Note 206 — Chapter XXII · CURRENCY, BANKING, AND CREDIT
Reading edition
A further addition to the banking facilities of the United States was made in 1916, when Congress inaugurated the federal farm loan bank system. This is under the control of a federal farm loan board composed of the Secretary of the Treasury and four other persons appointed by the President. Two systems of lending money on mortgages are provided under the supervision of this board, one working through twelve farm land banks situated in different parts of the country and the other through joint stock land banks. Provision is also made for the forming of farm loan associations composed of farmers who wish to borrow money on the security of their lands. See also p. 348.