American Falls press. [volume] (American Falls, Idaho) 1907-1937, 1912-10-17
LESSEN INTEREST
RATE TO F RMERS
This is President Taft's Idea
tc Lessen Cost of Living.
Points Out the Fact That Farmers
Pay More To Build up Their
Farms That CONNER
cial Industries.

american farmer and consumer a.
a means of solving the question O
the high cost of living was urges
by President Taft in letter to tn,
governors of all the states.
President Taft proposes TO reduce
the cost OF all the food stuffs on
the American dinner table by re-
ducing the cost to the farmer OF
producing his crops. This would be
done by establishing in the interest
OF the farmer financial machine
which would give him access to all
the money centers of the world and
afford him credit at greatly reduc-
ed rates and upon more advantage
Gus terms than he now receives.
The complete development of our
agricultural which this would make
possible, thinks President Taft,
would go a long toward settleing
the problem OF the high cost Of
! living.
What this plan offers" writes
! PRESIDENT Taft, lis a means TO e
cure this country greater product
iVlty, at less cost, from the farms
tnat are now under cultivation, and
above all, to give US more farms
and more farmers"
The plan suggested is based IN
on the principles of agricultural CO.
operative credit now in use in prac-
tlcaily every country of Europe. Uni
form state legislation, in the opinion
OF President Taft, is essential to the
successful adoption of this plan and
ne has invited the governors of all
the states to conference upon this
subject at the time of the annual
meeting OF governors in Washington
in December.
Were not the interval so short,
WrltSs Presid mt Taft, my r.nyic-
tion of tle>lmportance of this SUI
ject world impel me to invite Won to
a conference at a still earlier date
PRESIDENT Taft's leetter follows:
Executive Office, Beverely Mass.
Oct. II, 1912.-Dear Governor. For
SOME months past. at my direction.
the department of state, through its
diplomatic officers in Europe. has
been engaged in an investigation OF
the agriculture credit systems in on
IN certain of the European
countries. Although the investiea-
ton is still under way, a preliminary
report has been submitted, together
with the recon mendations OF Amhaa-
sador Myron T. Herrick in CONNECT
lon with my proposal to adopt this
system in the United States.
A study of these reports and Of
.he recommendations of Ambassador
aerrick. whGh l am sending you,
'onvinces me OF the adaptahilfty II
American conditions Of the oo-oo-
'rative credit plan as set forth IN
ne organization Of the Raifreisan
banks of Germany. The estabrish-
nent and conduct OF euch banks an
matters for state control. / sur
Jest also. the establishment Of Isni
mortgage banks under state chart
rs and the formation OF co-operatfy
Mortgage bond societies along The
ines OF the Landsch aften societies
Il Germany, provided that uniform
tate legislation can be secured te
overn their organization and op-
ration AS later step favor thu
of laws by congress per-
'nting the organization OF nation
land mortgage banks, to be op-
rative under strict government a,-
ervision. with the power to guaran-
be and market the guaranteed de-
enture bonds Of the state land
lortsage banks or cooperative So
letbes. recommend for your con-
deration the report and recon-
of Ambassador Herrtah
ow published by the departmenx
state for general distributiou
his report should receive the
sntion OF everyone intereeted.
lie problem Of AGRICULTURAL ff1
nd, indeed. OF all persons
'ted in the welfare Of the
IN farn2r.
The need Of the establ
adequate financia1
aid to the farmers 8
nov quite generally
(Continned ON ~