The Butler weekly times., 1916-10-19

without dividends or interest Ito 40
cumuate surplus).
"Sfcond-Loans must be attainable
TOT protective purposes only. and for
a period Of 25 years or less on 81
pei cent Of appraised value.
"Ihirl-Payments must be made on
amortization or annual payments
plan.
- "FoHith-Debenture bonds to be is.
sued against the first deeds of trusts
and III 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 30 per cent of the population
was On the farm-5O years ago 66 per
cent OF our population was on the
farni-;oday only about 80 per cent is
on the farm. The census shows two
thirds Of the largest agricultural conn-
ties in Missouri are losing in popula-
tion 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 a farmer is $50 ycsr
or - cents day. The census al:u
sll' VS. nj in the state of Iowa, take,.
as a "h3.e, population is atea lily los
Ing: "a investigation recently mad !,
of 6,i farms in one county of Npw
YORK - per cent Of the young neil
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, l would ask for
Is per cent of the capital stock the
first year. and 25 per cent for each
year of my term.
Is it to be understood that if there
is merit to the plan that a great state
like Missouri, whose future hinges on
he development of agriculture, can
affard to hesitate? What is our
history with reference to public enter
prises? We appropriated million
1011NTs 70 The ST. Louis II Urid far
We have appropriated over three mil
ion dollars for new state house, and
hundreds Of thousands of dollars for
)ther state institutions. whenever the
necessity required.
1t must be borne in mind that the
chief source of loaning capacity comes
rom the turnover realized from bond
sales with the best security on earth
behind them-namely, Missouri farms.
There is not particle OF hazard in
,uch transaction. 1t is so elemental
hat it is not even considered tinan-
,ial risk at all.
My opponent says my plan is crude.
ret practically every student. author
md authority in American on land
,redits have held otherwise, including
il Princeton, and eXpresident of the
American Economic Socie,y-a man
Who has travelled all over the world
this question.
I particularly call attention to the
act that a year ago while the federal
ill was being discussed the great
of the National Grange as
embed in San Francisco. Cal, repre-
enting every congressional district in
he United States, and after studying
II foreign plans and all proposed
.merican plans, without dissenting
ote agreed that the Missouri idea was
he model plan. i
Judge Lamm states that the Gard
er Land Bank Bill is in violation of
action 26. article IL. of the Constitu- !
on of Missouri. l am persuaded that
lis is a political rather than a legal /
pinion. The section referred to reads .
) follows:
Section 26. Act Creating Banks to
q Submitted to the People-Excep- !
on. No act of the General Assembly !
or creating corporations
r associations with banking powers
except banks of deposit or discount),
or amendments thereto, shall go into
feet, or in any manner be enforced,
Mess the same shall be submitted to
vote of the qualified voters OF the
ate, at the general election next
lcceeding the passage of the same.
I'D be approved by majority of the
otes cast at such election.
Now the Forty-eighth General AS
.mbly passed the act establishing the
issouri Land Bank and Rural Credits
i'd in accordance with the express
rms Of the section cited, the bill
now being submitted to the
sople under the initiative clause of
II constitution. The people know
'ecisely what they are voting on. Not
lily that, but they are delegating to
70 legislature. as they have a perfect
ght to do. the power to ''enact other
'ecial laws to amend and to improve
q said act. or to supply omissions
correct defects therein" The pro-
'sed amendment changes the Con-
tuition In three respects:
Nrst-It authorizes the legislature
amend and improve. supply omis-
ons and correct defects in the bill.
ereby repeating that portion OF the
which provides that no
ch amendments shall be made until
to the people.
authorizes the General
Isembly to appropriate one million
llara "A n loan IN the Land Rank.