Weekly independent. [volume] (Elko, Nev.) 1887-1914, 1913-05-23

luz uduSnter c0nSld
cred one Of the most beautifu,
girls in Washington society, though
younger than her brother alread,
has a national reputation as q
newspaper writer. Bennett is hi.
1ather's closest associate. Most any
day they may be seen going to
lunch locked arm in arm. Incident.
ally, the young man while serving
a House parliamentarian is finding
time to take the law course at a
Washington university.
Washington. May l7.-.While the
government commission is making
n learned investigation Of the
forms Of agricultural credit in
Europe, Representative E. r.
Bathrick, of Ohio. who has been
making a study of rural credit sys-
TENS for years, has introduced in the
House a bill which seems to en-
body all the essentials for getting
cheaper money for the farmer and
rescuing him from the hands of
local usurers who are charging
him, on an average the country
over, more than eight per cent.
Interest on his loans.
The most successful cred t sys-
TEN in Europe is the cooperative
plan adapted from the Raiffeien
banking system Of Germany. Here
the only asset given to secure loans
is the collective work of the poor
but honest men, each man bound
by the terms Of membership in the
Raiffeinsen bank to unlimited liabil-
ity for the debts of his fellow mem
bers. That this pledge, given un-
der such circumstances. is as good
a bond in the money markets
of Europe is shown by the fact
that the society has been able t.
borrow vast sums Of money at low
rates Of interest, and that losses
due to de~falcation have been insig-
nifcant.
But Mr.. Bathrick thinks such a
system is not likely to thrive in the
United States. The same results
can be reached il the government
borrows the money on low interest
bearing bonds and loans it again to
farmers on the security of their
lands at a slightly higher rate.
The farm lands thus pledged
would be the security for the gov
eminent bond. The government
would simply be acting as trustee
for the farming popnlati IN in Sc
curing loans at cheap rates.
Because of the low productive
values Of the farm investment"
says Mr.. Bathrick, farm loans
should be for a much longer period
than the average life of the present
day farm mortgage. The govern
ment alone is The only agency nov
to whom the farmers can appeal
for long term loans. The govern
ment cap easily borrow for long
periods at low rates
1T would be necessary for the
government to relend to the farm
ers at an advance Of only half Of
one per cent, to pay all the ex-
penses Of the system and return a
profit to the Treasury besides.
This profit could be devoted to the
improvement Of rural life
New Zealand has been borrow
ing money for farmers on this
plan for several years. Last year
that country, by making a profit
of one half Of one per cent made
over $500, 900 profit. Australia has
also been conducting the same sys-
tom profitably The Australian sur
plus is used in building good roads
and for other rural improvements
1.-The State OF Minnesota rs see
ing the light. Minnesota. realized
$3.50. 000.0 90 from the sale Of school
lands. This money instead Of being
used to encourage farming was
sent To the eastern money markets
to be loaned The state is now 60
ing about IL to get this money back
for her farmers. wisconsin is
also considering a system OF bor-
rowing on state bonds and lending
the proceeds from the bond sales to
farmers at low rates"
MIR. Bathrick thinks that cheaper