Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1913-08-20
wilson GIVES views.
OBSERVATION-DISCLOSURES IDEAS ON
RURAL CREDITS IN WHITE 3iiss
HOUSE srATEMENT.
NEED NEW BANKING ] (. s SYSTEM Il
Special Machinery OF 4 Distinct Meth
Cd OF FInaneeerins Must ee Pro
vlded II Farmers Are to ee Sue
cessfuiIy Supplied M

V0ou4u& tOu, aug. Ill 10 z lOllVW.
ing statement was issued at the
White House embody ing the views Of
President Wilson on rural credits:
Again and again during the discus
sion Of the currency bill it has been
urged that special provision should
be made In 1t for the facilitating Of
such credits Of the farmers Of the
country who stand in need Of agri-
cultural credits as distinguished from
ordinary commercial and industrial
credits. Such proposals we're not
adopted because such credits could
only be imperfectly provided for in
such . measure. The scope and char.
acter Of the bill. its immediate and
chief purpose could not be made to
reach as far a. the special interests
Of the farmer require. 81
Special machinery OF q distinct
System OF banking must be provided
for II rural credits are to be success
fully and adequately supplied. "A gov
eminent commission IL 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 ct it, regular session next
winter. It il confidently to be expect
ed that the congress will at that see.
sion act upon the dltions
OF that report and establish : com
plete and adequate system Of rural
credits. There 10 no subject more im-
portant TO the welfare and Industrial
development Of the United States;
there II no reform In which I would
myself seek greater honor or privi.
le1e to take part, because i should
feel that It was . service TO the old
country & Of the first magnitude and
significance. It should have accom-.
panied and gone hand in hand with
reform Of our banking and currency
system II we had been ready to act
wisely and with fun knowledge Of
what We we're about. s :St H n
There has been too little federal
framed to serve the farm.
er directly and with . deliberate I'd.
justment 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 30 intelligent and enter.
pTising, and 10 ct ease upon \ the in
comparable soils Of our great CONT
.nent that they could feed the world
and prosper no matter what handi-
cap they carried, no matter what dis.
advantage, whether OF the law. OF OF
natural circumstances they labored
under. We have not exaggerated their
capacity or opportunity, but we have
neglected to analyEe the burdensome
disadvantages from which they we're
suffering, and have too often failed
to renew them when we did see what
they were. One OF the chief and most
serious Of these disadvantages has
been that he had not been able to Sc
cure the extended bank accommoda-
tons he every year stands in need Of.
without paying the most burdensoms
rates Of interest and saddling himself
With mortgages a and obligations Of
every kind which he fairly staggered
under, II he could carry them It Ill.
TN other countries, systems OF rural
credit have been put into operation
which not only have relieved the farm
eT but have put his enterprises upon
. footing OF easy, Accomplishment
Countries In which agriculture was
steadily languishing because wholly
Improbable have seen their farming