The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1912-10-12
TAFT HAS PLAN TO
REDUCE LIVING
lost
RADICAL LEGISLATION IN FAVOR
OF FARMER AND CONSUMER
is PROPOSED.
PROPOSES TO REDUCE
COST OF FOODSTUFfS
BY Reducing the Cost to the Farmer
Of Producing His crop-PIan sug-
sested is Based on Study Of Co
operative Credit Systems of Europe.
OBJ Associated Preas.A


Beverly, Mass, Oct. 12.-Radical
legislation in favor Of the American
farmer and consumer as a means of
solving the question of the high cost
of living was urged by President Taft
in letter to the governors of all
the states.
President Taft proposes to reduce
the cost of foodstuffs on the Ameri-
can dinner table by reducing the cost
to the farmer of producing his crops.
This would be done by establishing in
the interest of the farmer a 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 more advan-
tageous terms than he now receives.
The complete development of our agri-
cultural resources which this would
make possible, thinks President Taft,
would go long way toward settling
the problem of the high cost of living
What this plan offers" writes
President Taft, 'is means to secure
this country greater productivity, at
less cost, from the farms that are
now under cultivation, and above all,
to give us more farms and more
farmers"
The plan suggested is based upon
the principles Of agricultural COOP
erative credit now in use in practically
every country Of Europe. Uniform
state legislation, in the opinion OF
President Taft is essential to the sue
sessful adoption Of this plan and he
has invited the governors Of all the
states to conference upon this sub
ject at the time Of the annual meeting
of governors in Washington in Decem-
Der.
Were not the interval so short"
writes President Taft, my convictions
of the importance of this subject
would impel me to invite you to a
conference at a still earlier date"
President Taft bases his recommen.
dations on reports submitted by the
American diplomatic officers in Eur.
ope who have since last March, been
engaged in an Investigation of this
question and upon the special repor;
of Ambassador Myron T. Herrick, who
has made study for years of the
question Of adopting cooperative
credit in the United States.
"a study Of these reports" writes
President Taft, "and of the recon-
mendations Of Ambassador Herriek
which I am now sending you, con
vinces me of the adt3tability to
American conditions of the co-opera'
tive credit plan set forth in the or
ganization of the Raiffeisen banks OF
Germany. The establishment and con.
duct Of such banks, however- are
matters of state control. ! suggest
also, the establishment of land-mort-
gage banks under state charters, and
the formation Of cooperative mort
gage-bond societies along the lines OF
the Landschaften societies in Ger
many, provided that uniform state
Legislation can be secured to govern
: their organization and operation. AS
} a later step, l favor the enactment
! Of laws by Congress permitting the
: organization of national land mort
! gage banks. to be operated under
: strict Government supervision with
} the power to guarantee and market
the guaranteed debanture bonds Of the
} state land.mortgage banks or cooper
J ative societies. ! recommend for your
: consideration the report and recon-
mendations Of Ambassador Herrick
y - Continued on page four,J