Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1916-08-28
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! country and reflects the greatest credit
to the executive head of the nation for
his appointments. The farmers of this
nation can congratulate themselves, as
never before, upon the, passage of this
bill and upon its board of directors
I regret that the press reports of this
section were not more explanatory of its
merits and that they featured too largely
the biased sentiments against the merits
of the measure. This same type Of men,
whose narrow vision and false conception
of the needs of this State have stood in
the way of progressive legislation and
the development of our state for half
century, should be eliminated from posi-
lions of responsibility. and thanks to the
progressive men from the south and
west and some from Maine who are help
ing the people overcome such a condition
| Of decadence.
When I impart to you the fact that the
farmers of Maine are in very unen-
viable position l am only stating the
truth which is evidenced everywhere, and
every other business in the State is suf-
fering in consequence Of this condition,
and the deplorable thing is that they do
not seem to realize their own condition.
I will venture to state that there are
more farms which can be bought in
Maine than in any other State in the
Union. There must be cause for this.
The resources Of Maine as farming
community are unlimited with its splen-
did soil. water privileges, etc.
Petty politics and conservatism are
largely responsible for our present condi-
ton. Petty politics Is one Of the princi-
pal things which destroys a better spirit
of cooperation. 1t was suggested at the
hearing that Maine had sufficient money
to finance it's own industries. This is
partially true 1t is true in some in
stances. 1t is not true regarding farm
! development. Banks do not consider
farm property as a general investment
any too good and they place their loans
elsewhere.
Now, the whole thing responsible for
this condition is the fact that it is not
profitable, for farm development and
operation, to hire money at six per cent. ]
The farmer turns his crop once a year; I
the merchant in the city turns his several
times. The farmer is long on the price
on what he sells.
Every feature Of this bill, 80 far as T. is
now outlined, is an admirably construct
ed piece of legislation and meets long
felt want on the part of the producer,
but, unless it will be possible to make
loans at a considerably lower rate Of In
terest than six per cent. it will fail to
meet the principal needs of farmers. |
When 1t has been possible for years for |
the German farmer to borrow money for |
from three to four per cent. land herein |
lies the secret of the development of the |
most wonderful nation on ea1th, notwith. |
standing the fact that they have carried |
the burden of maintaining the greatest |
standing army in the world) when the |
big combinations in this country can hire |
money at a low rate of interest to corner
wheat and rob the consumer and pro-
Queer. when the banks get all the money |
they want for from two to four per cent,
please tell me, Mr.. Chairman, why the |
farmer, the producer of wealth. the man |
who is subject to all kinds of unsettled |
conditions climatic and untold others
why should he be made to pay more than
four per cent. when his security is the
best on earth, as it is the earth and in
destructible? Is it because the money |
lender has a divine right to exact tribute |
from him, or is it man-made conditions
I am at this moment confident that |
through the operations Of this bill and |
the management Of this Honorable Board
this condition will be changed.
The one thing. gentlemen. for you to
determine, is whether you will promote
the interests of the man who borrows ana
puts his money into operation or whether
you favor the individual who loans his
money and becomes non-producer ANY
favoritsm in either way tends to promote
the interest favored. I do not need to
place any argument before you gentle
men as to which is the more worth in be-
half of the general welfare of this or any
other country. Personally, I place every
confidence in the possibilities to be
worked out by your Board. I am simply
making a few suggestions which you
have so courteously asked for
Within few days a good friend of
mine, president of one of our banks.
spoke Of how he had always looked for
ward to owning and operating a good
farm, where he could get away from some
Of the trials and complications Of his du-
ties. He expressed the sentiment of
thousands of such men. When do YOU
suppose my good friend the banker will
change his line Of work? 1 can tell YOU
when he will. Just when it is more pro-
htable to invest his money in farming