Enactment of the Lenroot-Anderson bill to provide credit for the farm and live-stock industry is strongly endorsed by the membership of the American Hereford Cattle Breeders Association, in a statement issued today at national headquarters. Fifteen thousand Hereford breeders, representing in their holdings the major portion of the country’s improved beef cattle herds, look with favor on the bill, which has already passed the Senate and is before the House of Representatives for consideration.
“The great trouble with existing facilities for farm and cattle loans,” says the association statement, “is that they necessitate short-time maturities. Farms and live-stock herds cannot be operated on the basis of a short-time turnover. A retail merchant can turn his merchandise in from thirty to ninety days. A short-time credit system is workable for him. But the farmer who buys land and the ranch operator who breeds and raises cattle needs three years at least in which to realize returns from credit granted him. The Lenroot-Anderson bill, providing credit for terms synchronized with the farmers’ and ranchers’ period of production, offers practical, workable relief, which will mean the re-establishment of agriculture on a sound basis.
“Hundreds of ranchmen in the range states today are unable to buy sorely-needed breeding stock because their banks cannot or will not make the necessary loans at a satisfactory rate of interest. Great cow-herds have been forced to market at ruinous prices. Many herds still intact are deteriorating because their owners have no funds with which to buy the registered Hereford bulls needed to get large calf crops and to improve the quality of commercial cattle.
“Adequate credit facilities, such as are proposed in the Lenroot-Anderson bill, will make possible a re-stocking of the range with suitable sires. This means new life for the livestock industry.
“Prospective breeders, many of whom desire to invest in purebred cattle at the present comparatively low prices, will be enabled to purchase foundation stock for new herds. With the proposed credit facilities, established breeders can buy herd-improving material now at prices which insure profits in the future. Lack of these credit facilities is the chief obstacle to this important phase of agricultural improvement, and enactment of a satisfactory rural credits bill will not only be a boon to agricultural and live-stock producers generally, but to the whole field of general business and industry.
“The present session of Congress ends March 4th. The fate of the Lenroot-Anderson bill will be determined this week. Every person in the live-stock industry should wire his representative in Congress, urging passage of the act.” — WLJ
