The Agricultural Bloc

Cover The Agricultural Bloc
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Another important bill in the Farm Credit Series which was supported by the Agricultural Bloc was that which increased the interest rate on Federal Farm Loan bonds from 5 per cent to 5% per cent without increasing the rate to farmers on loans. This made it possible for farm loan bonds to sell promptly in competi- tion with other securities. Supplemented by the Curtis Bill supported by the Bloc, which provided for increasing Federal Farm Loan Bank capital by $25, 000, 000 for use as a revolv- in...g fund, the Bond-Selling bill became even more effective. The proposal by the Farm Bloc that agricul- ture should have representation on the Federal Eeserve Board was approved by leaders familiar with farm finance in all its phases. One authority in discussing the reason why a special representative of agriculture should be upon the Board pointed out that the credit needs DEFICIENCIES IN FARM FINANCE 67 of agriculture differed from those of industry and commerce, moving more in seasons and cycles.

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