Mansfield mirror. (Mansfield, Wright County, Mo.) 1908-1957, 1915-02-18

tS''N'" i'i Inspecting aNb 'ii'i
ing rural securities. and if the
business was conducted under
governmental supervision.
Is il not a fact that if any So,
curly in the state is good that ii
is farm lands: Are they not i'm.
movable. imperi>hahla and in
deSLruCtahle: And what could
be better than loans moi exceed.
ing % per cent of our farm val.
ucS: We certainly must expect
to eat; and so long as that is the
case bonds issued against such
property are and should be as
good a state bonds. and should
sell at least on an equal basis.
y better illustration could not be
offered than Belgium. No one
can foretell whether or not
Belgium national bonds will not
be entirely repudiated at the end
of this war. But first deeds of
trust on Belgium farms will be
recognized forever by the entire
world.
The bill which | shall submit
to yon does not place a burden
on the taxpayer. nor can | con.
ceive of how the state itself
could fail ultimately to be repaid
in full, beside reaping an in.
crease in revenue by means of a
general increase of taxable prop,
erty.
The reserve fund of p pei
cent should protect the state.
and it should protect the buyer
of the bonds. The secretary OF
agriculture for Ireland told mt
that l billion dollars had beer
loaned to the Irish farmers BY
the English government at 30
per cent, against which the Eng
lish government had sold the
bonds; and that this vast sun
had been loaned to some 500
Thousand different farmers, ant
that there was ru record in his
office of a default. otwithStand
ing the fact that the plan hat
been working now close to foul
years. This billion dollars which
has been pouring into the Irisi
agricultural districts, with a poD
ulatlOn not very much larger than
the state Of Missouri, shows t.
what extent the nations of tht
world rcali2e the Importance o,
developing agriculture. Thi.
vast sum has brought about {
great revival in the whole of Ire
land. Instead of a declining
population in the rural districts.
as We have in Missouri. the pffect
has been to increase it. It has
stimulated Il demand for electric
ity, fertilizer and building sup
plies which has brought about
general prosperity to all classes
of the Irish people.
1t must be remembered tina,
agricultural products are largely
regulated by international com
petition. Missouri wheat, for
instance, completes in Liverpool
with wheat from Russia, France
and Argentine. If the farmers
in other nations are able to Sc
cure their money at about halt
what our American farmer has
to pay, considering that our land
will produce less and less be.
cause the virgin qualities are
gradually being worn out, what
will be the result without re.
building:
Statistics show that in Misso.
url farms are mOrtgaged to the
extent Of 113 million dollars.
These mortgages run from | to )
years. An average, perhaps.
would he 3 years. Hence about
40 million dollars worth mature
annually. If a renewal commits.
sion OF 2 per cent is charged on
this sun it would mean 800 thou
sand dollars per annum. If there
Is an excess Of 2 per cent in the
rate charged which could be
saved by the installation of a
farm loan bank It would mean a
total money waste to the farmer
directly Of 800 thousand dollars
in commissions and about 90
million dollars interest. or total