The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-07-07

that some such systam be worked out
for the United States.
The commission recommended * b.
which il Il part OF their report, and
which. though entirely right in pur-
pose. is. in MY Judgment, subject to
serious objections The bill contains
II section and is too cumbersome It
undertakes to outline in detail!
such provisions and restrictions as
should he worked ont by tho secretary
OF the treasury. II proposes an intri-
cate system Of land loan hanks. TO he
created. with hundreds Of provisions
and limitations tO he guarded by spc-
cial officers created under the provis-
ions OF tho hill. But the most vital
defect in tho hill proposed by the com
mission is tho plan of ha3inE rural
credits on arbitrary associations of
farmers. afterwards to L., organized
under :ome visionary form OF charter
or on plightcd faith of such farmers
organizations as the grange. the alli-
ance to the union. all of which have
ffouc good work ip improving rural
conditions. hut none Of which Is suit
cd to tlrc peculiar purpose of forming 4
compact unchanginS basis Of credit.
Land Lonn Department.
If a bill Of such l,ngth and details.
with such mndiCcSted provisions for
the original basis of credit, T.; such n
hill as the President and the Demo-
cratiS leader tMr. UndcrwoodD have in
contemplation. ! am surprised that
they hesitate to consider 1t at this
session But l AM sure that SIM
pic bill such as l have introduced,
which does not undertake to outline
departmental work and which Is clear
cut and free of surplnsage. can be-
considered and passed hy this house
without pcrccptible loss of time. II
nm equally sure that no measure
has been before this house In twenty
years that would he more far-reach-
ing in It's beneficial effects for the ton
ant and tic small landowner. and
eventually for the nation. than this
bill If enacted into law.
The bill that have introduced. H.
II. lG02S. uses tho ;onal banks az
now organized, Great ng land-loan
department In those hnnks n, simple
as their pro:ent savings department.
The original basis OF credit Is In tho
cd on under my BIZ as under exist
ing national bank !; BY the president
Is. by n sane and simple law. to re-
move the inhihitlC against national
hanks accepting l. mortgages as Sc
.curfty and to r" vide tho means by
which the farm '" collateral will be
given an equal 'ance and by which
he may he enc to secure money at
low rate of i crest that will enable
him to grow. That my bill fully
meets the re .remcnts, I propose to
SHOW f,rtiic: IN In tho course of my
remarks.
No fair r',nded man will deny that
up to- this time tho whole machinery
OF our money and credit system has
been directed toward the aid OF the
city and not the country. LeKisla-
lation has gone along In this channel
for so long thnt even the farmer has
come to think he is dependent on the
city for his credit. He has been ed
ucatcd in tho school of adversity to
put the cart before the horse. j.
Why should the farmers OF. the UNI
tod States with realty values worth
$4,000, 100000 and raising annual
products amounting to over $1O.Oe0;-
000.00G have to beg for credit at exor-
bitnnt rates either of the merchant or
tho local banker, when that merchant
or tho local banker will take the far
mer;.: collateral and with 1t borrow in
New York at s per cant. .4.i
The sooner. all indnst.ies realize
their RPst de4 cndence to the farm,
that all primal wealth has iti origin
there. tha sooner Wilt lal wealth, IN
larger degree como to city anil rnpn.1
try Mr.. prvan never uttered a tru.'r
saying than 'Hatew, may destroy. our
cities and let grass grow, In our streets
but II VIC maintain, a high standard OF
agriculture the cities VIII ,Oc rebuilt
larger and more prosperous .haa
eyer. ~ +s -
The Rate os Interest. @ass
-,But, say some, the farmer Is already
paying interest to tho amount OF $780,
100000 annually, an amount larger