Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1916-07-17
PRESIDENT EULOGIZES
FARMERS AS HE SIGNS
BILL ON RURAL CREDITS
Delayed Justice to Deserving
Glass, Says Wilson of New
Financial Legislation.
Hopeful of Results
M A NY SEE CEREMONY

WASHINGTON, July 17.-Presldent will
son, paying tribute to the farmers of the
country, accompanying the act with n
speech today signed the rural credits BILL
It provides establishment of a system Of
land mortgage banks to handle longtime
mortgage loans to farmers
by invitation Of the President, many in
terested In the initiation of the rural credits
system were present at Its signing. These
included House and Senate mehnbers who
had handled the bill.
Speaking before he signed the BILL the
President said.
"On occasions Of this sort there are so
many things to say that one would despair
of saying them briefly and adequately but
/ cannot go through the simple ceremony
of signing this bill without expressing the
feeling that I have in signing 1t. 1t is not
only n feeling of profound satisfaction, but
of real gratitude that we have completed
this piece of legislation, which / hope will
be immensely beneficial to the farmers of
the country.
DELAYED JUSTICE.
THE farmers. II seems to me. have oc-
cupied hitherto a singular position OF dis
advantage. They have not had the same
freedom to get credit on their real assets
that others have had who we're in manu-
featuring and commercial enterprises, and
while they sustained our life they did not
in the same degree with some others share
III lne DGIelllS OL THAT llle.
Therefore this bill, along with the very
liberal provisions of the Federal reserve
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 is de-
layed justice to them, and cannot but feel
that it is very gratifying thing to play
any part in doing this act of justice.
II look forward to the benefits OF this
bill not with extravagant expectations, but
with confident expectations that it will be of
very wide-reachlng benefit; and, incident
ally, it will he of advantage to the investing
community, for l can imagine no more
satisfactory and solid investment than this
system will afford those who have money
to use 1 sign the bill, therefore, with real
emotion"
TO SELECT BOARD.
The President started Immediately the
task of selecting members of the Rural
Credits Board provided in the act.
A largo list of applicants for places in
cludes bankers, mining experts, scientific
farmers and lawyers in every part Of the
country.
Among those prominently mentioned are
c. b. Kegley, master of the State Grange
of Washington L.. b. Clore, La Porte, Ind;
Herbert Quick West Virginia; Rowland
Norris, lawyer. Pennsylvania, and protege
of Vance Mccormick and A. Mitchell
Palmer; II. ]. Moehlenpeth, banker, Clin-
ton, wis. w. w. Flanagan, New Jersey;
f. j. II. Won Engleken, Florida b. NJ
Ralston. brother of Governor Ralston, In
diana, and j. Lee Coulter. West Virginia,
The President conferred with Secretary
McAdoo and Postmaster General Burleson
today. Tomorrow he will see members Of
Congress who have been active in pushing
the rural credits measure. The President is
expected to be guided to large extent in
his selections by Secretary of the Treasury
McAdoo under whose department the board
will operate.