No. 9869.

Measuring cones.

For measuring circular apertures, tubing, etc. Tenths of a millimeter may be read. Of steel, nicked plated.

Graduated on one side in sixteenths of an inch to 36 inches and in millimeters and centimeters to one meter on the other. In nickel-plated case with spring.

BOTH METRIC AND CUSTOMARY MEASURES GIVEN FOR

LENSES IN A MICROSCOPE CATALOGUE.

This dissecting magnifier gives a large, clear field and magnification sufficient for elementary work. The lens is focused by screwing it up or down in its frame. Price, each..

$0.35

TRIPLE APLANATIC MAGNIFIERS.

These lenses are remarkable for their great working distance and their unusually large, flat field. They are perfectly achromatic and free from distortion.

These new magnifiers are the result of computation and experimentation to obtain the highest possible results so far as the most critical definition, large, clear, flat fields and long working distances are concerned. We heartily recommend them to those who must have the best.

METRIC JEWEL GAUGES AND METRIC WHEEL GAUGES FOR WATCHMAKERS, JEWELERS, AND OPTICIANS.

see Classification H | Grinders, lathe..... Carver sharpeners... see classification E Grindstones

Carver handles..

O

the cost of living and causes a one-sided development. Most civilized nations are already offering direct aid and other inducements to persuade the people back to the land. We believe that the United States can well afford the moderate encouragement provided in this bill.

Much has been accomplished in Europe by legislation that encourages cooperation. There are societies to organize cooperative institutions, lecturers who go about to spread the cooperative gospel, and training schools for boys, girls, and adults. There are laws establishing systems of personal rural credits, as well as land-mortgage systems. There are cooperative buying, cooperative selling, cooperative creameries, markets, breeding establishments, insurance companies, and the like. These are all important, especially personal credits.

Our country lags far behind Europe in most matters of cooperation among farmers. There are conditions which render it more difficult here than in older countries. But so far as cooperation is applicable, and as speedily as we can adapt it to our own conditions, it should be established.

The framers of this bill realize that it is but one factor in the vast field for national cooperation that lies before the American farmer. But they entertain the hope that organization for the purpose of securing land mortgage credit will bring neighboring farmers into closer touch all over the Union and will stimulate the cooperative spirit. Those men who organize farm loan associations will become better acquainted and more trustful of each other, so that it will be comparatively easy to form organizations among the land mortgage groups for personal-credit unions and various forms of cooperative activity.

In this connection we desire to acknowledge the debt we owe to those pioneers who have awakened the interest of the American people in rural credits. Largely through the efforts of Senator Fletcher, of Florida, the American Commission and the United States Commission went to Europe in 1913 and gathered the information and evidence contained in Senate Document No. 214, Sixty-third Congress, first session, entitled "Agricultural Cooperation and Rural Credit in Europe."

Senator Fletcher was chairman of both commissions. Mr. Moss, of Indiana, a member of the present joint committee and chairman of the subcommittee on personal rural credits, was an influential member of both commissions. Senator Fletcher was unanimously invited to sit with the present joint committee in its deliberations. He has given much help and wise counsel to your subcommittee on frequent occasions. Members of the subcommittee on personal rural credits, particularly Mr. Moss, Mr. Hawley, and Senator Hoke Smith, have given most valuable assistance to the land mortgage division.

SUMMARY.

It is believed that the system of land banks outlined in the proposed bill affords a safe and attractive farm loan bond for the investing public; low interest rates, long-term mortgages, and easy payments for the farmer; low cost of administration; simplicity of or21278-H. Doc. 494, 64-1-2

ganization and operation; adaptability to the needs of every section; and stimulation to the spirit of generous cooperation among farmers. HENRY F. HOLLIS, Chairman.

(For the Subcommittee on Land Mortgage Loans.)

Members of the Subcommittee on Land Mortgage Loans.-Senator Hollis, of New Hampshire, chairman; Senator Gore, of Oklahoma; Senator Nelson, of Minnesota; Mr. Glass, of Virginia; Mr. Phelan, of Massachusetts; Mr. Lever, of South Carolina; Mr. Hayes, of California.

DRAFT OF PROPOSED BILL ON LAND-MORTGAGE LOANS.

A BILL To provide capital for agricultural development, to create a standard form of investment based upon farm mortgage, to equalize rates of interest upon farm loans, to furnish a market for United States bonds, to create Government depositaries and financial agents 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 the short title of this Act shall be "The Federal farm loan Act." Its administration shall be under the direction and control of the Federal Farm Loan Board hereinafter created.

DEFINITIONS.

SEC. 2. That wherever the term "first mortgage" is used in this Act it shall be held to include such classes of first liens on farm lands as shall be approved by the Federal Farm Loan Board, and the credit instruments secured thereby. The terms "farm loan bonds" shall be held to include all bonds secured by collateral deposited with a farm loan registrar under the terms of this Act; they shall be distinguished by the addition of the words " limited," "unlimited," or "joint stock," as the case may be.

FEDERAL FARM LOAN BOARD.

SEC. 3. That there shall be established at the seat of government a Federal Farm Loan Board, which shall be charged with the execution of this Act and of all Acts amendatory thereof.

The Federal Farm Loan Board shall consist of five members, who shall be appointed by the President of the United States, by and with the advice and consent of the Senate. Not more than three of said members shall be appointed from one political party. They shall be citizens of the United States and shall devote their entire time to the business of the Federal Farm Loan Board and shall each receive an annual salary of $12,000, payable monthly, together with actual necessary traveling expenses.

One member of said board shall be designated by the President to serve for two years, one for four years, one for six years, one for eight years, and one for ten years, and thereafter each member so appointed shall serve for a term of ten years, unless sooner removed for cause by the President. One of the members shall be designated by the President as the Farm Loan Commissioner, who shall be the chairman and the active executive officer of said board. Each member of the Federal Farm Loan Board shall within fifteen days after notice of his appointment take and subscribe to the oath of office.

The first meeting of the Federal Farm Loan Board shall be held in Washington as soon as may be after the passage of this Act, at a date and place to be fixed by the chairman of said board.

No member of the Federal Farm Loan Board shall be an officer or director of any institution, association, or partnership engaged in banking. Before entering upon his duties as a member of the Federal Farm Loan Board, each member shall certify under oath to the President that he is eligible under this section.

The President shall have the power, by and with the advice and consent of the Senate, to fill any vacancy occurring in the membership of the Federal Farm Loan Board; if such vacancy shall be filled during the recess of the Senate a commission shall be granted which shall expire thirty days after the Senate convenes.