The Brunswick news. [volume] (Brunswick, Ga.) 1906-2016, 1916-05-18
Helping the Farmer.

crcdlts measure on tne IeueFal sidt'
utes-which has now practically been
done-the administration has given
the farmers Of the entire country, and
the southern farmers more particu-
larry, gift which will grow more
valuable to them as day after day and
year after year passes by.
The bill was passed by the house
this week A similar measure was
previously endorsed By the senate and
the difference between the two bills
will be worked out in conference.
While there are number of CON
flicts in the two acts, they are both
designed with the single purpose OF
helping the farmer. Little difficulty
viii be experienced In adjusting the
differences and the substance Of both
bills viii no doubt quickly be incor-
porated In q single art and this pre-
scented TO President Wilson, for his
signature.
We are glad to note that Hon. j.
Randall Walker. congressman from
the eleventh district of which Glynn
county is no small part, took prom
inent hand in the fight for speedy
action and passage of the house rural
credits bill, which was introduced by
Representative Glass. Representative
Walker has always been the farmers
ally and his action Monday in deliver
ing a strong and convincing argument
for the measure has made him many
additional friends among the country.
men.
On another occasion Representa-
tive Walker took bold stand for the
cause of the masses. That was when
he vigorously defended the administra-
tons federal reserve banking bill
which also was passed and became a
law. The value of that law has al.
ready been proven. II was the re-
serve banking law that saved this ma
ton from rulnous panic about two
years ago No one now doubts that
had it not been for this safeguard
the country would have met with fin.
anciah disaster
As the reserve act proved of in
estimable value, so will the rural
credits law be found indispensable.
This law will make II possible for the
small farmer to borrow cash at
reasonable rate Of interest The house
bin provides for federal farm loan
board aud system of twelve banks.
to be known as land banks. These
banks will lend money! to farmers at
not more than six per cent inter-
est, mortgages running from five
to thlrty-six years. AT present fars
mers are compelled to pay seven. eight
and sometimes ten per cent interest
ON loans, Even then they cannot make
longtime loans and cannot get any
appreciable amount on absolutely gilt
edged security
Under the house bill the land banks
would grant loans up to sixty per cent
Of the farm value and twenty per cent
on the value of farm improvements.
The senate bill is not quite so liberal,
allowing only fifty per cent Of the
farm value and nothing on improve
ments. But either bill would prove a
great boon to farmers and would make
1t possible for the American farmer
to liuuidate his now burdensome debt.
In his speech on the house bill. Con.
gresham Walker declared that the
existing Indebtedness secured by farm
mortgages is now estimated at four
billion dollars and the rate at seven
and one half per cent. This indicates
that the amount of interest on the
debt IS about three hundred million
dollars a year. Mr, Walker says
that under the rural credits law this
debt can be entirely wiped out in
twenty-five years. Is not that gift
which every farmer in the country
should appreciate? We think SO,
a