Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-07-21
RURAL CREDITS
By FREDERIC J. HAsKIH.

the owner of stock loan association to the amount
of one share 800 that he borrows foF Wcn
he pays, of course, IS share and which mas hehce
n mar value of S. This is taken by the loan
association as additional security for the payment OF
loan but when the loan Is paid OF ln IuI tn9
socation in turn the stock ut value AS
long as the loan runs the borrower owns the stock
though the association holds it. and he gets dlVi-
dends according to the prosperity Of that par
tcuar association.
The national farm loan associations not private
enterprises, as might casually be assumed They are
created by the new law as part Of its machinery
Persons desiring money under the provisions
of the law may be organized such association
There will be created in the treasury department
by the new law a bureau known as the federal
farm bureau. which will be under the supervt-
sion of federal loan board, and here will GEN.
ter the general administration of the system. The
board will consist of five members, one of whom will
be the secretary treasury, and the other four
appointed the president with the advice and consent
of the Not than two of these four men
may belong the political party. Each of them
will receive annual salary of $4,000.
Besides the board. the creates a system of fed
banks, which expected to bear somewhat
relation agriculture that the regional banks
by the federal act bear to commerce
and industry. The continental United States and
Alaska will divided into twelve federal land bank
districts and in each district the federal farm loan
board will establish federal land bank to handle the
loan business Of that district in far II
transacted under the provisions of the act Such
federal land may designated by the secretary
treasury government depositaries, their
scope Of is quite sharply limited by
tons embodied in the act
Provision is also made establishment of joint
stock land banks for the business of lending
mortgages, and for the issuing Of farm loan bonds
The working details of the system will of rap
idly become familiar through broad out
lines the structure stands clearly It's purpose
to secure for the farmer long time loans a mod
interest rate, help tenant in buying the
he on, encourage city man who hears
the call of the soil to return to little land and a
comfortable living.
point worth noting connection with this legis-
lation rapdity with which the evidence its
gathered and acted upon. Four years ago
the meaning rural hardly un-
derstood in the United States. When the Southern
Commercial congress met in Nashville in 1912
the problem their proceedings seemed to have a
ticular meeting, American commission was
by commercial congress to study prob
lem Europe, armed with joint congressional
luton recommending it to the diplomatic
of the several European governments
The American commission made an extended and
intensive study Of various European systems
dealing the problem and it largely on the
voIuminous of evidence that they collected and
that they arrived at that the plans
for the American system are based In period
o four years we have accomplished what took
Germany fifty years.
Germany, however a population in which
eghty-six per people who live the farms
own the farms. In the United States sixty-four
o farming population owns It's own land In
England only ten of the farms are the prop
erty the who work them And as one
puts it-Mr Clarence ]. Owens. who has worked for
years the problem and who drew up the rural
credits plank in the Democratic platform-perhaps
difference internal productive efficiency between
England and Germany today has something 10 do with
the difference between ten and eighty-six The larger
that significant figure climbs United
better for all concerned