The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1916-10-20


period OF rs years or less on a 90
per cent Of appraised value,
"Third--Payments must be made on
amortization or annual payments
plan
"Fourth-Debenture bonds to be is
sued against the first deeds OF trusts,
and in order to secure the farmer
cheap money these bonds to be ex-
empt from taxation"
The Democratic party Is not work
| ing in the interest OF any one class to
| the detriment or sacrifice OF another.
MY friends, we must see to 1t that
our farmers are not denied the oppor-
tunity and capital to cultivate and
develop idle lands; TO keep the boys
on the farm; to enable the tenants to
become land owners. The fields are
being stripped. The cities are already
crowded. When this government was
started 80 per cent of the population
was on the farm-50 years ago Sc per
cent of our population was on the
| farm-today only about 30 per cent is
on the farm. The census shows two
thirds Of the largest agricultural coun-
| ties in Missouri are losing in popula-
! ton, and that in a new state such as
Kansas the agricultural communities
are losing in population. In eight of
the southern states the average earn.
ing capacity of a farmer is $3.50 year,
or IS cents a day. The census also
shows that in the state of Iowa, taken
as whole, population is steadily los,
| ing. An investigation recently made
OF eta farms in one county OF New
York 70 per cent Of the young men
have gone away. But we must pro-
tect and develop the agricultural inter-
ests Of this country If we would pro
duce the highest measure of happi-
ness and prosperity.
Judge Lamm seems greatly per
turbed about the states ability to
finance the bank at the beginning. If
/ am elected Governor, shall pursue
the course followed by business men
under similar conditions, namely the
accumulation of the capital by install
ments. For instance, | would ask for
% per cent of the capital stock the
first year, and rs per cent for each
remaining year of my term.
Is it to be understood that II there
is merit to the plan that great state
like Missouri, whose future hinges on
the development of agriculture, can
affard to hesitate? What is our
history with reference to public enter
prises? We appropriated million
dollars to the ST. Louis Worlds Fair
We have appropriated over three mil
lion dollars for a new state house, and
hundreds of thousands Of dollars for
other state institutions whenever the
necessity required
1t must be borne in mind that the
chief source of loaning capacity comes
from the turnover realized from bond
sales with the best security on earth
behind them-namely, Missouri farms
! There is not particle Of hazard ir
such a transaction. 1t is SO elementa
, that it is not even considered flnan
, cial risk at all.
MY opponent says my plan Is crude
yet practically every student, author
and authority in American on lane
: credits have held otherwise, including
Prof. Fetter, Professor of Economic:
of Princeton, and ex-president of thu
American Economic Society-R maj
who has travelled all over the worlt
studying this question.
+ | particularly call attention to thu
= fact that a year ago while the fedora
: bill was being discussed the grea
: convention of the National Grange as
/ Esembled in San Francisco, Cal, repre-
i senting every congressional district il
i the United States, and after studyfn!
: all foreign plans and all proposed
American plans, without dissenting
. vote agreed that the Missouri Idea wa
| the model plan,
. Judge Lamm states that the Gard
2 ner Land Bank Bill is in violation o
section 26, article II, Of the Constitu
/, ton of Missouri. / am persuaded tina
. this is a political rather than lega
K opinion. The section referred to read
s as follows:
S Section 26. Act Creating Banks t
e Be Submitted to the People-ExceI
e ton. No act of the General Assembl
+ authorizing or creating corporation
/, or associations with banking power
i Except banks of deposit or discount
nor amendments thereto, shall go int
J, effect, or in any manner be enforced
Y unless the same shall be submitted t
n a vote Of the qualified voters of tn
n state, at the general election mex
It succeeding the passage Of the samt
d and be approved by a majority of tn
J. votes cast at such election.
< Now the Forty-eighth General Al
G sembly passed the act establishing tn
e Missouri Land Bank and Rural Credit
+ and in accordance with the expires
Y terms of the section cited, the bi
It is now being submitted to th
e people under the Initiative clause {
n our constitution. The people kno
Il precisely what they are voting on. NJ
d only that, but they are delegatlng
Is the legislature, as they have perfet
10 right to do, the power to ENACT otht
If special laws to amend and to improy
n the said act, or to supply omission
v or correct defects therein" The pr
IS posed amendment changes the Co
Ie stitution in three respects:
n First-It authorizes the legislatul
a. to amend and improve, supply omi
ID sions and correct defects in the BIZ
n thereby repeating that portion Of Il
Constitution which provides that 1
al such amendments shall be made unit
ef submitted to the people.
K Second-It authorizes the Gener
at Assembly to appropriate one millic
Of dollars as a loan to the Land Bank
lie Third-It authorizes the legislatu
IN to exempt the assets OF the Land Bal
4 and ite honda from taxation