The river press. [volume] (Fort Benton, Mont.) 1880-current, 1912-10-16
give solid support to the republican
ticket.
WOULD BENEFIT N

Radical legislation in favor OF the
American farmer and consumer ss al
means of solving the question OF the
high cost OF living 10 urged by Presi'
dent TAFT in q letter to the governors
of all the states.
President Taft proposes to reduce
the cost of foodstufs on the American
dinner table by reducing the cost to
the farmer of producing his crops.
This would be done by establishing 10
the interest of the farmer q financial
machine which would give him access
to all the money centers Of the world
and afford him credit At greatly re-
duced rates and upon advan'
tsgeous terms than he now receives.
The complete development OF u sgri'
cultural resources which this would
make possible, thinks President TAFT,
would 60 q long way toward settling
the problem of the high cost OF living.
"What this plan Offers" writes
President Taft, "is q means to secure
this country greater productivity, At
less cost, from the farms that are o
under Guilty. alton, and above oil, to
give us more farms and more farm.
ers."
The plan suggested is based upon
the principles OF agricultural co.opera-
tive credit now in use In practically
every country of Europe. Uniform
state legislation, in the opinion OF
President Taft, is essential to the sue
c~essful adoption of this plan and he
has invited the governors OF all the
| states to q conference upon this sub.
iect at the time of the annual meeting
of governors in Washington in De-
cember.
President Taft bases his recon.
mend atoms on reports submitted by
the American diplomatic officers In
Europe who have, since last March,
been engaged in the investigation OF
this question and upon the special re-
port of Ambassador Myron T. Her
rick, who has made . study for years
of the question of adopting co.opera.
tive credit in the United States.
IA study Of these reports" writes
President Taft, "convinces me OF the
a%daptability to American conditions
of the cooperative credit plan as sci
forth in the organization of the Raft
feisen banks of Germany The es'
Establishment and conduct OF such banks.
however, are matters of state control.
I suggest, also, the establishment OF
land-mortgage banks under state
. charters, and the formation OF CO.
operative mortg age-bond societies
> along the lines of the Landschafteu
societies of Germany, provided tha
e uniform state legislation q be se
d cured to govern their organization an
operation. As q later step, l favor
: the enactment of laws by congress-
permitting the organization OF nation
: al land-mortgsge banks, to be opera
ted under strict government supervi
sion with the power to guarantee an
market the guaranteed by debentur
t bonds of the state land-mortgag
banks OF cooperative societies.
The twelve millions of farmers Q
the United States add each year to tn
e national wealth SO, 400, 600, 600. The
are doing this on q borrowed capita
OF IS. $50, oOo, 900. On this sum the
9 pay annually interest charges Of s5lO,
OO0, 900. Counting commissions an
q renewal charges, the interest rate pal
q by the farmer of this country Is ave.
aged at Ct per cent, as compared to
rate of At to St per cent paid by th
o farmer, for instance, Of France G
70 Germany"