Las Vegas optic. (East Las Vegas, N.M.) 1908-1921, 1913-08-13
RURAL CREDITS NOT
TO BE Tackled ON
CURRENCY BILL
PRESIDENT IN LENGTHY STATE
MENT PROMISES AID TO FARM
ER SOON BUT URGES lMMEDv-
ATE NEED OF PRESENT ACT
COMMISSION REPORT PENDING
DECEMBER SESSION, DECLARES
EXECUTIVE, WILL DOUBTLESS
ALLEVIATE DIFFICULTY UNDER
WHICH coUNTRYsIpEs LABOR

WHIS7 COON hrSlDES LABOR
Washington, Aug. 1s.-President
Wilson issued statement before the
democratic house caucus resumed
consideration of the administration
bill today, announcing that he belleY-
ed it not advisable to amend the
measure at present with provision
for rural credits but to postpone that
phase Of banking reform until the De-
cember session, when the government
commission now studying the subject
in Europe will have reported.
Representative A. Mitchell Palmer,
chairman Of the caucus, conferred
with the president and was acquaint-
ed with the contents Of the state
ment, through which it was hoped to
persuade so-called insurgent demo
Gratis to abandon their fight for ag-
ricultural currency. The president
said:
Again and again during the dis
cussion Of the currency bill it has
been urged that special provision
should be made for the facilitation of
such credits as the farmers of the
country most stand in need of-ag-
ricultural credit as distinguished from
ordinary and commercial credits.
Such proposals were not adopted be-
cause such credits could be only inn
perfectly provided fpr N such
measure The scope and character
of the bin, it's immediate and chief
purpose, could not be made to reach
as far as the special interests Of the
farmer require.
Special machinery and a distinct
system of banking must be provided
for if rural credits are to be success
fully and adequately supplied. A
government commission is now in
Europe studying the interesting and
highly successful methods which have
been employed in several countries
of the old world and its report will
be made to congress at a regular ses-
sion next winter. It is confidently
to be expected that the congress VIII
at that session act on the recommen-
dations of that report and establish
a complete and adequate system Of
rural credits. There IS no subject
more important to the welfare Of the
Industrial development Of the United
States: there is no reform in which
/ would myself feel It a greater honor
or privilege to take part, because 1
should feel that it was a service to
the whole country Of the first mag
nitude and significance. 1t should
have accompanied and gone hand In
hand with the reform Of our banking
and currency system if we had been
ready to act wisely and with full
knowledge Of what we were about. II
There has been too little federal
legislation framed to serve the framer
directly and with a deliberate adjust
ment to his real needs. We long ago
fell into the habit Of assuming that
the farmers Of America enjoyed such
an immense natural advantage over
the farmers Of the rest OF the world,
were SO intelligent and so enterprising
and so at ease on the incompatible
soils of our great continent that they
could feed the world and prosper no
matter what handicaps they carried,
no matter what disadvantages, whe-
ther of the law or Of the natural condi-
tions.
"We have not exaggerated their ca
pacity or their matter Of opportunity
but have neglected to analyze the bur
densome disadvantages from which
they were suffering and have too Oft
en- failed to remove them when we did
see what they were.
Our farmers must have means ar
forded them Of handling their finan-
cial needs easily and inexpensively.
They should be furnished these facin-
ties before their enterprises laneuish.
not afterwards.
And they win be. This IS our next