Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1916-10-19

cumulate 6urplusJ.
"Second-Loans must be attainable
for productive purposes only, and for
a period OF 25 years or less on q 30
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 It that
our farmers are not denied the oppor-
4 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 a 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 $3.50 a year,
or rs cents a day. The census also
shows that in the state of Iowa, taken
as a whole, population is steadily los.
ing. An investigation recently made
Of STA 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. If
l am elected Governor, l 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
rs per cent of the capital stock the
first year., and rs per cent for each
remaining year of my term.
Is it to be understood that II there
is merit to the plan that a great state
l 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, anG
hundreds of thousands of dollars fol
| 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 bone
; sales with the best security on eartl
. behind them-namely, Missouri farms
> There is not a particle of hazard IL
l such a transaction. 1t is so elementa
: : that it is not even considered a finan
cial risk at all.
! My opponent says my plan is crude
!. yet practically every student, autho
and authority in American on Ian,
credits have held otherwise, including
i Prof. Fetter, Professor Of Economic
! Of Princeton; and ex-president Of tn
American Economic Society-a ma
who has travelled all over the worl
studying this question.
I particularly call attention to tn
fact that a year ago while the fedora
l. bill was being discussed the grea
convention of the National Grange a!
d sembled in San Francisco, Cal, repre-
senting every congressional district i
n the United States, and after studyin
g all foreign plans and all propose
American plans, without a dissentin
! vote agreed that the Missouri idea wa
d the model plan.
e Judge Lamm states that the Gart
ner Land Bank Bill is in violation c
section 26, article IL, Of the Constitl
ton of Missouri. l am persuaded tina
this is a political rather than a legs
k opinion. The section referred to read
Is as follows:
Is Section 26. Act Creating Banks {
Ie Be Submitted to the People-Excel
Le ton, No act of the General Assembl
a. authorizing or creating corporation
t, or associations with banking power
al Except banks of deposit or discount
nor amendments thereto, shall go int
effect, or in any name be enforce,
" unless the same shall be submitted
a vote of the qualified voters Of til
state, at the general election ne1
st succeeding the passage Of the sam
ID and be approved by a majority of Il
p votes cast at such election.
k Now the FoTtyAeighth General A
,e sembly passed the act establishing IL
to Missouri Land Bank and Rural Credi
and in accordance with the expires
ly terms of the section cited, the bi
It is now being submitted to Il
ce people under the Initiative clause
m our constitution. The people kno
i'll precisely what they are voting on. N,
i'd only that, but they are ~delegating
is the legislature, as they have a perfe
le right to do, the power to "enact 9th,
ar special laws to amend and to improv
the said act, or to supply omission
" or correct defects therein" The pr
ts posed amendment changes the Co
le stitution in three respects:
in First-It authorizes the ~legislatu
n to amend and improve, supply omi
Id sions and correct defects in the bi
thereby repeating that portion of Il
Constitution which provides that
al such amendments shall be made uni
eff submitted to the people.
K Second-It authorizes the Gener
Assembly to appropriate one millit
of dollars as a loan to the Land Bank.
he Third-It authorizes the legislatu
IN to exempt the assets Of the Land Bal
ri and its bonds from taxation.