The Oklahoma City times. [volume] (Oklahoma City, Okla.) 1908-1984, 1915-12-02
HERRICK LAUDS
TORRENS PLAN
Former u. S. Embassador
Discusses Problems Relat-
ing to Land Credits

Z lllCA,iO Dec. 2.-Myron T. Her
- urG former United state. um.
"r.1uor To France, In an audrc,, n.
/ Ilwr the National Conference uu Mar.
hrDlug ana Farm Crpdlt-. said that
| the Improvement ~ rural crrmt mU.
, illrN is matter for private initiative
/ rather than state aid, excepting 100 the
. passage uf uniform laws tu -muduu.
. we credits ana provide for thorough
supervision to prevent fraud aud guar
Wlrr safety. He referred to the ugi
ulun for state aid as craze lie
said also that most Of the troubles Of
farmers urr due to lack NJ orMmza.
don Mr. Ilcrrick said In part.
Some Bad Experiences
state uid is not an iumluh.c rem.
cdy for rural credit troubles. Indeed,
It has recorded MS many failures us
surrrsscs one " the dangers lies I'm
it, being ml,upuicd or in ~uhJcctme
government tu luS- In the event NJ de-
fnult hy borrowers. Denmark, France,
hu>-in and some uf the Balkan states
have hnd very mcnyiHblc eNprlcu.c o..
hut lt ls not necessary 10 scch n
proofs no Europe, because hey can he
round 300 this country. In 1870 sur
plus 'h.u boo the L. s. treasury was
d'n-''ul with Wcnty-siN states New
Work. share was AOll52O7l. She
invested 20 large part NJ this sum In
louu- nu frm lands. The loans were
rN''m.J from time to time, none has
4 been collected The mortgages u
many Instances are not worth the debt
i Tine Investment, handled by several
generations of politicians is pcrhap-
gone
"R.-wmhlc as the rage Tor stat,
4 Hld mHN Hr h serves, however q good
wrr. 900 proving ConCluslvrly TINT
the rw .ulits facilities In the INIT
rU State. Hrr hnd. II would not have
occurred if they were all right. II
"n'Om-'vrrything that | and other
mru nN been saying 10 the effect
4 THAI American farm finance Is ha-luly
\ wrong
u Suggests Solution
Wy Iu uf a solution Of the lnut
A credit problem Is the adoption uf IA,
n Iuwus system. the revision NJ m,
\ foreclosure laws, wherever necessary
n wd '.r enactment of general pcrmis
4 -'Nu .uu. ul bond and mortgage com
4 mnIu uml mudschafts. The land
n W''# 800. "a subject Tor state lcgi,la
\ ll"u only Both the nation aud IN,
4 states however. might enact laws fol
II companies The laws NJ the state,
A w-W 'n hr uniform so ns 10 stand
Il Nuar bonds. dchentures aud mort
4 gauges Ihu only kind of Inspection o
4 government Intervention needed T.
n That which now provides for banks
n THE w.N equations and restrictions
Il hn1H Ou those that would Nfcguart
4 borrowers from oppression and inyrs
4 iuH from fraud and rccklcssncsS. Thi
4 dome n.Ilr,r that It would hc puSsi
\ hlr in undertake the grent rnterpris,
\ NJ converting the S20OO0OO.OO0 q
A farm mortgages which now exist Int
n lun- term l0nus. aud that Il flow u
4 money wu'd hr directed Ia the lnud II
n nf'lrlw volume aud at fair mtcrcs
n rate, Co supply the needs Of the land
4 owners
\ "Ihu solution NJ the loud Crcdi
L problem cannot shuwcvcr, remove al
4 lhr difficulties that surround agriCul
\ turr The chief trouble with Amcri
l. 'm agriculture is lack NJ organization
n Aside from sumr notable exception i
Il fruit and dnir, regions, the farmer
nrr mot organized either industrinlll
commercially or financially The
4 have nu collective purchasing, market
\ INK ur banking systems Of their owr
n Each farmer relies upon himself 10
n What hr Oul. sells or borrOwS. As
n consequence there nrp wastaGcs am
LOSSES that seriously affect both pre-
ducrr Dud consumer, while the ind
4 Nlduul lWmur i- left AT the mercy q
\ amy nnuu-'ioullnus person who wlshc
VI io exploit INU .>irrncy uf his affairs
IA Particularly ia this va wherever h
n has urgent need ur money MS prove
VI hy the eases ! have mentioned. III
American farmers are mcycelled I
capacity intelligence aud education