The Clayton citizen. [volume] (Clayton, Union County, N.M.) 1906-19??, 1916-09-07
so THE FARMERS MAY KNOW

from Oklahoma in the House OF Rep
resentatives of your congress has to
say concerning the features of the
now notorious EARN Loan" scheme
devised by one, Mr.. Moss of Indiana,
to relieve the farmer first of his vote
and second of his land little later
on. Mr.. Morgan ought to be authori-
ty for he is representing in congress
the worst landlord ridden state in the
union today.
This scheme is plainly a political
one in the first place and has been ad-
vertised to beat the band as one Of the
"great achievements" of the present
administration" to catch the vote OF
the farmer, just as the threatened
strike of the railroad brotherhoods
has been used to "pull" the vote of
these brotherhoods to the "adminis-
tration" by the passage of legisla-
ton that is plainly "class" in it's ma
ture and operation. In the second
place, it is the most insidious scheme
ever conceived in the brain of man to
inveigle the farmer in a mesh of mir
age that will relieve him of the foun-
dation of his "life, liberty and pursuit
of happiness" and sink him below the
level of serfdom.
Here are the twelve propositions
that Congressman Morgan supported
by powerful arguments in a speech in
congress, May 6, 1916. Read them
and study them and then consider
whether you will vote for an admin
istration" that advertises such a
scheme as one of its "great achieve
ments."
"First. Private banking corpora
tions organized for gain, conducted
for profit, managed in the interest OF
shareholders, whose chief concern
must he in the receipt of dividends
should not be made Government in
strumentalities to act as middlemer
between farmers and investors and
by national authority, clothed with
power to levy unjust tribute on botF
borrowers and lenders"
"Second. The joint-stock bank.
will neither enlarge land-credit facili
ties for the farmers of the United
States nor augment the amount o
credit at their command.
"Third The creation of joint-stocl
banks to do business in conjunction
with the 12 Federal land banks vii
increase the average rate of interes
PAID on farm mortgages by the farm
ers of the United States.
"Fourth. The joint-stock banks vii
largely increase the total amount pal
by the farmers of the United State
as administration expenses of the Ian
credit institutions.
"Fifth. The creation of joint-stoc
banks will largely increase the amour
of money expended by the Unite
States in the supervision of our lane
credit institutions.
"Sixth. The creation of jOint-stoc
banks will make our land-credit il
stitutions less secure and increase tn
danger of loss to investors.
Seventh. With joint-stock bank
operating in conjunction with the
Federal land banks there cannot /
Standardization in business method
in apprasement, or along other line
of activity.
eighth. With joint-stock bank
and 12 Federal land banks all issuin
farm mortgage bonds, we will fail
attain one of the objects of lanc
credit legislation, namely, the ere;
tion of standard form of investmen
"Ninth. The creation of joint-stoC
banks will compel farmers to compel
against farmers in securing the
credit.
"Tenth The creation of joint-stoc
banks will make uniformity in inte
est rates an lmpossl0lnty.
eleventh. The creation of join
stock banks will make it impossb
to provide equal credit facilities fc
the farmers of the United States.
"Twelfth. In type, in purpose, az
in business methods the joint-stoC
banks are modelled after existing nj
tional and state banks. The demar
for their creation comes not from IL
farmers, but from men with capt.
who wish to enlarge and perpetua
their control over the credit power
the people"
Now, Mr.. Farmer, can you dou
the truth of the propositions set fer