Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1915-01-20
OPTIMISTIC OVER AGRICULTURE.
Secretary Houston Strongly Urges
Rural Credits Legislation.

Topeka, Kan, Jan. 14.--Secretary
Houston, of the Department Of Agri-
culture, took an optimistic view OF
the future of American agriculture
in an address here to-day before the
State Board Of Agriculture in which
he strongly urged early enactment OF
rural credits legislation.
More helpful agencies are operat-
ing on rural life to-day" declared
Secretary Houston, than ever be-
fore in the history of the ,N!tion. The
American farmer needs not fear the
competition Of the world. He will
inevitably control the home market,
except for things which cannot be
produced here, and will be called
upon increasingly to supply the de-
mands OF foreign nations"
Rural Credits Legislation.
Declaring that he strongly favored
both Federal and rural credits legis-
lation, Secretary Houston said:
/ 81 favor a Federal land mortgage
banking system for long time loans
on the amortization principle operat-
ing through private funds, and | fa-
for legislation, especially by the
States, and if possible also by the
Federal government, stimulating and
encouraging personal cooperative
credit unions.
in 4 hn
Federal government or the State to
the extent Of voting money out OF
the treasury or Of using the credit o.
State or Federal government to SUI
port either system, which would
mean, in effect, to take money cor
tributed by all the people to lend to
| a particular class Of the people. This
notion runs counter to our fundamer-
tai governmental principles. Such
aid or subsidy is neither necessary
nor desirable"
Pointing out that there had been
| too much miscOnception Of the mean
ing Of rural credits and of results
abroad, Secretary Houston said tina
many misinformed persons believe
it was proposed to give farmers Fec
eral money at lower rates than ect
nomic conditions could possibly jus
tify, and even without security. H
characterized as fallacious the ne
ton in the minds Of many that rur;
credits is synonymous with goverN
mental financial aid. He added tha
there was no foundation for the a
sumption that cooperation abroa 4
results IN orl lit cN'enlcd upon char.
/ &otor alone asa a. ~ale5 far below
. }hut pIn,ainus in financial CIRCLES.
Loans on Toin MurtgugcS.
Secretary Houston said nat not
withstanding the wide prevalence O
! special rural financial establishments
, abroad, the great mass Of farm
loans were made by private institu-
tions, adding that in this country, nc
matter what Federal or State rura
credits legislation was had, much OF
the lending on farm securities would
| De uOne Dy private eSta DHShmentS
The department had ascertained, af-
ter Investigation, he said, that $3.50,
100000 is lent on farm mortgages
in the United States by banking in
stitutiOns and State and private
funds and that insurance companies
had invested $6O0,O0O,OOO in farm
mortgage loans.
More would be invested and al
more favorable rates." he continued
''if reliable machinery were devised
for inspecting and offering rura
securities, and the business conduct
ed under efficient governmental su
pervision, and especially if long time
loans on the amortization principle
were possible; hence the necessit,
for legislation both in the field O
land mortgage banking and of loca
cooperative credit unions just al
soon as the Federal government ant
the States can determine the wis,
course of action