Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1913-08-27
ny AssocInted Pressl


porary chairman. Senator Fletcher
was absent, but Gordon Jones of Den
yer read report.
Farmers of the United States
speedily must come to an understands
ing of the value of organization and
union of forces in producing and sell
ing farm crops, and in the financing
of agricultural operations if this
country is to keep pace with the de-
velopment of European nations.
This was the message from the
American commission on rural cred
its, delivered to the conference of
Governors here today in a report by
Senator Duncan U. Fletcher of Flor
ida, chairman of the commission
The first general report upon the ex-
tensive European investigation made
by the American commission, under
joint authority of congress, the gov
ernments of 20 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
cooperative farming enterprises.
THE commission is deeply impress
ed with the vital Importance of a
Thoroughly organized and united rural
population said the report in an
authorized statement from the com
mission which was included in the
report.
in this respect the countries of
Europe offer lesson which may not
be disregarded in America without
serious consequences. The agricu-
| tural interests of most European
countries visited by the commission
are organized along one or more of
the following lines: Credit, produc-
AiOif uisliAbuNlOii' anu ooSidi VI 5dil'
ization for the betterment of coun.
cry life.'
Definite recommendations by the
commission as the result of its ex.
tensive 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 commission.
Senator Fletcher made it clear
however, that emphatic recommends
tions would be made for a system
of rural banking through which the
farmers could secure better loans
and through which they eoult
finance their own cooperative pro
ducing, buying and selling organiza
TONS
President Wilson's recent statenen
that distinctive system of banking
must be provided for if rural cred
: its are to be successfully and ade
quately supplied" was referred t,
by Senator Fletcher as a promis,
that federal legislation viii soon b,
taken up, with view to realizin,
the financial handieaps under whicl
American farming is carried on.
Its members studied the farming
and credit systems Of is principa
European countries, receiving Ii,
close cooperation of the state de
partment the governments Of foreigl
e countries and business and fnancia
interests abroad.
l Senator Fletcher in his report to
: day to the governors, urged them Il
undertake the earnest co-cpe. atiol
with the rural credits commission
which has established permanen
headquarters in Washington Tn
first active steps of national ehal
acter, he indicated, will be towar
the establishment Of an adequat
system of rural banking, throug
which a great scheme of co-operatio
and country development can be bull
up.
These European credit systems,
he added, "are of two kinds; thos
providing personal, short time cred
for operating purposes; and thos
providing long time mortgage cred
/ for works Of permanent and pu
). chase"
The more highly developed shoi
time credit systems, said the r,
" port, bring all the farmers togethe
in an organization where they a.
It sumo personal liability for the soc
0 ety's debts The society pays int
est on deposits and loans to its men
bers at 5 or per cent; and give
to each band of farmers the none