The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1916-09-29

cumulate surplus).
"Second-Loans must be attainable
for productive purposes only, and for
period Of 25 years or less on a DO
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 80 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 new state such as
Kansas the agricultural communities
are losing in population. In eight of
the southern states the average earn
ing capacity of farmer is $3.50 year,
or rs 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 GA 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. II
| 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
25 per cent of the capital stock the
first year, and % per cent for each
remaining year of my term.
Is 1t 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 a 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 a particle of hazard in
such a transaction. 1t is so elemental
that 1t. 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 land
credits have held otherwise, including
Prof. Fetter, Professor of Economies
of Princeton, and ex-president Of the
American Economic Society-a man
who has travelled all over the world
studying this question.
/ particularly call attention to the
fact that a year ago while the federal
bill was being discussed the great
convention of the National Grange as
! sembled in San Francisco, Cal, repre-
senting every congressional district in
the United States, and after studying
all foreign plans and all proposed
American plans, without dissenting
vote agreed that the Missouri idea was
the model plan.
Judge Lamm states that the Gard.
ner Land Bank Bill is in violation OF
section 26, article IL, Of the Constitu-
ton of Missouri. am persuaded that
this is political rather than a legal
opinion. The section referred to reads
as follows:
Section 26. Act Creating Banks to
Be Submitted to the People-Excep
ton. No act of the General Assembly
authorizing or creating corporations
or associations with banking powers
Except banks of deposit or dlscount)
nor amendments thereto, shall go into
effect, or in any manner be enforced
unless the same shall be submitted to
q vote of the qualified voters Of the
state, at the general election next
succeeding the passage Of the same
and be approved by majority of the
votes cast at such election.
Now the Forty-eighth General AS
sembly passed the act establishing the
Missouri Land Bank and Rural Credits
and in accordance with the express
terms of the section cited. the bill
Is now being submitted to thu
people under the initiative clause O.
our constitution. The people know
precisely what they are voting on. No
only that, but they are delegating t.
the legislature, as they have a perfec
right to do, the power to "enact othel
special laws to amend and to improve
the said act, or to supply omissions
or correct defects therein" The pro
posed amendment changes the Con
stitution in three respects:
First--It authorizes the legislator,
to amend and improve, supply omis
/ sions and correct defects in the bill
thereby repeating that portion Of thu
Constitution which provides that NJ
such amendments shall be made unit
| submitted to the people,
Second--It authorizes the Genera
Assembly tn annrODriate one milliOl