The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-06-06
THE FARM LOAN BII,D.
Most OF the Opposition Comes from
Money Lenders.

"hlch have many millions Of dollars
in loans on farm lands in the middle
west are terribly exercised over the
farm loans bill now pending in con-
gress. The officials Of the companies
are hurrying about the country, seek
ing a footing to make a stubborn
hight to delay the passage of the bill
as long as possible with vague hope
OF defeating it. 1t will take from the
insurance and loan companies the
cream of their safest and most profit
able investments, officials of the COM
panies say.
An official of one of the eastern
companies was investigating condi-
tions in Kansas recently. His company
has more than five million dollars in
1arm loans in Kansas. Many of the
loans are coming due and applications
Tor renewals are for a short time only.
in many instances the official admit
ted.
he wanted to know the reason and
he found it. Many farmers in Kan
sas and other States who have mort
cages held by eastern insurance COM
panies on their land hope that within
another year the bill will pass con-
giess and that they can obtain lower
interest rate and better terms.
The official Of the insurance COM
pany admitted the large companies
would not permit the ground to slip
from under them without stubborn
resistance. First, he divulged, an ef-
Tort would be made to delay the bill
In congress. The Democratic caucus
already has decided to delay the bill
until the next term Of congress. In
the meantime all the insurance COM
panies and all the farm loan COM
panies, with the great financial in
terests behind them, will marshal
their forces to obtain further delay
and cOnsummate the defeat of the bill
II they can. That was made plain
from the casual talk with the in
surance officials.
What Is the sentiment among the
farmers in your State for the farm
loan bill?" is the question that is be-
ing asked the thousands Of agents in
all parts Of the United States by the
large companies.
Invariably the answer has been
that sentiment Is so strong the tide
cannot be turned. And the additional
information is given that the farmers
have faith in President Wilson's abili-
ty to push through the bill. and that
they haven't even a suspicion that
President Wilson will permit the bill
to be long delayed or "jokers' inject
ed into it.
But that kind Of information is not
putting a crimp In the effort the in
surance companies will make to stem
the tide Of sentiment among the
farmers for the bill, the insurance
company officials admitted. 1t only
makes it necessary to spread q little
more poison and the delay of the
measure in congress will afford just
that opportunity.
Be prepared to spill your idle SYM
pathy for the poorly distressed insur-
ance companies with only millions to
lend.
Here is the most effective argu-
ment those who make large farm
loans offer against the bill:
Farm loans furnish an absolutely
safe means Of investment for the mil
lions Of dollars the insurance COM
panies handle Of the policy holders
money the insurance company Off
cials said. THE millions Of policy
holders are interested in seeing the
safe channels of investment maintain
ed. We lent millions on Kansas land
in the last few years and never lost a
dollar. The same is true Of other
States in the middle west. The rate
Of interest is less than the money
could be obtained elsewhere. The
millions of the big insurance COM
panies have been poured into the
farming sections Of the country to
develop that side OF the American in
dustrial life, with marvelously benefi-
cial results.
why should the man who must
borrow money to buy a farm favor
the farm loan bill? The moment It
passes congress there will be q large
demand created for farm lands--far
greater than ever before in this coun-
try. People who want to get away
from the grind OF city life, the class
Of men who have been renters and
the small farm owner who wants more
fand will seek to take advantage of
the new law to obtain loans from the