The daily banner. (Cambridge, Md.) 1897-2008, 1913-08-14
FARMERS TOLD TO
WAIT BY WILSON
Rural Credits Not Included in
the Currency Bill
PROMISES ACTION LATER
The President Does Not Believe 1t AID
visable to Amend Measure Unit
Commission Now In Europe Reports

Washington, Aug. 14.-Before the
Democratic house caucus resumed its
consideration of the administration
currency bill President Wilson issued
a statement announcing that he be
lieved it not advisable to amend the
measure at present with provisions
for rural credits, but to postpone thai
phase OF banking reform until the De
cember session, whe nthe commission
now studying the subject in Europe
will have reported.
Representative A. Mitchell Palmer
of Pennsylvania, chairman of the eau
Gus, conferred with the president ano
was acquainted with the contents Of
the statement, through which it was
hoped to persuade insurgent Demo
Gratis to abandon their fight for agri
cultural currency.
The president said:
Again and again during the dis
cussion of the currency bill it has
been urged that special provision
should be made in it for the facilities
of such credits as the farmers of the
country most stand in need of-agri
cultural credit as distinguished from
ordinary commercial and industrial.
credits.
Such proposals were not adopted
because such credits could be only i'm.
perfectly provided for in such a meas
ure. The scope and character of the
bill, its immediate and chief purpose
could not be made to reach as far as
the special interests of the farmer re
quired.
Special machinery and a distinct
system of banking must be provided
for, if rural credits are to be success
fully and adequately supplied. A go
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 regular session next
winter.
1T is confidently to be expected thai
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 of the industrial development
form in which I would myself feel il
a greater honor or privilege to take
part, because I should feel that it was
a service to the whole country of the
first magnitude and significance. III
should have accompanied and gone
hand in hand with the reform of oul
banking and currency system if we
had been ready to act wisely and with
full knowledge of what weswere about
There has been too little fedora
legislation framed to serve the farmer
directly and with deliberate adjust
ment to his real needs.
Cone of the chief and most serious
Of these disadvantages mas been thai
he had not been able to secure the
extended bank accommodations he
every year stands in need of, without
paying the most burdensome rates oil
interest and saddling himself with
mortgages and obligations of every
kind which he fairly staggered under
if he could carry them at ALL In Other
countries systems of rural credit have
been put into operation which not only |
have relieved the farmer but have put
his enterprises upon footing of easy
accomplishment. Countries in which |
agriculture was steadily languishing |
because wholly Improbable have seer
their farm lands blossom again an6
their people turn once more hopefully
to the soil for living"
Our farmers must have similar
means afforded them of handling theil
financial needs, easily and inexpensive
ly. They should be furnished these ia
cilities before their enterprises Ian
guish, not afterwards.
"And they will be- This is our next
great task and duty. The congress an6
the executive, working together, will
certainly afford the needed machinery
of relief and prosperity to the people
of the countrysides, and that very