The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1914-12-24

associations primarily with a view 10
achieving low cost agricultural credits
but without regard, beyond that, TO
pure profits. II is not reasonable 70
expect that such credit associations
will be successful unless their mem
bcrs are bound together by sympathy,
morality, mutual confidence and true
spirit of sincere cooperation.
There is nine and half times more
business done in this country on credit
than upon a cash basis. As farming
has now become highly organized
business, il follows that ii is and must
be critically concerned about all ques-
tons and all legislation which infiu-
ences its credit favorably Agricultur-
al credit, easily to be had on good Sc
curity by good men, is an indispens-
able necessity TO the progress Of
agriculture and to the economic well
being of our government.
When Vermont was founded, the
people of the United States were dis
tributed along the Atlantic coast.
Transportation by inland water was
not developed until Clinton of New
York, completed the Erie Canal in
1925. Even steam transportation did
not assume its proper care OF agricul-
tural extensions until 1870, when the
Bessemer steel process was invented.
Everywhere and always low-cost and
easy transportation has decided the
business opportunity because that sig
nifed markets and exchange 1t de-
cides the geographical distribution of
population and it decided the rate of
progress that would attend the OPEN
ing up to use of our vast soil areas.
From 1850 on, the dairying interests
population in the cities pushed the
home-kept COW farther back into the
country and gradually advanced the
milk supplying area to a radius of a
hundred, two hundred, three hundred
and. next. four hundred miles. So with
farm products and meat. When this
sanitation, railroad and in
spection problems, agricultural schools
and farmers organizations to the
number of nearly a hundred thousand
came rapidly to the front. Farming
of an individual character was con-
verted in sixty years into an agri-
cultural chemistry and a worldwide
political economy and passed from the
accident of non-attention into one of
the most carefully studied sciences, as
it is the greatest science today in the
activities of the world.
But all this development, this con-
this investigation, this ap-
piled agricultural science calls for cap
ital on the credit of the realty, the
stock, the farming machinery, the in
come possibilities and the character of
the section or district as related to
schools, church and social
and civic opportunities. The entire
has included fencing, thing,
ditching, draining, better roads, i'm
proved labor, more convenient i'm
at home and the intro
duction of middlemen to finance,
market and organize the (
effective results. Within compare
lively few decades we have witnessed
on a gigantic and unheard Of scale the
of Individual farming
into organized and scientific agricul-
ture with its accompanying recogni-
lion as the dominant and controlling
factor not only in our economic but in
great movement has been the restora-
lion of the earth in the most signifi-
ant and lasting sense Of Gods good
ness to the children of men and is
based upon the credit, the work and
he character of our rural population.
1t was reported in 1910 that 1858
per cent Of the farms in this country
we're mortgaged The department of
agriculture has more recently esti-
mated the credits of farmers at five
Of which S700,O0O,000 are
.hattel and $2,793, 100000 real estate
Probably it is safe to say
hat the credits amount to not less
han six billions and that the distribu-
ed rate, ranging from 5 per cent to
70 per cent, is on the average 8 per
ent at least This does not, of course,
efer to rates in states where competi-
ion for choice loans has reduced the
ate. The future will see these credits
decreased in some sections but it will
.lso witness an increase in other to
'ay for the improvements in all the >
djuncts of agriculture which on a
'ure and solid bushes basis it will re-
uire. For it is absolutely business
proposition to make betterments on :
arm with judgment, as much so as
n any other business. 1t is an invest
lent for the individual, the country
nd the state. And this investment in
oil potentiality will not only pay for
self many times over but will prove
D be the economic safeguard of the
alton.
In March of 1912 President Taft in
tructed our embassies and consulates
0 investigate and report on foreign
md credit systems. In March of 1913
resident Wilson urged upon Congress
ttention to this subject. Today Con-
ress has two bills before it dealing
nth the question, the Fletcher plan,