Missouri Valley times. [volume] (Missouri Valley, Iowa) 1874-1931, 1913-08-14
RURAL BANK PLAN
MUST CONE LATER
DECLARES WILSON
President Takes Stand Against
insurgents i'm Their Demand
Concerning Currency
TWO DIFFERENT SUBJECTS
Remedial Legislation to Afford
Farmers Credit to Be Urged
at Next Session,
He Says.

Washington. - C.. Aug. 1l.-Presi,
dent Wilson issued statement be.
fore the democratic house caucus re-
sumed consideration OF the administers
tion bill today, announced that he be-
lievcd it not necessary to amend the
measure at present with provisions for
rural credits but to postpone that
phase of banking reform until the De-
cenher session when the government,
commission now studying the subject
in Europe will have reported.
Representative a. Mitchell Palmer,
chairman of the caucus. conferred with
the president and was acquainted with
the contents of the statement through
which it was hoped to persuade so
called insurgent democrats to abandon
their fight for agricultural currency.
The president said:
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 the farmers of the country
most stand i'm need agricultural
credit as distinguished from ordinary
commercial and industrial credits
To Be Considered Apart.
Such roposals We're not adopted be-
cause such credits could be only inn
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-
Quire.
Special machinery and a distinct
system of banking must be provided,
for If rural credits are to be success
fully and adequately supplied. A gov
ernment commission is now in Europe
studying the interesting and highly
successful methods which have been
employed in several countries of the
NJ < wi h.A da
to congress ut a regular session next
winter. 1t Is confidently to be ex-
pect"d that the congress will at that
session act on the recommendat 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 develop
ment of the United States; there is no
reform in which ] would myself feel 1t
a greater honor or privilege In which
to take part, because l should feel
that it was service TO the whole
country of the first magnitude and
Significance 1t should have accom-
panied and gone hand in hand with
the reform of our banking and currency
System if we had been ready to act
wisely and With fun knowledge of what
we We're about.
Farmers Need Relief.
There has been too little federal
directly and with IA deliberate adjust
incnt 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
so intelligent and SO enterprisng and
so AT case on the Incompatible soils of
qua great continent that theS could feed
The world and prosper no matter what
handicap they carried. no matter what
i,iisadvantage. whether of the law or of
natural ciit tlnstances they lahored un-
der. We have not exaggerated theil
capacity or theii' opportunity, but We
have neglected to analyze the burden
some disadvantages from which they
Were suffering and too often failed to
lienoNe them when we did see what
,be5f wcie
our faimets must have means af-
/ toi eed them of handling their financial
heeGs ensiY and ineXpensiNely. They
'auulei be furnished these facilities be-
'oie tGeh enterprises languish. not aft
| EorWards
And they will be. This is our next
;reat task and duty Not only is IL
il oVe.ntpent commission about to re-
I port. whit.h is charged with apprisng
tlle congress of the best methods yet
ltmpioNed i'll t!i, matter. but the de-
| aart.nent OF agriculture has also under
iakcn II serious and systematic study
Of the whole problem of rural credits.
I IIhe congress and the eNec utiVe, work.
ing together, will certainly afford the
needed machinery of relief and pros
perity to the people OF the countrySideS
and that Very soon"