The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1913-08-23
WILSON GIVES VIEWS
PRESIDENT EXPRESSES IDEAS ON
RURAL CREDITS IN WHITE
HOUSE STATEMENT.
NEED NEW BANKING SYSTEM
Special Machinery Of a Distinct Meth
cd Of FInanceering Must Be Pro-
vIded II Farmers Are to Be Sue
cessfuIly Supplied.


Washington. Aug. 1.-THE follow.
Ing statement was issued at the
White House embodying the views of
President Wilson on rural credits:
Again and again during the discus
sion OF the currency bill It has been
urged that special provision should
be made In 1t for the facilitating OF
sue! credits OF the farmers of the
country who stand in need of agri-
cultural credits as distinguished from
ordinary commercial and Industrial
credits, Such proposals were not
adopted because such credits could
only be imperfectly provided for In
such measure. The scope and char,
acter OF the bill, its immediate and
chief purpose could not be made to
reach as far as the special interests
OF the farmer require.
Special machinery OF distinct
system Of banking must be provided
for II rural credits are to be success.
fully and adequately supplied A 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 will be made
10 congress at its regular session next
winter. 1t Is confidently TO be expect.
cd that the congress will at that SEES.
sion act upon the recommendation
or that report and establish a com
plete and adequate system OF rural
credits. There Is no subject more i'm
portant to the welfare and industrial
development of the United States
there is no reform in which | would
myself seek a greater honor or priv.
iege to take part, because | should
feel that 1t was service to the old
country OF the first magnitude and
Significance. IL should have accom-.
panied and gone hand in hand with
reform OF our banking and currency
system If we had been ready to act
wisely and with full knowledge of
what We were about.
There has been too little federal
legislation framed to serve the farm
er directly and with deliberate ad.
Justment 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 tho
world; were so intelligent and enter.
prislng, and so at ease upon the In.
comparable soils of our great cont.
nent that they could feed the world
and prosper no matter what handi.
cap they carried. no matter what dis.
advantage, whether OF the law or OF
natural circumstances they labored
under. We have not exaggerated their
capacity or opportunity, but we have
neglected to analyZe the burdensome
disadvantages from which they were
suffering, and have too often failed
TO renew them when we did see what
they were. One of the chief and most
serious OF these disadvantages has
been that he had not been able to Sc.
cure the extended bank accommoda.
tons he every year stands In need OF,
without paying the most burdensome
rates OF interest and saddlins himself
with mortgageo 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 farm
er but have put his enterprises upon
footing OF easy accomplishment
Countries in which agriculture was
steadily languishing because wholly
Improbable have seen their farming
lands blossom again and their people
turn once more hopefully TO the soil
for living Our farmers must have
similar means afforded them of han.
ding their financial needs easily and
inexpensively They should be fur
nlshed these facilities before their en-.
terprises languish. not afterwards.
And they will be. This is our next
task and duty"