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

try arc valued at 81, .0Ub, 400 and they
are nOrtgagcd ulr to }lI.UDD, ,0D0 900.
Farm lands, As stated. are valued at
|iO.0n0.tn0.tG and they are mort
gagged for $4,000 0uO.0 II railrond#
are not OvcrniOrtSac"h. then surely
farm lands have Il safe margin for
additional loans.
do not underestimate the dnstruc-
tive cfic,ts of mortgages under pres
cnt conditions, by which the farmer
pays from 10 ~ pr cent; but
contend that not in the mortgage but
IN the rate of int rest lies the evil.
The farmer who pays and 10 per
cent for money will never have means
for c"pinsiOn, for intrnsi!yihg his
methods and increasing his yields.
My theory. tjcn is Al larger mort
gage debt and "a smaller interest
account
ndrr existing conditions it l.; but
fair to 50? that hank; can not accom-
modatc fnrncr; ~ Il low rate OF In
tcrcst. They ar" rart 0i :ystcm
that has E"cn built UP in the interest
OF tie city mca with government
sanction. Lot ia have the govern
ment amend the laws in the founda-
tioii, agriculture. and the whole finan-
cial Suprr::trurturr will he healthier
and stronger.
And why may not the government
do these things? Tic recent order OF
the secretary Of the treasury suspend
Ing the rule whereby national banks
wer2 prohibited from lending money
on real estate WAS ii ta:it admission
that the farmers hasis of credit has
bccn unju"tiy lrgiSlatcd against, and
that the needs OF agriculture. the
needs Of the whole people dependent
on agriculture. vii! justify moi only
The rlgaf'nt; ~ ihc wrong ElIt en-
larScd privileges .Cr his class of crc-
dit. ucLf ut reasonable rates mean )
healthy expansion; debt at excessive
rates of interest means torpor If not
ruin.
Nothing for the Tenants.
but what or the tenar, class who
constitute fully nine-t:Nuis. of the
farmers of tho country? They have
no land 10 mortgage cvcn at tho high
rate of interest the landlord must
pay. Their lot is hard indeed. They
pay from IL to 30 per cent for tho
money or provisions furnished them
by the merchant or landlord. and to
this good day the door of hope has
been closed against them to such an
extent as to make 1t next to inipos a.
bic for any of them to 1.-Two under their
own vine alId fig tree. i,. "a.
There Is no calculating the incrcas-
ed production that this country is
capable of ~ by virtue OF All act of
congress. large per cent of present
Wncn man knows that he and his
children will surely profit by the i'm
provcments he, pits iron his land, he
has somo incentive to bring that lind
10 Its highest State Of productiveness
Give II man an Incentive, something
to work to with rcasonab bls, hope, anu
hc will lift himself to the higher
plane: Tho man who owns his LAND
is no better by nature than thousands
who do not own their. lands bnt. own
orShip gives him better opportunities,
opens up for him q broader ucld and
makes of him II more stahlc citizen.
1t has been we'll said ..'t.a. he who
owns his soil is in partnership with
the Almighty" .=
So fertile has been our virgin soil
and 20 varied our natural resources
that we have given little thought 10
shortage of production We wart to
hold our monopoly OF -aw ,ot,u1, md
and yet year by. year tho. supply is
falling further behind tho demand.
AS previously stated. our grain ana
corn supply Is not keeping pace witt
our rapidly increasing population,
while the falling away of our meat
supply Is actually alarming. The ne
ccssity for intensive farming, for
building up personally. owned homes,
such as produce corn and meat and
cggs and vegetables. is apparent: but
the means to meet that dcmar.! are
Woefnlly wanting. ~
My bill provides n system chat will
give the smaller farmer a low rate Of
interest through national banks. and
yet give tho banks the usual margin
OF profit. o.4.4,r =
Granting. as. believe, tho majority
OF my hearers will, that there is uf
gent necessity for. some such measure
propose to show .that this bill Ia
practicable and will fully meet the
What the bill Provides.
The bill provides that. national
banks may establish land loan de-
partmcnts. This Is made separate
department OF the banking system,
that 1t may not conflict with existing
currency laws. and for the further
reason that 1t would be folly and un-
necessary expense TO the: gov, ~nment
to establish new system OF hanks to
be known as Ian i-iQan banks when
existing national banks can do the
work designed. wl.fundertake. 1t only
too gladly. and can do. It better. The
president of the bank passes on the
character and sufflciency of collateral
offered. s;sss .-is II. )
In order that,1oans may not be null
tipiica for the purpose OF getting com.
missions regardless OF the. suficiency