The Logan Republican. [volume] (Logan, Utah) 1902-1924, 1914-08-06

ther wealth, and thus increase by Z
hundredfold the wealth of the coun
try from which all other industrie.
and classes will reap untold benefits
Rural credit banks do not mean oppo
sition or antagonism to existing com
mercial banks. Rural credit banks
mean the establishment OF a new en-.
terprise, the founding of new in.
stitution. Their effect will be like
the building of new mill, the cree.
ton OF new factory, the opening
OF new mine-to aid and assist ali
other business and to distribute bless.
ings to the entire community. One
great fact should be thoroughly un.
derstood-without adequate credit az
riculture can not keep pace with the
expansion Of commercial and industri.
al enterprises. The very strength and
perpetuity of our nation depend in a
large measure upon the maintenance
OF proper equilibrium between com.
merce, manufacturing, and agricul-
ture. To attain this great end we
are justified in exercising all the
constitutional power vested N Con
gress.
My great object now is to Impress
upon Congress the importance Of ac
ton. The details and extent of the
system we will establish will be a
matter for discussion when the mat
ter Is up for consideration. But my
own views are that the system should
provide some way whereby tenants
with limited means could become the
owner of farm without the sacrifice
and struggle for himself ard family
which they would have to make I'm.
der the present system. Not only
should It include the tenan. farmer,
but should extend in its scope to
include the farm laborer and wage
Garner in the towns and cities who
desire to go to the farm and make
better provision for himself and fam.
lily, but is also ambitious to partlci.
pate in what should be a great ma.
tional patriotic movement to promote
agricultural development.
Reduction Of Interest
One great object Of rural credit IL
the reduction Of the interest charge
upon existing Indebtedness OF farm
ers. The census of 1910 reports only
the mortgage Indebtedness ON farms
operated by their owners. This
amounts to $1,726,173,OOO. Estimating
according to their number the amount
Of mortgage Indebtedness upon farms
not operated by their owners, there
is total farm mortgage Indebtedness
In the United States of $4,000, 1000 900.
The census does not show the amount
of money farmers have borrowed on
personal securities or how mucl |
credit they have obtained from mer
chants. The total amount of per.
sonal indebtedness of farmers Is IN.
questionably very large. Competan.
judges have estimated that tn. farm.
ers Of the United States owe from
four to FIVE billions Of dollars, upen
which they pay an annual Interest
charge Of probably $4,000 900. Eu.
ropean farmers borrow money at fiom
To 5 per cent annual interest. Am.
erican farmers pay an average rate
Of from Z to 8 per cent. IL through
rural credit farmers could secure a
reduction Of per cent n the rate Of
interest. It would mean q ID ,jng OF
from 31oo,000.000 to $50 OvO. 900 I'm.
nrally. But the object Of rural cred
T. is not merely . reduction ct inter.
est charge or to lessen the indebted.
ness Of our farmers. Indeed. rural
credit contemplates AN enlargement
of the use of credit as an instrument
Tor the expansion OF agriculture, the
Of farming operations,
md an increased productivity OF the
soil.
Example Of Other Nations
We may profit by the example and
experience of the three leading Euro.
pean countries-England, Germany,
md France. Germany has an area
Of less than the State of Texas. Her
soil is comparatively poor, and her
climate is not as good as that OF the
United States. She has a population
" 66,000,000. but now imports but
,er cent OF her food products. Her
populations is growing at the rate Of
! million year. But Germany is
planning to feed her own people -
o increase the production OF her food
PRODUCTS in proportion to the growth
n her population. Her Xtatesmen
Ire not planning to reduce the cost
u food products by importations from