm loan bonds to 5^ per cent As the law now stands, the limitation on the bonds is 5 per cent; the limitation on the rate of interest to the borrower is 6 per cent. This bill will five the power to th...e Farm Loan Board to make the rate on the onds 5^ per cent if in their judgment it is wise to do so and is neces- sary to meet the market. This does not permit the land banks to increase the rate of interest to the borrower. In other words, the land banks must forego the profit of one-half of one per cent upon their mortgages, or upon their business if they sell the bonds at 5^ per cent Now, gentlemen, I assume that we are a function or, rather, a branch of the farm loan system; that Congress has, in its wisdom, decided that joint stock land banks are a part of the system; that, as such, we are entitled to your fair consideration and, as such, we are entitled to the opportumty to do business and to function, in order that we may do the thing which Congress, in its wisdom, set us out to do.
What to read after Amendment to the Farm Loan Act. Hearings Before the Committee On Banking And Currency of the House of Representatives On Senate Bill 1837, Tuesday, June 7, 1921 ...?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. House. Committee On Banking And Currency to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
Allen. Mr. Chairman and gentlemen of the committee, I have a formidable bunch of papers here, but I will not read them all into the record.
The occasion of our being here is in connection with this bill pro- viding' for increasing the rate or, rather, permitting the Board to increase the rate on farm loan bonds to 5^ per cent As the law now stands, the limitation on the bonds is 5 per cent; the limitation on the rate of interest to the borrower is 6 per cent. This bill will five the power to th...e Farm Loan Board to make the rate on the onds 5^ per cent if in their judgment it is wise to do so and is neces- sary to meet the market. This does not permit the land banks to increase the rate of interest to the borrower. In other words, the land banks must forego the profit of one-half of one per cent upon their mortgages, or upon their business if they sell the bonds at 5^ per cent Now, gentlemen, I assume that we are a function or, rather, a branch of the farm loan system; that Congress has, in its wisdom, decided that joint stock land banks are a part of the system; that, as such, we are entitled to your fair consideration and, as such, we are entitled to the opportumty to do business and to function, in order that we may do the thing which Congress, in its wisdom, set us out to do.
What to read after Amendment to the Farm Loan Act. Hearings Before the Committee On Banking And Currency of the House of Representatives On Senate Bill 1837, Tuesday, June 7, 1921 ...?
You can find similar books in the "Read Also" column, or choose other free books by United States. Congress. House. Committee On Banking And Currency to read onlineMoreLess
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