Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-07-18
RURAL CREDITS BILL
IS GIVEN SIGNATURE
OF WILSON MONDAY
New Legislation Will Place
Farmers of Nation on Equal
Financial Footing With
Business Men
BY RALPH SMITH.

ok 1sA1EA
WASHINGTON, July 17.-President
Wilson approved the rural credits Lill
this morning at 10 o'clock. His Office
at the White Hhouse was crowded with
large number of senator's, representa-.
tives and invited guests, to see him sign
the measure which. it is believed. will
revolutionize the farming industry of
America, and make the agricultural in
terests throughout the nation blossom
like a rose.
The president used two pens with
which to sign the bill, One of these he
presented to Senator Duncan U. Fletch-
er, of FLORIDA, and the other to Senator
Hollis of New Hampshire. Senator
FLETCHER, in turn, will present his pen
to the Southern Commercial congress If
which he is president.
Senator Hoke Smith was present at the,
presidents invitation. in recognition of
his work for and interest in the lcgis-
lation. The members of the United
States rural credit commission, created
by the Southern Commercial congress,
and the members of the senate and house
committees on agriculture and banking
were also present by invitation
The legislation became a law with
the presidents approval. 1t will become
operative just as soon as the president
appoints and the senate confirms the
members of the federal farm mortgage
bank board, Of whom there will be i've
In no event will the operation of the
measure be delayed for over ninety
days, and pending it's actual operation it
is expected that farmers In every sec
ton of the country will organize local
associations, so that they may be able
to avail themselves Of the benefits If
the act as speedily as possible.
PRESIDENTS ADDRESS.
Just before signing the measure, which
creates a system of twelve land loan
banks under direction Of federal board,
the president made a short address
pointing out the benefits he believed both
farmers and the investing community
would enjoy under it's operation.
I'm signing this BILL" said the presi-
dent, II have not only a feeling of pro-
found satisfaction but of real gratitude
that we have completed this piece Of leg
islation, which hope will be immensely
beneficial to the farmers of the coun-
try.
1.-THE farmers, 1t 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 in manufac-
turing and commercial enterprise, and
while they have sustained our life, they
did not in the same degree with others
share in the benefits of that life.
Therefore, this bill, along with the
very liberal provisions of the federal re-
serve act. puts them on an equality with
all others who have genuine assets and
makes the great credit of the country
available to them. One cannot but feel
that this delayed justice to them. Incl
dentally, 1t will be of advantage to the
investing community, for I can't imagine
a more satisfactory and solid invest
ment than this system will afford those
who have money to use"
FARMERS ORGANIZING.
The treasury department already has
received reports from many sections.
Indicating that the farmers are organIz-
ed and awaiting the opportunity to take
advantage of the law. The first associa-
ton to be organized was down in Flor
ida, and the second was in West Vir-
ginia Throughout the middle west as
sociations have been organized, or are
in the process of formation, and 1t is
believed the law, once it is in opera,
ton, will make its influence felt as mol
other legislation has done.
The rural credits legislation, briefly
summed up, puts the farmer on a plane
of equality with the business and pro-
fessional man with respect to finances
1t makes the farmers land and his i'm,
provement Just as valuable and negotia-
BILE for loans as the business and pre-
fessional mans security and at as low
a rate of interest.
The maximum rate of interest that
can be assessed against farm loans, UNI
der the law, is per cent, and in most
instances 1t is believed the law will
operate to materially reduce this rate
Prior to 1912 little was known of rural
credits, and the subject was rarely dis
cussed. In that year, however the |
Southern Commercial congress, appre-
ciating. the possibility of the system,
took hold of the question. The agita-
ton thus begun grew rapidly until the
demand forced congressional action.
Secretary McAdoo conferred with the |
president today on the selection Of mem
bers Of the farm loan board, who will |
be appointed In the near future Among |