Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1913-08-13
REQUEST congress
TO PASS CURRENCY
! BILL UNAMENDED
President Wilson Issues State
ment Before Democratic
House Caucus.
RURAL CREDITS CAN WAIT
UNTIL LATER, HE THINKS
Wants to Get Report First
from Congressional Conn.,
mittee in Europe.

WASHINGTON, Aug. 19.-Presi-
dent Wilson issued statement be-
fore the Democratic House caucus
resumed consideration of the admin
istration currency bill today, announc
ing that he believed it not advisable
to amend the measure at present
with provisions for rural credits, but
to postpone that phase of banking
reform until the December session,
when the government commission,
now studying the subject in Europe,
will have reported.
Representative A. Mitchell Palmer,
chairman of the caucus, conferred
with the President and was made ac-
quainted with the contents of the
statement, through which it was
hoped to persuade so-caled insur-
gent Democrats to abandon their
fight for agricultural currency. The
President said:
Again and again during the dis
cussion of the currency bill it has
been urged that special provisions
should be made in it for the facili-
tation of such credits as the farmers
of the country most stand in need
of-agricultural credit as distin-
guished from ordinary commercial
and industrial credits
Such proposals were not adopted
because such credits could be only
imperfectly provided for in such a
measure. The scope and character
oil the bill, its immediate and chief
purpose, could not be made to reach
as far rs the special interests of the
farmer require.
special machinery and a distinct
system of banking must be provided
for if rural credits are to be sue
cessfully and adequately supplied A
government commission is now in
Europe studying the interesting and
highly successful methods which
have been employed in several coun-
tries of the old world. and its re-
port will be made to Congress at a
regular session next winter 1t is
confidently to be expected that the
congress will at that session act upon
the recommendations of that report
and establish a complete and ade-
quate system of rural credits.
"There is no subject more important
to the welfare or the industrial de-
velopment of the United States:
there is no reform in which I would
myself feel 1t a greater honor or
privilege to take part, because I
should feel that 1t was a servfee to
the whole country of the first 'Tnagni-
tude and significance. 1t should have
accompanied and gone hand in hand
WIFI tIlt ltIOlul VI Oul bithih6 oho
currency system If we had been ready
to act wisely and with full knowledge
of what we were about"
There has been too little federal
legislation framed to serve the
farmer directly and with a deliberate
adjustment TO his real needs. We
long ago fell into the habit of as
Stunning that the farmers of America
enjoyed such an immense natural ad-
vantage over the farmers of the rest
of the world, were so intelligent aad
enterprisine and SO at ease upon the
Incompatible soils of our great con-
tinent, that they could feed the
world and prosper no matter what
handicap they carried, no matter
what disadvantage. whether of the
law or of natural circumstances, they
labored under. We have not eXag
gerated their capacity or their op-
portunity, but we have neglected to
analyze the burdensome disadvan-
tages from which they were suffer-
ing and have too often failed to re-
move them when we did see what
they were.
"Our farmers must have means
afforded them of handling their finan-
cial needs. easily and inexpensively.
They should be furnished these fa-
ciities before their enterprises lam
guish. not afterwards.
And they will be. This is our
next great task and duty. Not only
is a government commission about to
report which is charged with appris-
ing the congress of the best methods
yet employed in this matter, but the
department of agriculture has also
undertaken a serious and systematic
study of the whole problem of rural
credits. The congress and the execu-
tive. working together. will certainly
afford the needed machinery of
relief and prosperity to the people of
the countrysides. and that very
soon"