The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-08-14
Distinct System OF Banking
Must Be Provided to In
sure Success.
PRESIDENT WILSON EXPLAINS
He Tells Why Proposal SIS
Omitted From Pending
Currency Bill.

Wa shington, August i3.-Special
machinery and distinct system Of
banking must be provided for II rural
credits are to be successfully and
adequately supplied is the opinion of
President Wilson. contained in a
statement issued at the White House
this morning. The statement explains
why no provision is made for rural
credits in the pending currency bill
The President anticipates action at
the coming regular session OF Congress
on the report OF the government com
mission, which recently returned from
Europe. after Investigating foreign
rural credit systems He considers
the subject OF tremendous moment TO
the welfare Of tho nation and It's in
dustrial Development
Senator owen. visitor at the White
House this morning told Of the con-
sidcration By the Senate committee on
banking and currency, OF which he Is
chairman. OF the subject OF rural
credits. The committee ne said. Ia
concerning Itself with the possibility
OF utilizing the accumulated savings
OF the nation as basis OF longtime
loans TO farmers
IIns no Concrete Proposition.
The consideration has not proceeded
10 a point where there Is any concrete
- St'''''Niy4. G!4ItE discussion DS the
committee. The repor, OF the govern
ment commission and the statistics
being gathered by the gr.cultural
Department Will be carefully weighed
before any program is prepared
The Idea OF using the savings Of the
country is not now limited TO a con-
siderat!on OF the availability OF postal
savings accounts or OF savings which
may be accumulated By national banks
under the currency program, which
contem plates extending TO the nation
al banks the privileges OF accepting
savings accounts. The nations saw
inSs. IN the view taken by Senator
owen. afford n field which can be
worked TO tho advantage OF the ta
er's need for money
I'residcnts Statement
The Presidents statement follows:
again and again during the discus
sion OF the currency bill it has been
urged that special provision should be
made in it for the facilitation OF such
credits as tho farmers OF the country
most stand In need of-agricultural
credits 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. It's i'm
mediate and chief purpose. could not
be made TO reach as far as the special
interests Of the farmer require
Special machinery and distinct
system of banking must be provided
FOR II rural credits are to be success
fully and adequately supplied \ 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 mill be made
TO Congress at it's regular session next
winter 1t is confidently TO be expected
that the Congress Will At that session
act upon the rcconmc ndations OF that
report and establish a complete and
adequate system OF rural credits There
is no subject more important to the
welfare or the industrial development