The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1916-07-07
BY OMAR D. GRAY.

When Col. Fred D. Gardner began
work on his land bank bill, nearly
four years ago. no one foresaw the
great European war at this time.
Though legislation for the relief Of
the farmer by enabling him to borrow
money at reasonable rates has been
needed all along, such measure is
doubly needed at this time when
America must be the great storehouse
of the world for years to come.
Missouri must do its share. Ours
is the first state in the Union to pro-
jeet a land bank. The Gardner bill,
passed by the Forty-eighth General
Assembly of Missouri, is to be voted
on under the initiative and referen-
dunn in November, in order to settle
all questions of constitutionelity and
avoid court suits. The law is to be
come effective the first of December
of this year, and in all probability
ours will be the first land bank in OBJ
Grafton in this country,
You will notice that our federal
government is preparing to establish
IL banks in various parts of the
United States 70 extend rural credits.
Good! We need all VIC can get Sew
eral hundred million dollars could be
used to advantage right here in Mis-
souri,. Our farmers need state land
bank and also would welcome the
chance to borrow from Uncle Sam.
Look at the Ozarks! It's the best
stock, poultry and fruit country in the
world and virtually is undeveloped!
Look at the thousands of acres Of
| uncultivated lands in all parts of our
state, and thousands of other acres
where attempts are made to grow
crops but are poor from the lack of
fertilizer and use of good machinery.
An Example in Congress.
1t was pleasing to read how Speaker
Clark got down from his rostrum d
few days ago and took the floor in be-
half of rural credits, using arguments
such as Col. Gardner and other Mis-
sourians have used for years. There's
no question about the need of land
banks, nor the soundness of the plan,
| when, as has been proven by expert
ence, European farmers have been
using twenty-five billion dollars at be-
tween 3 and per cent interest, and
have Increased their exports of food
supplies while ours decreased.
There's no question about the safe
| ty of the Gardner measure. We can
! lend money TO farmers at AZ per cent
on long time, let them pay q little
each year on the principal and
| through the sale of bonds put to work
many millions of dollars. The bonds
will be the safest investment on earth,
being secured by the land appraised
at half its cash value The state, In
lending the bank q million dollars as
working capital will be fully protect
cd In time the reserve fund of one
half of l per cent, paid by the Dor
rowers, will refund the million to the
state, and it will have cost the tax
payers nothing. Just think of it!
From a German Banker.
Returning to the subject of Europe
Herr Gewinner, president of the
Deutsche Bank Of Berlin, told Col
4 Gardner.
Il told an American railroad presi
dent that American exports of manu-
| featured articles were not your trou
BILE. (This was before the war; This
is growing and will grow fast enough
What you require is development OF
! your agricultural resources. Food il
what the world wants and must have
and the supply is short. You must
give your people better educational
advantages, and yon must give them
cheap capital.
IF you had good machinery for
rural credits your land bank debent
ures tbonds) would sell anywhere al
as good rates as your government
bonds"
Report From Great Britain.
A remarkable report on agricultural
credit recently was prepared and sub
mitted to the British government by q
large commission of bankers, farmers
merchants and laborers-men from all
walks Of life. This report had much
i to do with the back-to-the-farm move
ment and the agitation for law tc
4 tax all uncultivated land at pre-
MUM. The report says, in part:
4 1--WE shall in the course of our re
port give our reasons for believing
that much improvement can be effect
ed Through land banks) in ruraI
credits WITHOUT IN ANY WAY
| COMPETING WITH EXISTING
BANKS.
/ CLOSELY connected with the subject
of rural credit and capital for the
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