The Ocala evening star., 1920-05-24
FLETCHER AND THE
RURAL CREDITS BILL

portant issue. In the last few weeks,
the state has been flooded with let
ters, giving the credit for this meas .
ure to Senator Hollis Of New Hamp- .
shire, and referring the people to the
Congressional Record. It IS a safe bet .
to refer the people to the ConGres- !
sional Record, which only about one .
person in a thousand reads. but the
following from the New York Ame4i- /.
can of July 19, 1916, will take a
closer hold on the average man:
President and Congress Merit Ap-
plause for Enacting the Rural
Credits Bill
The signature by the president of
| the rural credits bill marks the sue
| cessful elimination of a long fight,
led by the American and other
Hearst newspapers, for the emanci-
patton of the farmers from unjust
and burdensome conditions imposed
upon them by the banking interests
and the banking laws of the nation.
The president very fairly and just
ly summed up the conditions from
| which the farmers are relieved by
this legislation when he said:
1.-The farmers, it seems to me, have
occupied hitherto singular position
of disadvantage. They have not had
the same freedom to get credit on
their real estate that others have had
who were in manufacturing and COM
mercial enterprises, and while they
have sustained our life they did not IN
the same degree with some others
share in the benefits of that life.
Therefore, this bill. along with the
very liberal provisions of the federal
reserve act, puts them upon 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 delayed justice to them, and can
not but feel that it is very crafty
ing thing to play any part in doing
this act of justice"
To Senator Fletcher of Florida is
due the greater part of the credit for
!, steering this legislation successfully
, through Congress. The senator vas
:, pioneer in the movement. Repre-
senting as he does an agricultural
> state, he keenly felt the injustice
which the existing banking laws al
: lowed to fall upon that most impor-
tant class which farms the land and
produces the fundamentals upon
which all other classes of the cOmmu-
nifty depend.
After a vigorous agitation of the
. evil. the Southern Commercial Con.
= gress, under the leadership of Sen
. ator Fletcher, appointed a commls
= sion to study European methods OF
financing the farming interest. The
- Congress of the United States tool
/: like action, and the commissions, bOtl
l. appointed by President Wilson, tour
a ed European countries IN 1913, max
u ing very careful investigation int
the rural land credit banks whicl
form so great a part of the tinancia
system of continental countries.
The immediate result was III
- Fletcher Moss bill, which, after var
ious changes, both in title and in sub
I stance, by later Congresses, furnishe
the essential features of the presen
law.
Senator Fletcher may, therefor'
rightfully claim the honor of bein
the author of this great step forwar
and this progressive provision for re
lieving farmers from a situatio
which was really one of eXtortio
practiced under the countenance {
the law.
1t was vital to the country ths
some legislation of this sort should
provided During the long and hea
ed discussion, not merely in Congress
but in the press, which has attende
the slow progress of this bill to e.
actment, the American people hay
been made familiar with the graz
injustice done to the farming cor
munity by the existing systems of e
tending credit.
1t is not too much to say that !
manufacturer or merchant could pO
sibly do business successfully tod;
if the obstacles in the way of secu
ing credit and the interest exact
of him for loans made were as gre
as in the case of the farmer.
It is not fair to charge that tt
condition of affairs was due Whol
. to the greed of the banks. Partly
0 proceeded from the lack of knowled
among bankers of proper methods
~ securing farm loans so that tn
would not be extra hazardous and I
ger the protection of the banker bring
IN. extraordinarily large interest.
ub- The fact that there was no prov
ar ion in the federal law for redisccul
ing notes based upon securities whi
Al farmers had to offer was, of cour
i've the fundamental flaw in the haphs
am ard system under which we have be
pm working.
ON All this is corrected in the Fletch
bill. The system of twelve loan banl
pm under control of a federal board to
appointed by the president, puts
am business of farm loans on a plane w
pm that of commercial loans. The far
"a" er is assured of the same facilities
). obtaining credit on his success
I've farm as the manufacturer is upon
@ anl profitable mill. This is only justi
S thouOh helatad iuStice