The Barre daily times. (Barre, Vt.) 1897-1959, 1913-08-28
Hold a Meeting on the Top
Of Mount Man
itou
GOVERNOR LISTER
MAKES SPEECH
Advocates a State Depart
ment of Economy
Rural Credits

/ ~ AA'eSN1 NS'ts ~ANeS' 80 ~AA'
executive session $500 feet above sea
lebel, on top of Mount Manitou, in the
shadow of Pixies Peak, was feature
of yesterdays program of the govern
ors' conference. An improvised banquet
hall was arranged to accommodate sew
eral hundred, and luncheon was served
to visiting executives in the open-air pa
yilion on the mountainside. Burro races
along the mountain trails were unex-
pectedly provided for their entertain
ment. Governor Ernest Lister of Wash
ington spoke ON "A State Department
of Efficiency and Economy" taking the
place of Governor Cruce of Oklahoma on
the program.
Closer cooperation between the gov
eminent and settlers in the reclamation
of many sections Of the arid West was
the keynote of an address Tuesday aft
ernoon by the secretary of the interior,
Franklin X. Lane. Mr.. Lanes speech
was taken as an announcement of the
new policy adopted by the interior de-
partment, gained from tour of the
West during the last few weeks, where
the secretary has inspected dozens of
irrigation projects with a view to gain
ing information that will enable the
Wilson administrator to do the most for
the farmer and stockman. ut is my
conception that the main duty of the
United States government in its land
department is to help the people to
make homes the secretary said, "and
if we can tighten their burden the gov
eminent of the United States will not
suffer at all
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 agrieul-
tural operations il this country is to
keep pace with the development of Euro
pean nations. This was the message
from the American commission on rural
credits, delivered to the conference in
a report by Senator Duncan u. Fletcher
of Florida, chairman Of the commission.
The first general report upon the exten
.siye European investigation made by
the American commission, under joint
authority of Congress, the governments
of twenty-nine states, and the southern
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 enter
prises
'The commission is deeply impressed
with the vital Importance of thor
oughly organized and united rural pop
ulation," said Senator Fletcher, in an
authorized statement from the commits
sion, which he included in his report.
In this respect, the countries of Europe
offer lesson which may not long be
disregarded in America without serious
consequences. The agricultural interests
of most European countries visited by
the commission are organized along one
or more of the following lines: Credit,
production, distribution and social or
ganization for the betterment of coun-
try life"
Definite recommendations by the COM
mission as the result OF its extensive
investigation of European farming cred
it systems, will not be formulated until |
certain committees have gone through |
a mass of data and prepared it for |
consideration of the eutire commission. |
Senator Fletcher made it clear, however,
that emphatic recommendations would |
be made for system of rural banking |
through which farmers could secure bet
ter loans, and through which they could |
finance their own cooperative produc-
ing, buying and selling organizations. /
President Wilson's recent statement that |
"a distinct system of banking must |
Ia Y,rnvi1ad IA &c rural rrodifa ora 10
be successfully and adequately sup
plied,' was referred to by Senator
Fletcher as a promise that federal leg |
view to relieving the financial handi- I
caps under which American farming is |
carried on.
"These European credit systems" he /
added "are of two kinds, those provid I
ing personal, short time credit for OPP
Grating purposes; and those providing I
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 personal liability for
the society's debts. The society pays
interest on deposits and loans to its
at five or six per cent; and
gives to each band of farmers the money
with which it can finance cooperative
selling, buying and producing organiza
tions.
The other kind of credit is found in
bond societies which hold long
time mortgages bearing a moderate in
terest and automatically discharging
their principle each year. This form
Of mortgage credit would mean more
money for machinery, more for purchas-
ing land and for developing poor land"
said Senator Fletcher in his report. ut
means fewer tenants and more owners
1t means better rural conditions"
The preliminary statement prepared
by the rural credits commission and CON
tanned in Senator Fletcher's report said
N part:
The organizations for the provision of
personal credit facilities are as highly I
developed as are the systems of com
nercial banking The prevailing rate I
IF interest paid by the farmers for
short time loans, is from four to five
md one-half per cent. The terms Of
'ered European farmers are generally y
better designed to meet the peculiar re, /
luirements OF agTieulturists than are the {
erms obtainable to-day by the Ameri- I