Morris tribune., 1912-12-20
$500, 600 and today they are nearly
So, 500, 900.

S11 0UO1UOU.
Mr.. Schilling offered the farmers a
little advice outside of the dairYing.
saying he stood for more dairying and
more children.
He thinks the milking of cows is
not abuve or below the girls of the
farm and that milking few cows in a
clean barn won't hurt them.
E. C. Higbie of Morris, made the
motion calling for the appointment of
a ways and means committee to study
the problem of labor.
FARM CREDITS.
In discussing the subject Of farm
credits, Dean Woods of the state
agricultural college said there are
5000, 900 farmers who produce so
much that their production means the
investment of $40, 900. 900, 900 with
a 20 per cent gross earning on the in
Vestment.
The farmer, he claimed, pays on an
average of 81 per cent for the capital
it is necessary for him to borrow.
This. he said, was the highest rate
of interest paid by any industry.
About one half of the Dor owed
money is invested in land and the other
in personal chattels. The dean quot
ed number of statistical figures,
drawing picture of farm conditions
in America and in Minnesota especial
ly.
The speaker then outlined the
necessity for the use of borrowed
money in farming. He said new
methods had come up. 1t was good
business proposition for the farmer to
invest in an improved plant but the
borrowing conditions made it difficult
for him to do so except at what he
regards as an exorbitant rate.
The average profit for Minnesota
farming at present is but little above
the cost of production, hence the need
of more improved methods which
means more capital.
Dealing with the subject of the in
crease in tenant farmers Mr.. Woods
said there was no cause for worry
about this as the tenant farmer would
soon disappear. and then added
"Statistics prove the tenant farmer is
a better farmer than the farm owner
in Minnesota. He is trying to owE
the farm upon which he lives.
At present he explained if mar
has credit he can get money at {
per cent. If risk is involved the
rate of interest is naturally great.
er. From this point the speaker
branched off into a discussion of the
cooperative credit system of Europe
which has been urged by Presidan
Taft. He said he did not know
whether the bankers of the state couIC
| or would adjust themselves to the pre-
| sent conditions so the farmers coulG
obtain the necessary money at rea
sonable rate of interest but if the!
did not he said the could assure then
a cooperative bank was an assured
fact.
In explaining the system he said i
was customary for Is or 80 farmer
to get together and form co-opers
tive society. The united persona
credit of the group was Lack of tn
individual. No one outside can ge
in. He said he did not think it wa
necessary to have a separate co-opera
tive bank, unless the bankers shoul,
find themselves unable to meet thes
conditions.
Discussing the Ion; time loan o.
the amortization plan the dean said i
was the mortgage bank system o
Europe, Its object is to make i
possible for the farmers to make
long time loan paying the interes
and paying something upon tn
principal from time to time.
Dean Woods said he was merel
explaining the systems under discus
sion. but was not advocating any radi
cal changes in the banking system
realizing, he said. that banking sy
stems could not be safely change
over night.
F. L. Stone of Benson, said tha
the bank W tn which he was connecte
was willing and was already loanin
money at low rates of interest frol
81 per cent to 81 per cent and did nc
believe western com. nunities wer
adapted to the cooperative system.
WILLMAR ENTERTAINS.
Between the afternoon and evenin
seasons, the visiting delegates wer
entertained at luncheon by the Will
mar commercial club.
In the early evening at the Dream
land theatre, pictures showing th
work of county agricultural agent
were shown by Bert Ball. secretal