The Hawaiian gazette., 1916-08-15
THE HAWAIIAN GAZETTE
R@ER0 MS EDITOR TUESDAY ;5oAsr MORNING THE ADVERTISERS
THE ADVERTISERS SEMI.wREKLY
Wilson On Rural Credits

INV Monday July II, President Wilson signed
~ the Rural Credits Bill, making it law. The
measure in the form reported by the conference com
mttee of the houses of congress had passed tho
house of representatives June u, and the senate
on June *. but the President delayed afixing his
signature in order to allow him to make such com.
ment as him seemed appropriate to the occasion
which he deemed a very important one.
This federal farm loan or rural credits law is in
tended as a companion piece Of legislation to the
federal reserve act the latter being designed
the interests OF the mercantile community in the way
of credit and the former the needs of the farmer
the same way and it was part of the Legislative
program which the Administration had mapped Out
for the Democratic party and on which appea
for e-electon is now to be made. Before signing
the Act Mr. Wilson expressed his satisfaction ant
elaton in the following words:
On occasions of this sort there many things
say that would despair of saying them briefly
! and adequately but l cannot go through the simple
ceremony Of signing this bill without expressing the
feeling that have in signing IT, II is feeling Of
profound satisfaction not only, but graft
that have completed this piece of legislation, which
hope will be immensely beneficial to the farmers Of
the country.
The farmers seems to me, have occupied hitherto
singular position Of disadvantage. They have not
Ind the freedom to credit their real estate
that others have had who in the manufacturing
and commercial enterprises and while they have
tanned life they did not in the same degree VITA
Others share in the benefits of that life
Therefore. this BILL along with the very liberal pro.
visions Ct the federal act puts them upon
equality with all others who have genuine assets and
makes the great credit Of the county available to
them. One cannot but feel that this DELAYED justice
to them One cannot but feel that it is very graft
flying thing to play any part in doing this oct Of
Justice. | look forward to the benefits Of this bill not
with extravagant exDectatiOns, but with confident
ppctaton that It will be of very wide reaching bcne
fits and incidentally, it will be of advantage the
investing community, for can imagine salts
factory and solid investment than this system will
afford those who have money to
sign the bill. therefore, with real emotion and am
very glad be honored by and support
ed by your feelings. l have doubt in what have
said regarding it.
The Bill is generally looked upon as involving fal
reaching possibilities. For instance. Charles {. Cal
well. President of the Corn Exchange National Bank
of Philadelphia is quoted in the "Philadelphia Pub
! lie Ledger as saying
The bill is revolutionary, in that it entirely changes
the of farm mortgages and broadens the market
for them Heretofore the farmer has placed his mort
gage with individual, renewing every two or three
years, with commission and COED rates of interest.
| Now these gages taken up by the Federal land
bank system will become securities for bonds, free Of
|
These bonds have been termed Observation-Disclosures of
the Government and since the moral influence Of
the nation is behind them the Government will hardly
| allow them to get into trouble They will probably
| displace many high grade Az railroad bonds in in
vestOr's boxes account of the non tax feature.
| Farm mortgages in the United States above four
billions, and a good part will be reinanced. A
field will thus be opened for bond brokers,
| and the general investing public will probably look
/ upon the bonds Is desirable.