Montpelier examiner. [volume] (Montpelier, Idaho) 1895-1937, 1915-07-23

JecC OF farm credits, says the Idaho
Review. Governor Haines appoint
ed a commission to examine the SUBJ
ject looking toward legislation by
the state. This commission found
that the subject was fearfully in
volved. 1t accumulated a mass of
information; it spent considerable
time in study of land banks, rural
credits and kindred subjects. Then
it reported that as congress was
about to enact law establishing a
federal system of rural credits, it
would be useless for the state to
tackle the problem at this time.
So that effort of Governor Haines
went for little or nothing.
In recent speech delivered at
Nezperce Governor Alexander devot-
ed much of his time to a discussion
of this subject, taking the ground
that Idaho should act at once and
not wait on the federal government.
1t is safe to predict that the sub
ject will occupy an important place
in the discussions in the next cam
paign. 1t is a subject that lends it.
self readily to cheap clap-trap and
buncombe. Demagogues will be per-
fectly at home in painting the beau
ties of farm credits and cheap money
to the farmers.
Myron T. Herrick, former govern
or Of Ohio, former ambassador to
France, and author of book enti-
tied Rural Credits" is entitled to
respectful hearing on anything he
has to say on the subject because of
the deep study he has given it.
In an article in the current issue
of The Independent Mr.. Herrick
says:
It. is appalling to think how far
the craze for needless class legisla-
tion already has gone without arous-
ing the common sense Of the people
against it. Unless public attention
is awakened before the next session
Of congress and the state legislatures
there is danger that government
credit will be SO badly involved thai
taxpayers will have to stand heavy
losses on defaulted mortgages ir
years of bad crops and financial de
pressions. There are nearly two bill
lion dollars of farm mortgages. I
these all were absorbed by govern
ment and interest and tax reduced
the effect would be felt in many di
rections; yet nothing less seems t,
be the ultimate hope of the enthusi
asts.
State aid is easy to suggest. I
does not require high degree o
intellect or much mental exertion t
devise measures for solving the rurs
credits problem by use of govern
ment cash or guaranty. But, Will
the easiest to suggest, it is the yer
worst remedy to adopt, because stat
aid would not be distributed impal
tally, nor could it be accorded witt
out harm in the long run to its il
tended benefciaries, or without e1
citing III will and indignation in thos
who did not need or care to receiy
it,
It seems certain that Mr.. Herric
must have had Idaho in mind whe
he penned these lines. Men in mi
die life have moi, yet had time to fo
get how the country was carried Q
its feet some years ago by the gree
= back" craze, time when the farr
ers were to pay off their debts wi
fat money ground out BY the cor
And still It seems monstrouS tn
American farmers in this day al
age are compelled to pay 8 and
per cent interest for money to car
on their legitimate activities VIII
there is an abundance of money
be had for other enterprises for
and per cent interest.
The simple and only practical $
ution of the land-credit problem
says Mr. Herrick in the article quot
above, lis through private bond 3
mortgage companies operating |
der federal or state charters, and
regulated By law that their mana
ment would BE honest and eficie