72d CONGRESS . SESS. IT. CHS. 34, 35. FEBRUARY 3,4,1033 . 795 Reserve Act, as amended by section 3 of the Act entitled "An Act to bAutho rt o ma ke f rese rv e improve the facilities of the Federal reserve system for the service of and to accept United commerce, industry, and agriculture, to provide means for meeting States obligations until the need s of mem ber banks in exceptional circumstances and for March 3, 1934. other purposes," approved February 27, 1932 (U.S.C., Aupp . VI, Ante, .57,s up e nded. nevd. title 12, sec . 412), are amended by striking out the date "March 3, p.ii7. 1933 " wherever it appears and inserting in lieu thereof " March 3, 1934." Approved, February 3, 1933 . ICHAPTER 35 .] AN ACT To provide for loans to farmers for crop production and harvesting durin
Febr uary 4, 1933 . P P
B 18 .5160.1 the year 1933, an d for other purpos es .
(Pu bl ic, No. 327.] Be it enacted by the Senate and House o f Representatives o f the United States of America in Congress assembled, That the Secretary crop prodnoEimete` o f Agriculture is hereby authorized and directed to request the during year 1933 . Sums available from Reconstruction Finance Corporation to advance to him the balance Reconstruction Fi- of the sum auth orized to be allo cated to the Sec retary o f Agricu lture Dance Corporation. under section 2 of the Act of January 22, 1932, and the Reconstruction I' ll, p.s. Finance Corporation is directed to make such advances regardless of the amounts of notes, debentures, bonds, or other obligations of such cor pora tion that may be outstanding at the time of mak ing such advances, and the Secretary of Agriculture is further author- ized to request the corporation to return all sums heretofore returned Less sums for crest. ing agricultural credit and/or released to the corporation by the Secretary of Agriculture, corp orations . except so much as may have been used by the corporation to establish a icultural credit corporations under section 201(e) of the Act Aide, p. 713. o July 21, 1932, which sums, together with the su ms collected or to be collected from loans made by the Secret ary of Agriculture during the year 1932 under said section 2 of the Act of January 22, 1932, shall be available to the Secretary of Agriculture to make loans to farmers during the year 1933 for crop production, planting, fallowing, and cultivation, and in draught and storm stricken areas Amount for livestock not to exceed $1,000, 000 for feed for farm li vestock : Provided, feet ootso . however, That the total sums used for the purposes of this Act shall aƒ M axi mum allo w- however, exceed $90,000,000. Du e consideration shall be given to the Tr uck farming . requirements of the truck-farming industry in the trucking areas of the various States. SEO . 2 . (a) A first lien on all crops growing or to be planted, etcirequiall9 33cr•ps, grown, and harvested during the year 1933, or on livestock, shall vol-48,P .30 . be required as security for such loan. Such loan shall be made ing i1 Regulations govern through such agencies upon such terms and conditions and subject to such regulations as the Secretary of Agriculture shall prescribe . Acreagereduction re- (b) The Secretary of Agriculture may require as a condition to Quirement. the making of any loan that the borrower agree to reduce his acreage or production program on such basis, not to exceed 30 per centum, as may be determined by the Secretary, of Agriculture, and may Exemption. provide that any such limitation shall not apply to the farmer, tenant, or share cropper who in 1932 planted not more than a mi nim um acr eag e of su ch cro ps as sha ll be desi gna ted by the Secretary of Agriculture . SEc . 3 . (a) The moneys authorized to be loaned by the Secretary co nstitute authorized edd d to of Agriculture under this resolution are declared to be impressed with a trust to accomplish the purposes provided for by this = 8o in original .
