Bryan daily eagle and pilot. [volume] (Bryan, Tex.) 1909-1918, 1912-12-06

New York, Dec. 6.-Company presi-
dents and other trustees Of policy
holders representing more than rs per
cent of the eighteen billion dollars OF
old line life insurance now in force in
this country, are here attending the
sixth annual convention of the Asso-
citation Of Life Insurance Presidents,
which opened yesterday. Betterment
Of life insurance service, which is the
dominating note of the convention, is
being discussed under three heads,
Problem of Conserving Life Insur-
ance Funds" "Prolonging Lives of
Policyholders," and Fitting the Pol
icy to the Policyholder." George /.
Cochran Of Los Angeles, Cal, is pre-
siding at the convention and practic.
ally every state is represented among
the two hundred and fifty delegates
and officials present. The convention
will last two days.
In advocating the adoption of a
system for financing farm credits in
this country along the general line of
those abroad Ambassador Myron T.
Herrick suggested the embodiment OF
life insurance plan to cover the loan
in case of the death of the borrower.
The ambassador stated that the sub
jeet of agricultural credits is not In
tricate; but that it is simply an appli-
cation of the story of the bundle of
sticks tied together-singly, easily
broken; together, able to. withstand
any pressure.
"Villages, municipalities, cities in
America" stated the ambassador,
"are really a fungus growth on the
country. They are the natural out
growth of the fertility Of the soil.
They are dependent upon it for life
for existence. The village, in order
to maintain schools, makes streets,
builds waterworks and lighting plans,
and other municipal utilities, pledges
the united credit of the municipality,
the security extending over long pc
riods. This is done by aid of legisla-
ton, which also provides restrictions
as to the aomunt of the loan, etc. In
other words, it is financial 'set-up'
created by legislative authority, and
the result is magical in its effect. AS
soon as this security is created by
uniting the credit of the municipality,
it becomes cosmopolitan in its nature.
Instead of depending on the home
market, it has become current secur-
ity in any money center OF the United
States at a low rate of interest. We're
it not for this legal authorization of
the arrangement, it would depend on
the local market, and necessarily little
or no improvement could take place,
or at least it would be slow, cumber-
some, and expensive.
Every year the farmer is spending
something like two hundred and fifty
million dollars more for interest than
would be the case if he were able to
enjoy the benefits of this system. This
sum which he expends in interest
should be applied to the development
of the country. 1t has been estimated
by good authority that he needs i'm
mediately for legitimate development
of the soil more than two billion dol
lars.
"The whole question which is now
being agitated is the creation Of a
'set-up'-a financial plan adapted from
European systems which will finance
our land at low rates of interest for
a long time, and accompanying that
a system whereby the personal credit
of the farmer, by an arrangement sim
liar to the Raiffeisen system in Ger
many, may also be modified and put
on a sound basis.
at only needs the application of
the alert minds Of the Americans to
work out and adapt these systems, for
the psychological moment has arrived
when it is necessary for it to be
dome"