The Birmingham age-herald., 1913-11-09
FINDS REMARKABLE CHANGE IN
\ FARM CONDITIONS IN IRELAND

lean commission at Albert Agricultural
college, in the suburbs of Dublin, John
Dillon, the great Irish political leader,
who had taken foremost part in Sc
curing the passage of the Irish land
bill, said among other things, that there
had been commissions who had visited
ireland before, but that they had gem
orally come TO find to what a low ebb
of poverty and misery and wretched-
ness bad government could reduce a
people. Now, for the first time in Irish
history, a great delegation had come
to little Ireland from the greatest, most
enlightened and most progressive coun :
try in the world. to learn and to profit
from little Ireland's knowledge and ex-
perience. Another speaker pointed out
that the new land conditions in Ire
land were developin ga higher and a
better breed Of men and women.
1t is of great interest to note the
effect that the change in the condition
OF the Irish peasant has had upon crime
in Ireland.
Many of us in America have had a
notion that Ireland must be rife with
crime, that the police must have their
hands full. and the jails and prisons
must be heavily taxed to accommodate,
all the inmates. Those of us who have
had that notion will find on investiga-
tion that the facts tell quite a differ
ent story"
Land System More Important
Coming to the discussion of rural
credits In operation In Europe Mr.
Weinstock is inclined to think that the
land system is by far the more i'm
portant for the American farmer The
other system is in the nature of per-
sonal credits used for carrying require
ments payable on short terms, using as
security Jointly signed notes drawn by
Ia haIn ntr4r, 90 I.N x,flIo
ISOLATION.
Il should not want the American gov
ernment, In a spirit OF paternalism, to
go as far as some European govern
/ ments have gone in aiding their rural
workers" says Mr.. Weinstock. But If.
without risk and withou added bur-
dens. 1t can render these citizens ma
terial aid, such aid certainly should be
enlisted. This 1t can do by fathering
the following plan pi esented by me in
the form of resolution to the COM
pilation committee of the American
commission. ~
Whereas, the ideal amortization land
mortgage system for the United States
must embody the following objectives
(by amortization is mean the repay
ment of a mortgage in small annual
amounts spread over a long term of
years)
"(a). Perfect safety to the investor in
amortization mortgage bonds.
"(b). Simplicity.
go. Directness in dealing with bor-
rowers.
"(d). minimum cost for operations.
"(e). Perfect confidence in such mort
gage bonds on the part of the financial
world.
"Cfl. The lowest market rate of interest
on the borrower.
"(g). The LONGEST possible number OF
years over which to spread repayments
"(h). No lessening of initiative on the
part OF the borrower.
%. The system must not be a burden
to the government.
And, whereas, the following proposed
amortization land mortgage system close
ly approximates these objectives be it
therefore.
Resolved, a. That the postal savings
bank laws be amended authorizing the
postal savings bank to receive long-term
deposits for such periods as may here
after be determined upon, as well as to
'ontinuo to be dealt with as now pro-
'ided by law: the term" deposits to bear
uch higher rate of interest as may here
after be determined and to be used in
huying amortization land mortgage bonds.
May Organize Local Association
'(2). That whenever and wherever there
are a sufficient number of citizens in a
themselves of cheap money on long term
repayments, they may organize local
Hredit association with such membership
fees as may be by them agreed upon, not
to exceed, say $100, to be paid into the
association iIt such installments as may
by the members be determined; the credit
association to be organized under such
rules and fegu'N tions and in accordance
with such prov .sions as may be estab-
lished by Con~ress.
90. That the credit association take
amortization MORTGAGES on the land or
properties of members, payable in an
nual installments up to say, SO years. on
basis not to exceed 80 per cent of its
value Such value to be determined by
such expert appraisement as will be sat
isfactory to the postal savings bank de-
department.
20. That the postal savings bank de-
partment be authorized to place in the
various parts of the country sums OF
monev. hereafter to be determined. taken
from its term" deposits, with established
and reputable banks, said deposits to be
used In the manner set forth in the next
para sranh.
90. That the credit association issue
guaranteed bonds to cover the face value
of such MORTGAGES as may be taken By
it on the lands or properties of it's mem
bers: said bonds to be bought by said
banrs having on deposit moneys trans
ferred by the postal savings bank depart
ment to be used for such purposes; said
bonds to bear the same rate of interest
as NAV be paid by the postal savings
bank department to it's depositors. plus
say one-half per cent, to cover the cost
of savings bank administrations plus one
per cent, CONDENSATION to said local
banks for their services; plus the annual
amortiZa ton payment
20. That said land mortgage bonds
when properly indorsed by said local
banks. may be cashed by the postal saw
inss bank department whenever said local
banks may REQUIRE additional moneys for
the purchase of additional land mortgage
bonds.
Resolved, That under this plan the
postal savings department will be secured
by (a) margin of so per cent of the
value OF the land; (b) the reserve fund
created by the membership fee; (c) the
stockholders liability of the members of
the credit association; (d) the amortiza-
tion sinking fund; te) the said local bank,
purchasing the land MORTGAGE bonds"
This story of Mr.. We'nstock's is ad-
mirably illustrated. IT Is, in fact, one
of the most interesting magazine articles
that has appeared recently.