The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1915-08-19
RURAL CREDITS
by II. l.. Loucks, Waterfowl, s. d.
Hon. Secretary of Interior and Secre.
tary of Labor.

employed OF tne cities 10 QeVel0pe tn
unemployed land; a very commendabl,
proposition.
am enclosing you a plan submitted
by me for consideration TO the Rura
Credit League of America, and which
will appear in their next bulletin. II
has always been my custom to lay q
foundation, before erecting a bu' lding
To the basic principles Of the founda
ton | have given 80 years of study
primarily from the farmers standpoint;
but never with the view of asking a
special privilege for agriculture. | am
fundamentally and unalterably oppos.
ed to special privilege or class legisla-
ton.
The first half of the article is de
voted to the foundation principles on
which we should build, and | consider
it more important han the plan, |
have been advocating the system for
several years in a limited sphere under
the caption of state development
The plan itself was rather hastily
prepared by special request, with
space limit, and submitted for con.
sideration as a basis to start with.
In my study of Farm Problems and
State Development ! deal with the
whole problem more fully, and if you
are interested will be pleased to mail
YOU a copy.
President Wilson has frequently re-
ferred to this problem in his mes
sages to congress-, from which | quote
That agriculture be placed upon an
equal footing with other business men
and masters of enterprise as it
should" and again agriculture should
be placed upon an equal footing with
commerce and industry" So l have
adopted the presidents slogan as my
own, viz. That agriculture should be
placed upon an equal footing with
commerce, industry or any other bust
ness. No more and no less. However
| shall limit myself at this time to this
particular one of which the president
says, at is to this we should now ad-
dress ourselves"
President Taft gave it out officially
in a document prepared by the Depart
ment Of State, and addressed to a
meeting of governors, THAT on an
average commerce and industry paid
for the use of money 40 and agricul.
ture 6h% and asked why this should
be, etc. | have no doubt but that if he
had been asked, that he would have
replied as he did to a somewhat SINH
lar question, God knows"
Senator Fletcher has since in con-
gress given it as the result of his in
vestigation that m and indus
try paid AZ and agriculture 1919, and
no doubt President Wilson would like
to know why.
My plan is the only one submitted
hat is designed to place agriculture
upol LII Cqudl lOOlllS Will Commerce ]
and industry.
Right here / would like to call your
attention to a double error very pre-
valent in the discussion of this most
important problem.
Banking is not referred to as a bust
ness, or agriculture as a business, or
industry. The facts are that banking
is the controlling business, a private
business organized and conducted for
profit and profit only. Agriculture is
not only a business, but the basic in
dustry and the greatest of all. Then
if agriculture is to be placed upon an
equal footing with other business and
industry, certainly banking should be
included. This cannot be done under
our present Federal Reserve Bank
law.
Frst:-Because it is designed who'll
ly for commercial purposes.
The National Bankers are unalter-
ably opposed to the attachment of any
investment system, and as commercial
bankers, loaning demand and short
time deposits they are right. During
the discussion of the present law
Monetary Reform" the official organ
of the National Citizen League said
editorially for the national bankers, in
the issue Of July LIST, There may be
need for certain reforms in our invest
ment banking machinery. That is not
now before US. Nothing but disaster
can result from the confusion of COM.
mercial with investment banking prob
lens"
l believe that to be absolutely true,
Then why try to force any such attach
ment upon them? 1t cannot be done.
The long time investment system
can be administered for a mere frac-
ton of the commercial system. Then
why should the friends of the invest.
ment system persist in trying to attach