S-1449               _______________________________________________

                                           SENATE JOINT MEMORIAL NO. 121

                        _______________________________________________

State of Washington                              49th Legislature                              1985 Regular Session

By Senators Bauer, Hansen, Benitz, Moore, Gaspard, Barr, DeJarnatt, Goltz, Rasmussen, Bender, Wojahn and Bailey

Read first time 2/8/85 and referred to Committee on Agriculture.

TO THE HONORABLE RONALD REAGAN, PRESIDENT OF THE UNITED STATES, AND TO THE PRESIDENT OF THE SENATE AND THE SPEAKER OF THE HOUSE OF REPRESENTATIVES, AND TO THE SENATE AND HOUSE OF REPRESENTATIVES OF THE UNITED STATES, IN CONGRESS ASSEMBLED, AND TO EACH MEMBER OF CONGRESS FROM WASHINGTON, OREGON, IDAHO, AND MONTANA, AND TO EACH HOUSE OF THE LEGISLATURES OF OREGON, IDAHO, AND MONTANA:

          We, your Memorialists, the Senate and House of Representatives of the State of Washington, in legislative session assembled, respectfully represent and petition as follows:

          WHEREAS, American agriculture is suffering its most devastating economic crisis since the Great Depression of the 1930's; and

          WHEREAS, The national farm credit system accounts for twenty-three percent of the short-term and forty-three percent of the long-term agricultural credit nationwide; and

          WHEREAS, Since 1983 eight Production Credit Associations in Washington, Oregon, Idaho, and Montana among the twenty-seven such associations in the Federal Intermediate Credit Bank of Spokane system have been liquidated causing untold anguish and financial loss throughout the Pacific Northwest; and

          WHEREAS, Credit availability may hold the key to economic recovery especially in the agricultural areas of our region and throughout the country;

          NOW, THEREFORE, Your Memorialists respectfully pray that federal law be amended to allow federal land banks and banks for cooperatives which remain financially sound to pool capital to assist ailing intermediate credit providers and in turn assist struggling farmers and ranchers to continue to do business.

          BE IT RESOLVED, That copies of this Memorial be immediately transmitted to Ronald Reagan, President of the United States, the President of the United States Senate, the Speaker of the House of Representatives, each member of Congress from Washington, Oregon, Idaho, and Montana and to each house of the legislatures of Oregon, Idaho, and Montana.