Bismarck daily tribune. [volume] (Bismarck, Dakota [N.D.]) 1881-1916, 1913-08-29
makes little or no provision for ex-
empttons of any kind. These short

time credit societies furnish cheap,
! safe and elastic credit to their meH-
| hers by reason of their control hv 1ar.
mers who operate them at nominal
cost and without seeking dividend
profit to such societies.
Land mortgage credit has been or
ganized so as to place a collective
| security back of bonds issued by lana
mortgage societies in contrast With!
the system of marketing Individual
loans upon individual mortgage. With
out discussing the form of organiza-
| ton employed for this purpose, 1t
NAV be stated that these land-mort-
gage institutions bring to European
farmers low interest rates 1.-THE privi-
(lege of repaying loans in small liked
| ANNUAL installments extending vor a
term of years. In some cases as lone
as seyenty-five years under the amor
~tization plan, although provision for
earlier payment is made If the Dor.
rover so desires; protection from ad-
vance in interest rates; and the prac-
tical elimination of commission char
ges. Many of these personal credit
societies and land mortgage associa-
tons are fostered by government
grants, loans or special provision OF
law. Mortgage bonds issued by COM
mercial banks and by private joint
stock land-mortgage banks sell sub
stantially on the same basis with like
securities issued by government fav-
ored institutions and both classes of
banks are recognized as needful in
the development and conservation of
agricultural resources. In MANY inc
stances private and commercial banks
purchase the securities OF. land=mort.
gage associations. Experience has
demonstrated that such land.mort.
gage bonds arc liquid assets.
."The system of land title registra'
ton in countries possessing such
mortgage institutions practically pre-.
vent dispute of title upon mortgaged
land. Provisions are also generally
afforded these mortgage institutions
which eliminate undue legal delays in
tthe recovery OF loans placed with de-.
fasting borrowers. Savings and trust
funds are frequently invested in sc,
c~urities Of such mortgage institutions
under sanction of law. Loans up to
fifty or even sixty-six per cent are
made on lands Of dependable value
and are considered safe and eonser.
vative and compare favorably with
provincial and government bonds.
"The organization for production
and distribution of farm products fol.
low cooperative lines. Farm pro.
ducts are sold by the producer at a
relatively higher price and are bought
by the consumer at a relatively lower
price because the cost of distribution
is considerably lowered bv co-opera
tive marketing which results, also, in
improving the quality and uniformity
of farm products and in promoting
more b~usiness-like methods in farm.
ing operations.
ut is my opinion of many Of the
leaders of this movement in Europe
that tha question of rural credit ought
not to be divorced from cooperation
for business purposes and the genera,
organization of community life in
rural districts. In some European
countries visited, agriculture and
country life interests generally are
thoroughly organized and co-ordinat-
ed. The studies of the commission
emphasize the necessity of defining
the functions, on the n hand of the
government, and on the other Of vol
untary organizations, in promoting
the development of country life. In
some Of these countries great en-
phasis is placed upon the value of
voluntary associations and such state
aid as involves governmental control
over the activities of, rural organiza.
tion is deprecated as tending to stifle
the initiative of the people.
Rural conditions, environment and
temperament in Europe differ widely
in the various countries and also diff.
fer from rural conditions, environ
ment and temperament in America,
as conditions differ in our several
states and provinces; therefore, it
may be necessary, in some cases, to
modify hesc European systems if they
are to be adapted to- meet the needs
of American farmers. At THE same
time, eo-onerative effort. among the
farmers Of American might well be
more generally employed and the
facts gathered should be of graet
value in developing methods suited
TO the needs OF the farmers in the
several sections, states and ngoyinces.
ITO this end, the AmeIicR Com
mission wit ha membership in thirty
SIX states and in four provinces of
Canada, has effected an organi7ation
with headquarters in Washington, D.
T., and invites the aid and co-opera-
ton of farmers and all agricultural
organizations and persons concerned
IN promoting a more prosperous and
contented rural life as the enduring
basis Of our material, social and civil
welfare.
"The commission desires to call at
-ention to the geographical scope Of
its inquiries which were conducted
IN Italy, Hungary, Austria, Germany,
France, England, Ireland and Wales,
while subcommittee were sent to
Russia, Denmark, Switzerland, Hol-
land. Belgium, Norway, Sweden.
Egypt. Spain and Scotland. In all
Of these countries the members of the
commission were officially received
by the respective governments and
we're given everv opportunity to car