The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1913-08-27
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RURAL CREDITS.
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address by Senator Fletcher Deliv
cred at Conference of GoyeInors.J
Colorado Springs, Colo, Aug = 27.
Farmers of the United States
speedily must come to an understand
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-
yelopment Of European nations.
This was the message from the
American commission on rural credits
delivered to the conference of govern
ors here today in a report by Sena-
tor Duncan L. Fletcher, of Florida,
chairman of the commission. The
first general report upon the eXten-
sive European investigation made by
the American commission, under
joint authority ot congress, the gov
ernments of % 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 CO.
operative farming enterprises.
The commission is deeply i'm
pressed with the vital importance OF
a thoroughly organized and united
rural population" said Senator
Fletcher in an authorized statement
from the commission which he in
cluded in his report.
'ln this respect the 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 organi-
zation for the betterment of country
life"
Senator Fletcher made it clear
however, that emphatic recommend
ations would be made for a system of
rural banking through which farmers
could secure better loans and through
which they could finance their own
cooperative producin, buying and
selling organizations.
President Wilson's recent state
ment that "a distinct system of
banking must be provided for if ru
raj credits are to be successfully
and adequately supplied was re-
ferrcd to by Senator Fletcher as a
promise that federal legislation will
soon be taken up with view to re
Loving the financial hand caps un-
der which American farming is car
ried on.
These European credit systems
he added. ARE of two kinds, those
providing personal, short time credit
for operating purposes; and those
providing for long time mortgage
credit for works of permanent devel-
opment and purchase.
The more highly developed shor,
tine credit systems, said the report,
bring all the farmers together in an
organization where they assume per-
sonal liability for the society's debts.
The society pays interest on deposits
and loans to its members at or 6
per cent, and gives to each band Of
farmers the money with which it can
finance cooperative selling, buying
and producing organizations.
The other kind Of credit Is found
in mortgagc- bond societies which
ho'd long time mortgages bearing a
moderate interest and automatically
discharging part Of their principal
each year.
This form Of mortgage Credi;
would mean more money for machin-
cry, more for purchasing land and fol
developing poor land" said Senator
| Fletcher in his report. 1T mean;