The Bemidji daily pioneer. [volume] (Bemidji, Minn.) 1904-1971, 1912-06-07
State Department Has Boon investh
oatIna Credit Foncier and Land
sehaften and Probably Will Sub.
nit Legislative Program
to Congress.
BY GEORGE CLINTON.


is adopted In America the farmer can
raise money on his farm by means OF
bond saleable in any part Of the
country. In Europe, it is said, the
farmer borrows on equal terms with
the biggest railroad, industrial corpor.
alton or municipality. The state de-
partment in q printed communication
TO the public on the matter says:
1.-The investigation Is considered one
of the most important Undertakings
yet attempted in dollar diplomacy.
Myron T. Herrick, the newly appointed
ambassador to France, 10 Secretary
kno1s right-hand man In the investi
cation. Mr.. Herrick is himself the
product of an Ohio farm, and has made
the problem OF the farmer" hobby
for years. When the work in Europe II
completed the state department will
prepare an organization plan to f1t the
scheme to American conditions, and Z
legislative program will probably b>
mapped out for the president to sub
NIT to congress. The investigation il
centered about the Credit Foncier OF
France and the Landschaften of Ger
many.
How the Credit Foncier Works.
"The Credit Foncier is limited-lt
ability company operated under the SUI
pervision Of the French government
for the purpose of lending money to
public service corporations, commune
ties, counties and landowners, and to
create and negotiate bonds based on
mortgages which are limited to the
amount due from the lender. In
other words, the Credit F'oncier acts
as the agent for the French farmer, so
that instead Of seeking to raise money
directly from some local investor by
mortgaging his farm, the farmer places
his mortgage with the Credit Foncier,
which in turn issues bond based upoIl
that mortgage and which can be sold
anywhere throughout the country. In
this way the French farmer is freed
from the necessity. of borrowing in the
limited market Of his own immediate
vicinity.
IT Is just this restriction u hich Is
forcing the American farmer to pay ex.
-orbitant rates Of interest and to put
up with none too acceptable terms. In
this country the farmer is practically
forced te ; b9rr2WE from some investor
II II lie t5m il Hi ulni f! f local con
ditions make motley tight there he
suffers accordingly. In one section Of
the country he pays six per cent. ill.,
terest, and in another ten per cent,
though in both instances the security
offered may be the same. Never can
he compete with the bonds of the big
industrial corporations, though in
many instances the security which he
offers is just as good as that of the
corporation
1t is Intended to make the venture.
IT adopted here, a project primarily for
the benefit of the farmer. The pro
moters Of the plan are not to receive
any portion of the profits, and even
the earnings of the stockholders will
have to be kept down to very reason.
able rates.
Thomas s. PurcelI's DEATH
Thomas S. Purcell, who is known
as the builder of the WASHINGTON
monument Is dead at his home in
this city. Under Mr. Purcell's direc
ton the second corner stone of the
Washington monument was laid and
every other stone, for that matter, I'M
til the aluminium plate was reached
1855 feet above the ground Mr..
Purcell was considered one of the
most capable stone settlers In the Uni.
ted States. 1t must be remembered
that the Washington monument il
built in two sections. After the ma.
sorry had risen to a point about a
hundred feet above the ground work
was stopped and it was not begun
again until long after the Civil war.
Looking at the monument, one can
see where the first work ended and
the new began because of the differ
ence Of color In the stone time hav-
ing darkened the granite of the first
hundred feet Of the towering struc-
ture Not long ago Mr.. Purcell wrote
a history of the building Of the monu-
ment, a memorial which by its Sc
we're simplicity and it's towering
height is said to be one Of the most
beautiful in the world.
Thomas s. Purcell was personally
acquainted with all the presidents
since just prior to the Civil war time.
,Hs built tho naval observatory and
,superintended the construction Of
many other Washington buildinga
and his aid nearly always was asked
when pedestals for bronze monuments
lwere to be put In place. r ~ zss. :;
In fact, the unfolding leaves On