Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1913-08-21
DELAY IS URGED
ON RURAL CREDITS
President Expresses Views in
Statement From White House.
SEES NEED OF NEW PLAN
Says Special Machinery of Distinct
Method of Banking Must Be Pro-
Vided to Insure Success
of Idea.

." NOAs mug IL AAC pa
issued statement Wednesday an
nouncing that he believed it not advis-
able to amend the administration cur
rency measure at present with proyis-
ion for rural credits, and urged post
pouing that phase Of banking reforms
until the December session. when the
government commission now studying
the subject in Europe will have re-
turned.
Democratic insurgents On the cur
rency question, however. after the
caucus had spent more than five hours
discussing it, were confident they
would obtain material amendments
looking to the providing of money to
farmers.
The president said:
Again and again during the discus
sing of the currency bill it has been
urged that special provision should be
made in it for the facilitation of such
credits as the farmers of the country
most stand in need agricultural
credit as distinguished 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 of
the bill, its immediate and chief pur-
pose, could not be made to reach as
far as the special interests of the far
mer require.
Special machinery and distinct
system of banking must be provided
for if rural credits are to be success
fully and adequately supplied. A gov
eminent commission is now in Europe
studying the interesting and highly
successful methods which have been
employed in several countries of the
old world and its report 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 re-
port and establish complete and ade-
quate system Of rural credits. There
is no subject more important to the
welfare or the industrial development
of the United States; there is no re-
form In which | would myself feel it
greater honor or privilege to take
part, because I should feel that it was
service to the whole country Of the
first magnitude and significance. 1t
should have accompanied and gone
hand in hand with the reform Of our
banking and 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 adjust
ment to his real needs. We long ago
fell into the habit of assuming that
the farmers of America enjoyed such
an immense natural advantage over the
farmers of the rest of the world, were
so intelligent and so enterprising and
SO at ease upon the incompatible soils
of our great continent that they could
feed the world and prosper, no matter
what handicap they carried, no matter
what circumstances they labored un-
der We have not exaggerated their
capacity or their opportunity, but we
have neglected to analyze the burden
some disadvantages from which they
were suffering and have too often
failed to remove them when we did
see what they were.
Our farmers must have means af-
forded them Of handling their finan-
cial needs; easily and inexpensiveIy.
They should be furnished these facili-
ties before their enterprises languish,
not afterward.
And they will be. This is our next
great task and duty. Not only is a
government commission about to re-
port which is charged with apprising
the congress of the best methods yet
employed i'll this matter, but the de-
partment of agriculture has also un-
dertaken a serious and systematic
study of the whole problem OF rural
credits. The congress and the eXecu-
| tive, working together, will ceTainly
afford the needed machinery relief and
prosperity to the peopel of the coun-
| trysides. and that very soon"
| General discussion on the measure
in the caucus will continue, and it is
probable that the bill will be before
! the caucus for at least the remainder
| of the week.