Daily capital journal. (Salem, Oregon) 1903-1919, 1916-03-09

loans could be secured, utilizing the
mortgages themselves as collateral,
with state guarantee, it would mean
that another $6,000,000 would become
available for rural credits. This of
course would not meet all the needs of
Oregon agriculture for money at low in
terest, but it would at least be a consid-
cradle step in the right direction aud
would be material enlargement of
the states activity in this direction,
and have tendency to lower interest
upon farm loans.
In this connection / am still hopeful
that the school fund will receive some
thing from the Oregon-Califonia lant
grant. The addition Of some millions
from this bond would appreciably add
to the scope of the rural loans viii
could be made under the existing ad-
ministration. And of course the school
fund loan business could be increased
vastly with volume with comparatively
slight addition to its administrative
cost.
l estimate there are about S47 7,000,-
600 worth of farm loans in this state,
and to my mind perhaps the most Sc
rious detriment to the upbuilding Of
Oregon has been the 2ecessity of pay
ing high interest rates. My most sim
cere ambition is to assist in the econ
omic advancement of the state which
means more and better farms and more
and bigger payrolis, and you may rest
assured that if a conservative, work
able, and thoroughly safe system of rur-
al credits, even on a larger scale than
contained in the suggestions above out
lined, will receive my support.
l may say frankly that l confess to
some doubt as to the feasibility of di-
rect state aid to irrigation and drainage
projects l personally would be opposed
to placing a financial obligation upon
posterity through large bond issue and
in fact would rather have the state re-
frain from bond issuance at all if pos
sible. However, fully realize the i'm
portance Of better irrigation develop
ment, and fully appreciate the excel
lent agricultural and economic oppor-
tunities of eastern and central Oregon.
I would like to see drainage and irri-
CATION districts formed where the land
is improved, water rights are perfect
ed, and the basis of credit-which is to
say the acreage involved-can bear the
most careful examination. If only the
most valuable and best improved pro-
iects should be involved, the proposal
to have the state guarantee the bonds
Of these districts would, / think, be
meritorious. The most strict safeguards
however, should be thrown about any
legislation to prevent the possibility o.
this bond guaranteeing being overdone.
In other words, in my opinion it should
be undertaken only on very limited
scale and should involve only the very
best and safest of all the projects that
might be considered
/ believe that the people Of Oregon
realize the vital necessity Of u bigger
and broader state development. And
I think we are coming to understand
that in a great measure we must loc
to ourselves for assistance. We must
stand upon our own resources, and Ore
gonians should be proud Of the heritage
of natural wealth and almost limitless
possibilities with winch our state has
been blessed, and Of which it is for US
to make the most.
List Of Delegates.
Central Oregon Devcppment leagues:
Charles Wood Eberlein, klamath Falls;
o. G. Letter, Portland; j. II. Upton,
Prinovile; G. B. Mcconnell, Burns; o..
G. Young, Culver
Farmers Educational and Co.opera-
tive Union; j. d. Brown, Arlington;
J. A. Smith, Blalock; A. K. Shumway,
Milton; W. ". Harrah, Pendleton; T..
A. LOngsdOn, Corvallis.
Governor Governor Withycombe, Sa.
lem; Wm. Hanley, Burns; Fred NJ.
Stump, Suver; W. H. Gore, Medford; /;
T.. L. Thompson, Portland.
Great Northern railroad: +. w. Ora
ham, Seattle.
Oregon Irrigation congress: ]. w.
Brewer, Portland; Fred N. Wallace, Tu.
malo, Asa B. Thomson, Echo; r. g..
Calvert, Portland; John B. Bell, Eu-
gene.
Oregon journal; Oswald West, Port.
land.
Portland News: Il. Jorgenson.
Oregon Agricultural college: W. j..
Kerr, Hector Mcpherson, J. A. Bexell,
A. B. Cordley, r. d. Hetzel.
OregOnian: Lawrence X. Hodges
Oregon Development league: c. C..
Chapman, Portland; George 7. Gerin-
ger, Dallas; L. Il. Bean, Eugene; w. J..
Thompson, pendleton; Charles Hail.
Marshfield.
Oregon Drainage association: l.. N.
Edwards, Monroe; w. J.. Powers, Cor.
wallis; Walter Pierce, La Grande; vii.
liam Egan, Gervais; Percy Cupper, sa.
lem.
Oregon Federation Of Labor: T. H.
Burchard, L. j. Stack, A. A. Madsen,
r. A. Williams, Otto Hartwig.
Oregon State Editorial association.
Z. Z. Brodie, Oregon City; c. +. Ing
alls, Corvallis; Bruce Dennis, La