Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1921-12-30
Second Section-Pages I 10 z

standard receipts, the present insrfu-
lions OF credit should be adjusted TO
care for all or our needs. 1t is TO pc
hoped that the agricultural commas-
sion OF congress now this
problem will work out the detaiis1to
make this effective.
There are many special phases OF
this question of credit for farmers put
Isshall only refer to one here. Inc
have to do with the purchase 81 the
farm. the equipping of the farm the
production OF the crop ands the mar.
keting. But what Of the question OF
the conveniences Of the farm home
and farm headquarters? When a
number of citizens group togetner u
a city they decide that they want
flowing water, toilet Faculties pain,
sewage, electric lights. etc. Are no.
farmers as worth citizens even II
they do not. live in the city ana
should they not be able to secure these
same conveniencesc The scientist,
the mechanic, the inventor. have now
provided reliable individual equipment
for, the farmers home. But how shall
he finance it? In the city are
| issued and sold and a sinking 1una
| created. Why should not groups OF
farmers or individuals have a nance
IA borrow through federal Or state
chartered land banks for this pur.
pose. with opportunity to pay a small
amount annually to cover interest n
create a sinking fund which Wou'o
wipe out the debt in a period OIL ten
to twenty wears? And why. If mu-
inequalities may. issue tax exempt
bonds for such purposes should not
federal and state land banks similarly
issue tax exempt securities? This Is
only one illustration of the specia
legitimate needs Of farmers and a sug-
gestion of the method of solution.
Not Avoiding Bank Discussion.
1T has not been my purpose tt
! avoid discussion of the Bank OF Nortf
Dakota or any other state-oWned anc
Htsatc-operated bank. If this or any
other state should enter upon a per
manent program Of state-owned anc
state-operated elevators, warehouse
and cold storage and a system Of
| state-owned and operated flour mills
packing plants, ETC., that state woult
in all probab ility find it advantageou:
to own and operate a. state bank t.
handle the finances Of these institu
lions.
Political Question.
I'm the past the system Of state
owned and operated banks which
went out of existence were thos'
which we're engaged wholly or chiefl!
in financing individuals or privatel,
owned and operated enterprises
Whether a state owned and operatet
bank created chiefly to handle tn
business of the state and its subdivi
sions including an industrial program
should in addition go into the bushes
of financing private individuals o
companies Of farmers or laborers o
, business men is chiefly a politca
rather than an agricultural or eco
nomic question and therefore l an
question for discussion at this meet
ing.
Here we are interested in tn
needs Of the farmers for credit to blu
land, to equip the farm, to produc
his crops and to market his crops
we are interested in quantity of cred
it the time available. the kind of col
lateral. the rates of interest and tn
methods Of repayment and sinkin
fund. We may leave for the consid
GRAFTON of others the political phas
of the subject.
Farmer Has Special Needs.
"Surely all citizens Of this grea
republic will agree first that tn
farmer is as worthy and reliable a
? any other body of citizens; secont
. that he has special needs just AS a
3 other lines Of human endcavor have
and third that the provision of ne,
| institutions and the change or adjust
ment of present institutions shoul
not be a matter of party politics Q