The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1920-05-28
THE FARMERS FRIEND.

] The FARMERS FRIEND.
Recent propaganda sent out through
Florida, attempted to discredit Senator
Fletcher in connection with the Rural
Credits legislation. Anyone who is
even casually familiar with farm loan
legislation is aware of the fact that to
the senior senator, more than to any
one person, the farmers of this coun-
try owe the fight that has been waged
in Washington for their interests.
| The New York American of July Is
carried an editorial which openly gave
| to Senator Fletcher full credit for the
| Legislation, and following the signing OF
| the Rural Credits Bill. President Will
son presented Senator Fletcher with
the pen with whcih he had approved
the act, as a token of his appreciation
of the public service rendered in con-
nection with having the legislation en-
acted.
In part, the New York American
says:
ITO Senator Fletcher Of Florida, is
due the greater part of the credit for
steering this legislation successfully
through Congress. The Senator was a
pioneer in the movement. Represent
ing as he does an agricultural state,
he keenly felt the injustice which the
existing banking laws allowed to fall
upon that most important class which
farms the land and produces the fun
damentals upon which all other classes
of the community depend.
After a vigorous agitation of the
evil, the Southern Commercial Con-
gress, under the leadership of Senator
Fletcher, appointed commission to
study European methods Of financing
the farming interest. The congress of
the United States took like action, and
the commissions, both appointed by
President Wilson, toured European
countries in 1913, making a very care
full investigation into the rural land
credit banks which form so great a
part of the financial system of Con-
tinental countries.
1.-THE immediate result was the
Fletcher Moss bill, which after vari-
Gus changes, both in title and in sub
stance. by later congresses, furnishes
the essential features of the present
law.
Senator Fletcher may, therefore.
rightfully cla IN the honor Of being the
author of tht great step forward and
this progressive provision for relieving
farmers FROM situation which was
really one Of extortion practiced under
the countenaS Zee of the law.
4It was vial to the country that
some legislation of. this sort should be
provided. During the long and heated
discussions, not merely in congress,
but in the press, which has attended
the slow progress of this bill to en-
actment, the American people have
been made familiar with the grave
injustice done to the farming COM
munity by the existing system Of
extending credit.
at is not too much to say. that no
or merchant could pos
sibly do business successfully today ii
the obstacles in the way of securing
credit and the interest exacted OF him
for loans made were as great as in
the case of the farmer.
TT is not fair to charge that this
condition of affairs was due wholly to
the greed of the banks. Partly it pro-
ceeded from the lack of knowledge
bankers of proper methods of
securing farm loans so that they would
not be extra hazardous and for the pro-
lection of the banker bring in extra
large interest.
1.-The fact that there was no provi-
sion in the federal law for rediscount-
ing notes based upon securities which
farmers had to offer was. Of course,
the fundamental flaw in the haphaz-
ard system under which we have been
"AIl this is corrected in the Fletcher
bill. The system of twelve loan banks,
under control of a federal board to be
appointed by the president, puts the
business Of farm loans on a plane with
that of commercial loans. The farm
er is assured Of the same facilities of
obtaining credit on his successful farm
as the manufacturer is upon his profit
able mill. This is only justice, though
oelated justice.
Tn his remarks on the occasion of
signing the measure. the president
wisely said: 81 look forward to the
benefit of this bill not with extrava-
CANT expectations, but with confident
that it will be of very
vide reaching benefits
at is prudent not to expect that all
he evils to which the farming COM
nunity has been so long subjected
will be Immediately cured by this leg
islation. Indeed, the law is not all that
he more ardent advocates Of farm
.rs' credit desire. It does not go as
ar as similar measures in operation |
n Germany and France today have |
rome with complete success. Never |
heless it is a great step in advance, |
ind the democratic party and the |
president deserve unstinted commenda-
ion for it's passage"