11/25/1937
https://www.presidency.ucsb.edu...
"I believe, therefore, that there is no justification for continued Government subsidy of Federal land bank interest rates below the unprecedentedly low rate these banks are now offering farmer-borrowe..."
"Further reductions in the interest rates payable on Federal land bank loans are not justified."
"I hope that Congress will enact appropriate legislation giving its consent to this interstate compact as required by Article I, Section 10, of the Constitution of the United States."
"I have been unable to find any system in which second mortgage loans have been made available to farmers generally on a basis as low as the present 5 percent Land Bank Commissioner loan rate."