New-York tribune., 1912-12-08
Banking Committee, After Gov
ernorS' Conference, Embraces
It in Scheme of Reform.
Mr.. HERRICK TO BE HEARD
President Tells State Execu-
tives in White House System
of Agricultural Financ-
ing Is Imperative.
[From The Tribune Bureau. J

washington. Dec THE Agricultural
credit conference which assembled IN the
East Room Of the White House to-da!
upon invitation Of President Taft brought
together twenty-six Governors. severai
members of the Cabinet, representatives
from the two branches OF Congress ana
Myron T. Herrick, Ambassador to France
who has been conducting an invesuga-
ton under the direction of the state De
partment into the agricultural credit Ns-
TENS of the Old World.
A general credit system for the hnanc-
ing Of farmers, as autlined by president
Taft will be considered as part OF the
general currency reform TO be attempted
by the sub committee OF the House Bank
ing and Currency Committee, 1t was de-
cided to-day. Mr.. Herrick VIII be ac-
corded special hearing by the sub-com-
mittee seeking a substitute for the AID
rich currency plan, Of which Representa-
tive Glass, Of Virginia. is chairman.
At the instance of Representative Bulk
ley, Of Ohio, Representative Glass decided
to call a special meeting of the sub-com-
mittee on either Tuesday or Thursday OF
full committee hearings will not begin
until the week Of January 6.
Inquiry Committee Appointed.
A committee Of nine, composed OF Gov
ernors Plaisted, of Maine, chairman'
O'Neall, of Alabama; Mann. Of Virginia.
Harmon. Of Ohio: McGovern, OF Wiscon-
Nfiecnuvf. EnSG Of MHEaa
chusetts: Carey of Wyoming, and john
son. OF California were appointed to in
vestigate the credit systems In operation
throughout the world and to make re-
port with recommendations at the next
annual conference OF the Governors, 10
be held at Colorado Springs.
The conference was preceded by a
luncheon. the guests including the Gov
ernors OF Alabama. Arkansas. Colorado
Connecticut, Florida, Georgia. Idaho.
Iowa, Maine, Maryland, Massachusetts,
Minnesota, Missouri. Montana, Nevada
New York. North Carolina, Ohio. Penn
sylvania. South Carolina South Dakota
Utah. Virginia, West Virginia, Wisconsin
and Wyoming, the Secretary OF state, the
Secretary OF the Treasury. the Secretary
Of Agriculture. Senators Duncan and
Fletcher, Representatives william Sulzcr,
of New York: James VI. Cox. OF Ohio.
and Louis g. Hanna. OF North Dakota
Ambassador Herriok. the Secretary 20 the
President and Major Thomas L. Rhoads'
the Presidents military aid.
When the luncheon was over the guests
adjourned TO the East Room. where tho
Governors OF the several states had met
in former times 10 discuss conservation.
President Taft. Ambassador Herrick, the
Secretary OF Agriculture and Senator
Fletcher delivered addresses. The Presi-
dent spoke, in part. as follows:
No one who studies the statistics OF this
country and observes the trend OF affairs
can be blind 10 the Importance or the de-
velopment Of our agriculture and the in
tenslfylng Of our farming methods in such
a way that the land now used shall pro-
duce double or treble what 1t has been ac-
custOmcd TO produce. The Agricultural
Department has been seeking TO wrest
from nature her secrets 30 that the fHrm-
Ing Of the country shall bo done on bet
ter scientific principles and tho rate OF
production per acre shall be Increased.
IL is well, and indeed IL is necessary, that
the new methods should be studied and
adopted IL we are to bring about neces-
sary improvement, but our farmers can
hardly do this unless in some way the
additional capital Is furnished them.
We have great capital In this country,
and we have farming property that is
producing farm products Of immense
value. IL would seem clear that with
these two clements Il would be possible
TO introduce a third by which the farmer
engaged in producing the chops should
be able. in view TO value OF what he
produces and the value OF the land on
which II is produced, TO obtain money
on the faith OF the land and the faith
of the products which viii enable him TO
expand his acreage and better his meth
DDS OF cultivation and production. This
Is field In which those who are clam
oring for progress and who are looking
to the government TO furnish ways of
progress may well devote their attention.
System VIII Work Here.