Payette enterprise. (Payette, Canyon Co., Idaho) 1909-1935, 1916-01-20
FARMERS REQUIRE
CHEAPER MONEY.
HIGHER LAND VALUES MAKE
IMPROVEMENT CAPITAL
SCARCE--AUSTRAL|An
PLAN WORKABLE.

Corvallis, Ore, Jan. IT," Adoption
of the Australian rural credit system
by Australia has stopped the drift OF
young men from the country and is
attracting to the land scores Of young
men from the cities. 1t has created
opportunities for hundreds of poor
men who without it would never have
been land owners"
In this way Elwood Meade, pro-
fessor of rural institutions OF the
University of California. indicated the
value and effects of workable rural
credits. plan in his discussion before
farmer students at the Oregon Aeri-
cultural College. Mr.. Meade claims
that the most important question con-
nected with rural development of the
Pacific Coast region is how to main
tain the balance between city and
country life. He pointed out how eco
nomic changes of recent years make
it impossible for a farmer to do today
what he could well have done gem
Grafton ago-clear and improve a
160tacre farm on a capital OF Slooo
to $4,000. There. are but few places IN
the West where improved farms can
be bought or raw public land brought
into cultivation for less than $1OO per
Acre. improvements necessary to
make the property going concern
cost more than most settlers are able
to pay. Yet these improvements
should be made Immediately. II
farm can be made productive and es-
pecially if settler can have time
In which to earn the money,
he nearly always succeeds. the prof.
It's OF intense culture are great ana
in some directions continuous and 1e-
liable. What the settler needs is cap
ital. or ability to borrow money on
very long time at low rate OF interest
to improve, equip ana
stock his farm so that it can be cultl-
waited in accordance with scientific
methods.
Lack OF adequate credit facilities
was declared an economic wrong
10 the settler, but the absence OF or
ganized oversight Of settlement ls
another economic wrong to beginners
in new country, who waste money
and effort through ignorance of local
conditions and correct methods, es-
pecially in irrigated regions. Under
present conditions many settlers are
stranded for lack Of funds to start
tight. and the few, that are able to
borrow money must pay exhorbitant
'ates Of interest under restrictions
hat usually spell ultimate ruin.
In one California district" said
Professor Meade, "the average farm
mortgage Indebtedness over the
whole area of nearly 10000 acres is
so an acre, in addition to which the
,hattel mortgage Indebtedness on the
iame area is about SIS an acre. The
interest rate and commissions aver
lge about 10 to IL per cent, and tol
his has to be added heavy payment
IN the principal"
On the other hand, in countries
laving an adequate rural credit sys-
EN-, IS per cent is the highest rate of
interest paid on, these farm loans.
That is enough, thinks Mr. MEADE, |
Who declares that if Settlers could
ecure a like rate Of interest together
With nmortized payments extending
yer 80 years It would mean to them
he difference between success and
allure, confidence in the future and
arassing anxiety.
Conditions parallel to those in CALI
ornia are redeemed in the Arstralal
redit system through government
BANS to settlers and supervision of
ind leveling, irrigation and farm i'm
OF its effects the pre-
Tier of Victoria said: 1.-THE demon
tration that farmers can be fully
mployed and obtain comfortable
wing on from 20 to 40 acres Of irri-
able land not only insures the finan-
lal success OF our investment In IT.
Igation works but gives a new con-
option Of ultimate population that
lis state will support and the agri-
ultural wealth that 1t Will produce"