The Fargo forum and daily republican., 1913-08-29

Colorado Springs, Col, Aug. 29.-
Farmers of the United States speedily
must come to an understanding Of the
value of organization and union of
forces in producing and selling farm
crops, and in the financing of agricul-
tural operations in this country, is to
keep pace with the development Of
European nations. .a
This was the message from the
American Commission on Rural Cred
it's, delivered to the conference of gov
ernors here today in a report by Sen.
Duncan U. Fletcher of Florida, chair
man of the commission. The first
general report upon the extensive
European investigation made by the
authority Of congress-, the governments
of twenty-nine states and the South
ern Commercial congress, was laid
before the governors by Senator
Fletcher, with recommendations for
increased activity by the states in the
extension Of rural credits and cooper
ative farming enterprises.
"The commission is deeply impressed
with the vital Importance of thor
oughly organized and united rural
population" said Senator Fletcher. in
an authorized statement from the COM
mission which he included in his rec
port. ~
LII tnlS respect tne countries OF
Europe offer a lesson which may not
long be disregarded In America with
out serious consequences. The agri-
cultural interests of most European
countries visited by the commission
are organized along one or more of
the following lines: Credit. produc-
ton, distribution and social organiza-
tion for the betterment of country
life"
Definite recommendations by the
commission as the result of it's extern
sive investigation of European farming
credit systems. will not be formulated
until certain committees have gone
through a mass of data and prepared
it for consideration Of the entire COM
mission.
Senator Fletcher made it clear, how
ever, that emphatic recommendations
would be made for a system Of rural
| banking through which farmers could
secure better loans, and through which
| they could finance their own co-opera-
tive producing, buying and selling or
ganizations.
President Wilson's recent statement
| that ga distinct system Of banking
| must be provided for If rural credits
are to be successfully and adequately
supplied" was referred to by Senator
Fletcher as promise that federal leg
islation will soon be taken UP, with a
view to relieving the financial llandi-
caps under which American farming
] is carried on.
"These European credit systems"
| he added, /" are of two kinds, those
providing personal, short time credit
for operating purposes. and those pro-
viding long time mortgage credit for
works of permanent development and
purchase
The more highly developed short
time credit systems, said the report
bring all the farmers together in an
organization where they assume per-
sonal liability for the societys debts.
/ The society pays interest on deposits
| and loans to its members at S or 6
per cent; and gives to each band of
farmers the money with which it can
finance CO cooperative selling. buying
1 and producing organizations
/ The other kind Of credit is found
! in mortgage bond societies which hold
long time mortgages bearing a moder-
| ate interest and automatically dis
charging part OF their principle each
i year. n st
1 "This form Of mortgage credit would
1 mean more money for machinery, more
| for purchasing land and for develop
4 ing poor land,,' said Senator Fletcher
lin his report. ut means fewer tenants
4 and more owners. 1T means better
A rural like conditions s
4 The preliminary statement prepared
4 by the rural credits commission and
contained in Senator Fietcher's re-