Evening star., 1914-07-28
CR|T|C|SESPEND|NG
FARM LOAN BILLS
All Measures Now Before Con-
gress Are Bad, Says
K. v. Haymaker.
DO NOT PROVIDE RELIEF
NEEDED, OHIOAN DECLARES
Many Addresses Listed Before U. S
League of Local Building and
Lean Associations.

All of the bills now pending in Con-
gress relating to farm loans are bad,
according to statements made today by
K v Haymaker of Defiance, Ohio. in an
address delivered at the morning ses-
sion of the convention of the United
States League of Local Building and
Loan Associations at the Raleigh Hotel.
The speaker briefly reviewed the bills
which have been introduced, and re-
sented the assumption on which they
proceed. namely, that the American
farmer is either mendicant or an
ignoramus- and needs relief from the
public Treasury or the guardianship of
government bureau in his financial
affairs.
He admitted that the present system
of farm mortgages is unsatisfactory,
because the term is too short. the in
ierest rate too high, the initial charges
TOO heavy and the repeated renewal
expenses agSravatinS. and because
here is no acceptable way of gradu-
Ally extinguishing the mortgage and its
burden by periodical reductions. spread
over a long period of time. But these
1ardShlpS are equally felt by the town
lweller who borrows on mortgage un-
ess and until he unites himself with
building and loan association and so
gets the full advantage of cooperation.
Cites Wonderful Growth.
The speaker pointed to the wonder
.ul growth and success of American
ocal building and loan associations,
without other public aid than wise laws
If organization and wholesome Off
:ial supervision. He believed that
American farmers, as a class, are in
elligent enough to pool their resources
borrowing members of the existing
building and loan associations, and
suggested that there is no obstacle to
he cooperation of the town and coun-
where local conditions are favorable.
he characterized the pending congress
'ional projects as class legislation of
he ranheSt kind, impracticable in
argely founded on ignorance of the
armer's real need and the true way to
meet it.
Mr.. lawmakers address was followed
oy a discussion in which number of
delegates participated.
James NJ. Mckay of Youngstown. Ohio
IN an address OH The American Building
and Loan Association; Its Birth, History
changing the weekly or monthly pay
1ents of the town borrower to quarterly
or semi-annual payments, the building
association plan could be extended to
all the elaborate governmental pro-
posals.
Traces Its Evolution.
The speaker traced the growth and evo-
luton of the American building and loan
association from its small and crude be-
ginning, some eighty years ago. to the
present time, when well conducted mil
ion-dollar institutions dot the land and
'ne in a second-class city of the west is
about to turn the ten-million corner
Analyzing the relations between an eff
.ient building association and its home
community, the speaker classed 1t among
lhe public utilities. He described the
gradual formation of state and county
leagues and their influence in behalf of
light legislation and administration, cul-
1inating in an official supervision that in
many states rivals the bank examinations
n periodical checking up of the affairs
Of an association
Joint and Survivor Accounts was the
subject Of an address by Charles F. Ben
iamin. secretary of the Building Asso-
cation Council of the District of Co
;umbia- In proof of the insistent desire
of saving people of moderate means to
nave their savings pass, on their death,
20 the persons chosen to receive them,
without the delay and expense of probate
>ourt proceedings. the speaker mentioned
nat he had found one banking institu-
ion Iii The city -Of-Eashinston with more
han 10000 joint savings accounts on its
books; with no loss up to the time of his
HVestSation in transferring or paying
-uch an account to the survivor and
with no special trouble in the handling,
II such accounts.
Special Claim to Favor.
The speaker held that such accounts
nave special claim to the favor O,
building associations which are social
service institutions for the benefit mainly
of persons of small means, who need tn
'e served in the simplest way at the lea ST
Expense. He pointed out the essentials
d "A lawful Joint and survivor account
and showed the legal futility of an az
-elhpt by any person to keep the entire
control OF a savings account to himself
nr herself during life. and then to have
20 10 somebody else without the for
the place. Ia" ~
The Land Bank of the State of New
i0rk was the subject of an address de-
nVereo by Edwin F. Howell of New
York city. Mr.. Howell gave a b;s+ory
of the bank and the manner of its onera,
Ion. 40 ope'
The afternoon session was started at .
,clock, with an address on ''The Com
nonwealth's Method of Au5itinp h,
oreb NJ. Tucker, chief of the cneoner.,
live bank division of Massachusetts, II
vas followed by a general discussion ON
he question of official supervision of
building and loan associations by officers
and delegates of the National Associa-
ion of Building and Loan Examiners.
@h-c.l was participated in by George l.
Skinner. Albany. n. Y, president; James
A. Devine. Columbus. Ohio and Harry
NJ. Smith. Augusta, Me-, vice presidents
and Burne Pollock, Milwaukee, Wis, sec
-etary treasurer.
Reunion This Evening.
The remainder of the program for The