Dakota farmers' leader. (Canton, S.D.) 1890-19??, 1913-08-22
GIVES VIEWS
PRESIDENT EXPRESSES IDEAS ON
RURAL CREDITS IN WHITE
HOUSE STATEMENT.
NEED NEW BANKING SYSTEM
Special Machinery Of a Distinct M eth
cd Of FlnanceerIng Must BE Pro-
vIdsd II Farmers Are to Be suc-
cessfuIIy Supplied.

Washington, Aug. 14.-The follow
Ing statement was issued at the
White House embodying the views Of
President Wilson on rural credits:
Again and again during the discus
sion OF the currency bill 1t has been
urged that special provision should
be made in 1t for the facilitating of
sucll credits of the farmers of the
country who stand in need of agri-
cultural credits as distinguished from
ordinary commercial and Industrial
credits. Such proposals were not
adopted because such. credits could
only be imperfectly provided for in
such a measure. The scope and char
acter of the bill, its immediate and
chief purpose could not be made to
reach as far as the special interests
of the farmer require.
Special machinery Of a distinct
system of banking must be provided
for II rural credits are to be success
fully and adequately supplied. A gov
eminent 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 It's regular session next
winter. 1t Is confidently to Ne expect
ed thai the congress will at that ses-
sion act upon the recommendations
OF that report and establish a com
piete and adequate system Of rural
credits. There is no subject more i'm
portant to the welfare and Industrial
development Of the United States;
there Is no reform. in which / would
myself seek a greater honor or privi-
lege to take part, because / should
feel that It was a service to the old
country OF the first magnitude and
Significance. 1t should have accom-
panied and gone hand in hand with
reform OF our banking and currency
system If We had been ready to act
wisely and with full knowledge of
what we were about.
There has been too little federal
legislation framed to serve the farm
er directly and with q deliberate adj
justment to his real needs. We long
ago fell into the habit Of assuming
that he farmers Of America enjoyed
such an immense natural advantage
over the farmers of the rest OF the
world: were so intelligent and enter
prising, n SO at ease upon, the in
comparable soils of our great CONT
nent that they could feed the world
prosper no matter what handi-
cap they carried, no matter what dis
advantage, whether of the law or Of
natural circumstances they labored
under. We have not exaggerated their
capacity or opportunity, but we have
neglected to analyze the burdensome
disadvantages from which they were
suffering, n nave too often failed
to renew them when we did see what
they were. One OF the chief and most
serious OF these disadvantages has
been that he had not been able to Sc
cure III extended bank accommoda-
lions he every year stands in need OF,
without paying the most ~burdensome
rates OF interest and saddling himself
with mortgages and obligations OF
every kind which he fairly staggered
under, il he could carry them at all.
I'm other countries, systems Of rural
credit have been put into operation
which MOI only have relieved the farm
er but have put his enterprises upon
q footing of easy accomplishment.
Countries in which agriculture was
steadily languishing because wholly
Improbable have seen their farming
lands blossom again and their people
turn once more hopefully to the soil
for a living. Our farmers must have
similar means afforded them of han
ding their financial needs easily and
~lnexpensively. They should be fur
nished these facilities before their en-
terprises languish, not afterwards.
And they will be. This is our next
task and duty"