The Columbia herald. [volume] (Columbia, Tenn.) 18??-1935, 1913-05-02
DELEGATION GOESTO
NAPLES TO DEVISE A
NEW BANKING PLAN
UNDER THE AUSPICES OF THE
SOUTHERN COMMERCIAL
CONGRESS.
SIMILAR TO CURRENCY REFORM
A Mortgage Banking System Is One
Of the Prime Objects of This Ex-
SIMILAR TO CURRENCY REFORM
A Mortgage Banking System Is One
Of the Prime Objects of This Ex-
tensive commission.-Fed eraI and
State Commissioners.

|
State Commissioners.
!, NEW YORK, April pa further
jolt is to be given the high cost of
living if the delegation of 100 Ameri.
cans which sailed from here for Ma,
Piles succeeds in it's endeavor to de-
wise a separate banking system for
American farmers. The official
name of the delegation is the Ameri-
can Commission on Agricultural Co
operation. The investigation is to
be made Under the auspices of The
Southern Commercial Congress. It's
aim is to place cheap money at the
disposal of American farmers In
order to increase agricultural pro-
duction and to lower the cost of pro-
ducing food.
Secretary of Agriculture Houston
represented the Administration at
the farewell given to the Commits
sion. President Wilson takes a keen
interest in the undertaking and ad-
dressed the delegates personally be,
fore they left Washington
The Commission is headed by sew
en- federal commissioners bearing
the credentials of President Wilson
and Secretary of State Bryan. They
will make report TO Congress wpon
the practicability of establishing
farmers cooperative banks and
mortgage bank system in the United
States, copied after che agricultural
credit systems of European coun.
tries. Besides the federal commits
sfoners there are delegates repre-
senting about three-fourths of the
States of the Union who will make
a report to committee of nine Gov
|ernors appointed at the last confer
CuCC VI tic otdtc EACCttGlNCS. III
this way official recommendations
will be placed before Congress and
the State legislatures urging a con-
sderation Of the credit requirements
of the farmers both as a means of
assisting the farmers and of reliev-
ing the consumers of the country
from the burden of the high cost of
living.
The work of the commission is
lclosely connected with the efforts of
the banking and commercial inter-
ests to secure currency reform. The
principal claim of those seeking cur
rency reform is that under the pres
ent banking system which permits
banks to redeposit their funds with
other banks who In turn deposit
them in Chicago or New York, the
tendency is to collect the surplus of
the nations funds in the big srecu
iiative centers where they stimulate
stock gambling.
The second attempt of the commits
sion will be to secure the establish
ment of mortgage banking system
in the United States. Such sys
tenn in Germany has brought ovel
| $4,000, 100000 to the German land
owners for the development and i'm
tprovement of their land. In France
the mortgage bonds of the Credit
Foncier which are only the farmers
mortgages under a different form
sell at lower interest rates thar
leven first class Industrial bonds |,
is declared that if mortgage bank
ing system could be established IL
the United States billions of dollars
fof additional money could be secured
for the farmers at much lower rates
land on better terms.
The federal commissioners ap
pointed by the President are Sena
tor Duncan U. Fletcher, lawyer-farm
er, and President of The Southern
Thomas P. Gore, of Oklahoma, chair
man of the Senate Committee OF
Agriculture, Representative Moss, O
Indiana, who was farmer before h,
entered Congress and is now chair
man of the House Committee or ex
Tlpenditure5 in the Department o
: Agriculture, Col. Harvie Jordan, for
mer President of the Farmers Un
ion, Kenyon L. Buterfield, membe
of President Roosevelts Countr
Lille Commission and President O
: Amherst College, John Lee Coulter
1.-THE Governments expert on AgricuI
| tural statistics and DR.. Clarence ]
Owens, Managing Director of Tn
Southern Commercial Congress.
The state delegates include farm
ers, bankers, lawyers, and econc
mists. Vincent Aston was appointe,
a delegate from New York by Gov
. ernor Sulzer and the Prime Ministe
J of Saskatchewan heads a delegation
D lof Canadians representing four pr