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Loans to Speculators Produce Tax Free Bonds for Rich Investors
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Excerpt from Loans to Speculators Produce Tax Free Bonds for Rich Investors: Violations of Law Encouraged by the Federal Farm Loan Board, the Iowa Lake Loan and Other Unlawful Cases Like all other experimental schemes for public betterment, the test of actual trial has shown, in three years of operation, that the Federal Farm Loan Act could be improved by amendment. Heavy income taxes levied on a graduated scale to pay war debts, have brought out with startling distinctness the most vicious defect in the law. This naturally leads to ignoring the precautionary provisions of the law in order to produce a large volume of tax-free bonds to satisfy the demands of wealthy tax-evading investors. Large loans are made to rich farmers, while small farmers are often overlooked. Real estate speculators and non-resident owners are financed, though the law requires that loans be confined to men who cultivate their own land. Federal supervision and the co-operative feature of the act were considered the most important points in the law when it was enacted. These would not be impaired if the tax exemption section were repealed. The practical results of the law were discussed at length by Congressman L. T. McFadden in his speech of June 16, 1919. Many good loans are made by the Federal Land Banks. They also make great numbers of loans which prudent private investors refuse as hazardous and excessive. Good business judgment and restrictions of law have too often been cast aside in the effort to secure a large volume of loans and in the intent to make the system politically popular with the borrowers. Considerable space is given in this pamphlet to the Iowa Lake loan, because the question of veracity is involved. The Omaha Federal Land Bank made a bad loan and also violated the plain intent of the law in so doing. Mr. Varick C. Crosley, a reliable citizen of Webster City, told the truth about it. The Omaha bank officials tried to discredit Mr. Crosley by their denials. The Portland, Ore., "Journal" of September 18, 1919, attempts to justify an editorial on the Iowa Lake loan and proves that the Federal Farm Loan Board has either been badly deceived or its representative is misquoted. In either case: the Board owes Mr. Crosley a public apology. The Portland "Journal" says. Judge Lobdell, a member of the Farm Loan Board, was in Portland the other day. He told the writer of the editorial that the case in Iowa had been fully investigated by the Board, and that everything connected with it was proper and the loan completely justified. A private citizen like Mr. Crosley is at a great disadvantage both as to prestige and publicity facilities when engaged in a dispute with Washington officials or with a large bank which prints and distributes attacks upon him that go to thousands of people who never hear his side of the case. Several agricultural newspapers have been deceived. The statements made by the Federal Land Bank authorities in connection with the Iowa Lake loan are so inexcusable that the public will look with suspicion on any other reports made by them. The purpose of this publication is to show the weakness of a system which permits fraudulent transactions of this kind to take place in the most reliable agricultural state in the world. What a critical congressional investigation would reveal in less favored farming localities can be easily imagined. The statements, facts and conclusions set forth in this pamphlet are supported by data furnished from reliable sources and are believed to be correct in every particular. Comments, criticisms, and additional facts are invited. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com
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