The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1916-07-07

rural classes Is the important subject
OF the encouragement Of thrift. These
indeed are connected as supply and
demand. The chief function of credit
is to enable the person making use of
1t without any immediate return of
capital for a period mutually agreed
upon.
There must be a good reason for a
comparative failure Of agriculture.
AN industry which is yearly suf-
fering from severe competition should
utilize more fully the credit which is
so readily available for any other pro.
ductive enterprises"
Facts From France.
Myron T. Herrick, a noted banker,
when Ambassador to France, studied
farm credits, and he says: THE ma.
chinery for credit in the United States
is defective and inadequate from the
point Of view of agriculture. There
are no can whatever for granting
longtime loans. Farmers cannot af-
ford to tie up their money for a long
term in the mortgages of neighbors.
There are no arrangements, except in
a few special cases, for promoting the
movement of the people back to the
land.
1.-THE prime object is to create a
system whereby the farmers may use
their savings as circulatory and work.
ing capital, and obtain from the gen
eral public all the other funds needed
for improvements"
You will recall hat the United
States sent a commission of 100 mem
bers abroad to study farm credits.
Here is a brief extract of most i'm
Dortant points in their report;
American commlsslon's Report
What the country wants is not so
much Increase in price as increase in
productivity of it's farm lands. Farm
credit, therefore, should be productive
and proyident."
Here let me remark, in parenthesls,
that this point is covered by the
Gardner Land Bank Bill. Loans will
not be made for speculation. The
law provided that the money borrowed
must be used for paying off prior
liens or membranes, thus reducing
the interest rates under the old usuri
Gus system, and the balance to IN,
PROVE THE FARMS. To continue
with the American Commissions re
port:
Rural credit is not the same al
urban or city credit. Farm credit CALI
for special attention and special insti
t%utions. Agricultural credit in The
greater part of Europe ranks higher
than commercial credit.
Land mortgage credits rank higher
than Industrial credit. Saving anC
trust funds are freely invested in farm
mortgages.
Land mortgages are always repaid
on the amortization (easy yearly pay
ment) plan" (The same as In thu
Gardner bill.)
THE rapid increase In tenantry II
the United States is becoming al
alarming condition. II makes poo
farm practice, poor farm business an,
, poor farm community.
, European credit Is based on tn.
. land mortgage bond. II is not base
on one mans farm, but on the farm
r Of many. This bond is bought an
r sold in the market like government
+ bonds"
IT is UPON SUCH FACTS THA'
!. COL. GARDNER WORKED AM
I CONGRESS NOW is WORKING
S That our Missouri Legislators passe
the Gardner bill is a credit to then
I And doubtless our people will ratif
the Measure and thus make mis-
SOURI, THE FIRST STATE TO Al
THE FARMER WITH MONEY A
T Low INTEREST RATES AND o.
EASY TERMS.
Yes, we need the Gardner Ian
bank, and any further assistance OF
farmers may get from your Unc.
Sam. 1t will bring prosperity to OF
own folks and also allow us to he.
b. feed the people Of the war-stricke
a world.