The Palatka news and advertiser. [volume] (Palatka, Fla.) 1908-19??, 1913-11-21
Abs TfGlYPure

pledge. 1t is gratifying to me to be
able to state to you that l have kept
the faith; that | have found tte OPP
portunity; that I have availed myself
of it. and that there is a movement on
foot throughout the country whicn
has impressed the departments of the
government, executive and legislative,
and that before great while there
will follow laws, state and national,
and associations, voluntary and coop
erative, which will serve the interest
Of agriculture, particularly benefit the
farmers of the country, and improve
nd make more attractive rural life.
will not attempt to discuss the va
rious phases of this movement, as
line will only permit me to deal with
what | regard as the most important
eature, to-wit: that having to do
With finance and its related subjects.
The Senator then went into his
sory of the movement and the investl-
cations which have led up to the in
PRODUCTION of his Senate Bill No.
9O0 which provides for the estab-
lishment of Farm Mortgage banks in
his country, and in conclusion illus
rated what was hoped would be ac-
.ompIished by the financial system
which their establishment would
bring to pass.
Take the Danish Mortgage So
ciety Law. Members of the company
| ,farmers) under that law, on loans
made by them respectively pay a
| early amount of percent interest,
-4ths of / percent amortization,
that is, in reduction of principaD
md 18th of l percent for expenses,
making altogether percent per an
| um, with the result that in AZ years,
heir debt, (principal and interest) is
,aid in full. Whatever the amount
If the loan, whether 81 1000 or $4,000,
hey have the use of the money; they
oay percent per annum for that use,
md at the end of AZ years the entire
lebt, principal and interest, is paid in
'ull. Contrast that with the eXper-
ence of the American farmer. If he
)orrows 900 or $4,000, he will
ave to, in the first place, agree to
)ay it back within three to five years.
lie will pay s percent per annum in
crest for the use Of it, and at the end
VI the time when it becomes due, he
must pay the entire principal as well.
AN there be any question about the
| advantages of the Danish system?
The same principle applies under the
German system. Take another illus
ration Under the system practiced
n these European countries, we will
uppose that a farmer borroWs 81 ,0O0
Suppose he wishes to liquidate the en-
entire Indebtedness in 18 years. The
irst year he would pay $4,000 on the
principal and $4,000 on interest. The
;econd year he would pay 41.80 on
principal and $38.40 on interest, and
20 on, until in Is years he would have
)aid $1,440.O0, and the entire debt,
/ principal and interest, would be paid
F. | n full. Under our system only the
interest of percent would be paid
| md the principal, at the end of the
+ 8 years of $1,000, would still be due
5 n this case, the borrower would pay
i { percent interest on his money, anC
4 he other 4 percent would go towards
f he principal, and his debt, under the
e European system would be Cancelled.
In conclusion Senator Fletcher said
+ 81 want to see the farmers organize
IS n their various communities, estab
IS ish their local cooperative societies
and in this way, take charge of theil
Il business matters, buy their supplies
n on the best possible terms, marke
e .heir products in the best way, ant
p nance their affairs in the most ad
,antageous manner. They can do it
/ The two great words which shoult
IS summon them to meet the situation
s. are: Organization and Cooperation
Z n4bn,, l-nVr 70 V,,ol-a itNta 4
h ing and profitable addresses wer
f. Prof c. L. Willoughby of the Univer
n. sity and Hon. Leland ]. Henderson
70 secretary of the Mississippi to Allan
at tic Inland Waterways Association.
or The meeting was a great success
r and its echoes have reached to tn
or furthermost boundaries of the Unite
IL States.