The Owosso times. (Owosso, Mich.) 1897-1926, 1916-02-11
Outline Of Credit System.

BEGINNING to line up In support OF IT,
| A bill is under discussion at Washing
,on which provides for a compre'
aensive farm mortgage credit system
under the control and supervision OF a
| land bank board Of five members to be
| appointed by the president with the
cD1roval of the senate. Under the
Dian sI'"Gested nv the committee hav-
INC The hill in charge, the country Is
10 he divided into twelve districts,
each with a regional bank having q
capital stock of five hundred thou
sand dollars TO be issued in shares Of
ton dollars for purchase by the public.
Sock not taken in ninety days by
private capital or by local organiza-
tons, according to the contemplated
bill. will be subscribed by the Federal
government. business would be done
directly between the regional banks
and local bodies which farmers would
he authorized to organize in the form
Of cooperative farm loan associations
or JOINT stock banks. charter for which
would be passed on by the land bank
'oard. Applications for loans ap-
proved by the local organization would
DE recommended to the regional bank
of the district.
Chance for the Farmer.
Many of the farmers organizations
could quickly organized into proper
co-onerative bodies for the handling
Hf this business and from several Sec
lions Of the state comes the informa-
lion that they are already becoming
active in support of the plan. for It.
promises aid to agricultural interests
Of the state, similar subsidiary meth
DDS having been heretofore applied
TO the advancement of every other
enterprise in the state, in some form
or other.
First among the Michigan districts
70 show organized support of the Farm
Credit System is the upper section
of the lower peninsula. The farmers
of Emmett county and adjoining ter
ritory have already raised their voice
Concerning the farm credit plan, NJ.
M Burnham, of Petoskey, one of the
leaders on farm development work In
that section Of the state and an au-
thority on things agricultural, says In
the Pellston Journal in substance:
''In this political year some discus.
sion Of the farmers interests in the
coming campaign seems in order, to
the end that they may not be over
looked in our state and national plat
forms. II is most certain that other
classes will be so engaged in looking
after their own special interests that
they will give little thought to the
unorganized farmers. There are few
men who are broad enough In mind
and heart to grasp the larger views
Of human affairs and who rejoice in
devoting their efforts to the general
good of all. Many Michigan farmers.
as the spring approaches. have not
sufficient cash TO make the best of
their opportunities. Many find them
selves without funds to make improve
ments which would add MANIFOLD to
their profits, and still others have not
what they absolutely require in the
way of seed for proper cropping. This
does not apply to tenant farmers
alone for many owners foresee sea-
son Of distress II nothing new is in.
stituted to relieve them and enable
them to produce at least the usual
crops. Even those who have enough
are not prepared for rainy day" as
il were. Sickness in the family would
mean ruin unless they could borrow
money on reasonable terms. Invari.
ably the hardest pressed and most
needy is driven to seek aid from the
private moneylender at high interest
rates. Such a hazard means ruin ulti-
mately. These farmers need state
aid. They need system of credit
which will extend over a period of
long enough time to permit them to
get on their feet and to build up their
lands to a profit-making basis. and at
the same time to be beyond the reach
Of that type of monev-lender who gains
riches through the borrowers inabil-
ity to meet his obligations promptly.
Every farmer has a right to a hand
in political platform making and the
selection of the candidates so that
their welfare may not be neglected.
There are probably manv good men
In Michigan who are qualified to serve
the whole people. but since II is not
always the man who seeks office the
most industriously that makes the
most efficient executive Of state. |
am in favor OF a strong Farm Credits
advocate. In my mind the name OF
one man looms large In point of public
StlNICt dltu COHS'I duHlInlSITd-
ton. While am not acquainted with
the man. nor have 7 ever seen him,
yet for various accounts and reports
OF quick action and devotion to the
service of the neorle in the relief OF
the furnishing Belgians as chairman
Of the Michican Committee for the
Relief Of Belgium. of the human SYM
pathy shown in leading the movement
to furnish 'ahnr and food for the thou
sands Of rrernploycd in Detroit last
winter: of the organizing ability
shown in he'ping the beet sugar farm
ers to put their industry on a profit
able basis snd place Michigan In the
forefront as sugar producing state;
Of his efforts to unite capital and labor
through profit sharing partnership
methods, which. according to advanc-
od thought is the practical solution
Of one Of the gravest economic prob
lens that confronts the American
people; Of the constructive genius dis.
played as president OF the Detroit
Board OF Commerce. recognized to be
the most progressive civic institution
In the most prosperous city in the
United States: Of his activities as
head Of the World Court Peace move.
ment in Michigan. ! am led to believe
he Is the best man TO whom We may