The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1916-07-17
President Attaches Signature to
Rural Credits Law.
Creates q System of Twelve
Land Loan Banks.
WILL APPOINT new BOARD
To Comprise Four Members and
Secretary McAdoo.
Predicts Law Will Be Financial
Boost for Farmer.

T Washington, July 17.-President
Wilson today signed the rural credits
bill passed recently by congress. A
group of senators, representatives and
officers of farmers organizations APP
plauded warmly a. Mr.. Wilson affixed
his signature
just before signing the measure,
which creates a system of twelve land
loan banks under direction of federal
board, the president made short ad-
dress, pointing out the benefits he be-
lieved both farmers and the investing
community would enjoy under It's
operation.
I'm signing the BILL said the presi-
dent, st have not only feeling or
profound satisfaction but Of real graf
piece of legislation, which hope Will
be Immediately beneficial to the farm
ers of the country.
1.-The farmers, it seems to me, have
occupied hitherto a singular position
of disadvantage They have not had
the same freedom to get credit on
their real estate that others have had
who were in manufacturing and com
mercial enterprises and While they
have sustained our life they did not in
the same degree with others snare In
the benefits of that life.
Farmer on New Financial Basis.
.erherefore this bill along with the
very liberal provisions OF the rederal
reserve act puts them upon an equality
with all others who have genuine as
sets and makes the great credit of the
country available to them. One can
NOT but feel that this Is delayed JUS
flee to them. I look forward to the
benefits of this bill, not with extrava-
CANT expectations, but with confident
expectation that it will be of very wide
reaching benefits, and. lncloentally,
will be of advantage to the investing
community, for 1 can imagine no
more satisfactory and solid invest
ments than this system will afford
those who have money to USE.
| The president used two pens in
signing the bill, and gave one of them
to Senator Fletcher of Florida, who
asked permission to present it to the
Southern Commercial congress.
In addition to the number of menl-
bers of the house and senate the sign
ing was witnessed by David Lubin, one
| of the originators of the bill ano
representatives of the national grange
the Farmers Educational Cooperative
union, the Farmers Society of Equity
the Ancient Order of Cleaners, the
i Farmers National congress and the
National Council of Farmers Coop
Eerative association.
/ TtSecretary McAdoo conferred will
the president later on the selection o.
members of the new farm loan board
who will be appointed in the neal
| future. ~
Among those understood to be un
| der consideration for membership OF
the board are:
Herbert Quick w. w. Flans gan
secretary of the joint congressional
committee on rural credits; F. ]. H
Won Engelken of Florida, C. b. Keg
ley of Washington state, B. M. Ralstol
and L. B. Clore of Indiana, !. l.. Coul
ter of West Virginia, and H. A. Moeh
lentah of Wisconsin. Secretary Nc
Adoo is an ex-officio member an,
four will be appointed by the presl
dent.
To Name Two Republicans.
1t is understood the president ha
practically decided on two men, C. E
Kegley of Washington and John LIE
Coulter, dean of the West Virgins
Agricultural college, both Republicans
The choice of a member who is
practical farmer lies between S. J. Il
Won Enkeleken of Florida and Leon
ard B. Clore, La Porte, Ind. CIore'
selection has been left in doubt be
cause of the failure of Indiana's con
gressmen to present a united endorse
ment of him, but it is understood In
diana Democrats today agreed to dro
differences and support C1ore.
The chairman of the board is to b
an eastern man, a Democrat who ha
a bankers knowledge of farm mort
| pa geS