The Caldwell tribune., 1916-07-28

The rural credits law recently enact
ed by Congress will unquestionably
prove of great benefit to farmers and
the general public. This at any rate
is the opinion of business men, bank
ers and capitalists.
w. H. Redway, man in wnom the
people of Caldwell have great conf
dence, and who is in position to
know the opinion of some of the great
business men Of the country, is con
yinced that the rural credits bill will
still Stimulate values in our own
country and state, and there is no part
of the state more worthy of stimula-
ton that that section wherein The
Tribune is circulated and read" Mr..
Redway writes, that the few acres
that own in that vicinity have taken
on additional value since | became
familiar" with this new law.
Mr.. Redway incloses an article
from the pen Of Frederic ]. Haskin,
special correspondent of the Chicago
Daily News at Washington, which we
deem worthy of reproduction. Mr..
Haskin is one of the. best known news
paper writer's in the country and a
man trustworthy in every respect.
Since the Haskin article was written
President has signed the bill and it is
law. The Haskin article follows:
The much discussed and long await
ed rural credits bill has passed both
houses of congress with remarkably
little opposition. By the affixing of
the presidential signature this highly
important and far reaching measure
becomes a law, to be known under the
short title of the federal farm loan
act.
When one realizes that it is conser-
vatively estimaed hit about $4,000
100000 worth of real property in the
United States is made liquid as basis
of credit by this legislation, that farm
property, long regarded as black sheep
among securities for long time loans,
will be used under it as security for
long term loans at low rates OF in
terest; that the whole complexion OF
rural life in America may be changed
as result of it's operation, it is evil
dent that the Importance OF the law
cannot be overestimated.
The measure was practically a non-
partison one On the final vote in the
senate there were only five dissenting
votes; in the house, with its much
larger membership, only ten. A plank
promising the enactment OF such leg
islation was an integral part OF each
of the three party platforms of l9lZ
Increasing Soil Ownership
The federal farm loan act strikes a
the roots of the rural credit situation
1t creates a new and elaborates sys
tenn of finance to cooperate with the
farmer and with the man who want!
to own land in the country. Mer
who have been working for it and OF
it for the last four years look TO
great fundamental changes in the ma
tional life as a result of its operations
They expect it to prove great stun
ulus to rural prosperity, to put tn
"back to the farm movement on
basis where it will really move, t.
diminish tenancy, which is on the in
crease in this country, and to Great
a large class which is attracted to tn
soil by ties of pride and ownership
a class which will be, in the worn bu
expressive phrase, "the backbone Q
the nation"
What is the federal farm loan act
In the words of one man who ma
been connected with the movemer
from its inception its purpose is t
make liquid forty billion dollars
worth of property in the United State
as a basis of credit for long tim
mortgages at low rates of interest
the amortization plan" There is
good deal said by implication in tn
sonorous- statement OF the case.
Farm Property Made Liquid
When farm property is made liqu
as a basis of credit it means that tt
old state of affairs by which far
mortgage was reluctantly receive
by most banks as security for 10;