The Nevada County picayune., 1922-01-12
FARM LOAN
 BODY MEETS
Association Listens to Address By HI. w. Danforth and Governor T. C.
 McRae.

met at the court house in this city l Saturday afternoon at 1.30 o'clock. The weather was very bad, but there was large gathering present when Secretary Yancey introduced H. w. Danforth of St. Louis, president of the Federal Land Bank who held the close attention of the audience during l his address.
 Mr DanfOrth told of the organiza- tion of the association at St. Louis five years ago At the start there was considerable opposition from the busi ness men and bankers, who did not understand the plan of the 0rganiZa tion, but this was overcome through a campaign of education
 S37 100000 in lonas have since been made by the association, and no losses sustained so far. Only one foreclosure has been made in the state of Arkan- sas.
 He said the farmers had needed long time loans, because the business of farmer moves slowly. It takes a year to grow one crop, and generally many ears of work to realize profit from farm investment. Business men were taken care of by national and state banks, on short loans, which the business man was able to pay by quick turnover, but these banks were unable to extend longtime loans to farmers. so the Federal Land Bank filled q long felt need.
 The farms of the country were rapidly being worked to death by one crop methods Farm did not build up the soil. because it was cheaper to move. Thus when the farmers in 1 New York and Pennsylvania wore out the soil in their states they moved west to Ohio, and Illinois. and when the farmers of Ohio and Illinois wore out the soil, they moved farther west They were compelled to do this. be- cause money was not available to re- build their worn-out farms. while new rich lands were plentyful in the west. By applying the money loaned by the Land Bank to their farms. they can rebuild them with fertilizer. etc. in crease production, and not only help themselves but aid the government ill making this one of the richest agricul- tural countries in the world.
 Cooperation. he said was the key note of the farmers success. In Ger many the farm association idea origi- mated when bands of 1000 farmers would organize. pledge their acreage and work to secure loan. which in turn was loaned to individuals. One thousand farms and one thousand hard working men were behind every loan.
 The main purpose of the Farm Loan Association was to provide capital to farmers for agricultural development. The farmer owed it to the government and to himself to apply this money for the upbuildng of his farm. Only by this means would an eaualzed and lower rate of interest be obtained.
 Gov. McRae also addressed the meet ing He stated he had championed the cause of the Federal Farm Loan Act, and the Reserve Bank Act at meetings of the Bankers Association.
 He said the Prescott Association was the largest in the district which com prises Missouri. Illinois and Arkansas, and complimcnted the local order on it's very efficient management. He also deplOred the fact that Nevada county is without a farm demonstration agent and hoped we may be able to secure one in the immediate future.
 After the speaking there was q busi- ness session. to which only members of the association were present
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