The Nonpartisan Leader Newspaper, December 2, 1918, Page 13

L Iy . the country. It has b Farmer Control of Land Banks Coming Secretary of Rural Credit League Believes Borrowers - Should Prepare for Co-Operative Rule BY GEORGE P. HAMPTON HERE are now over 3,000 National Farm Loan as- sociations in the United States, composed of bor- rowers to whom money “has been loaned to the amount of between $125,000,000 and $150,000,000.. These associations were organized under the federal farm loan act as co-operative bodies for the pur- pose of handling farm mortgages through < co-operative methods ' by . means of organizations of borrowers. The extent to which the co-operative movement in the United States is to make progress will be very powerfully affected by the success or failure of the National Farm Loan associations. The future. welfare of the Federal Land banks will depend very largely upon the attitude towards the system -of the individual borrowers.. Under the law, as ‘amended, the temporary organization of the 12 Federal Land banks' will continue so long as the United States treasury holds .any bonds of the Federal Land banks, and until the ‘amount of stock in the land banks owned by National Farm Loan associations shall be equal to that owned by the government. This will perpetuate in the hands of the fed- eral farm loan board the control of the land banks for some time to come. It ‘seems probable that congress felt in passing this law that some time should elapse for the development of the co- operative spirit among farmers be- fore the-election of the officers of the Federal Land banks should be placed in the hands of the National Farm Loan associations. . : The Federal Land banks are great institutions. The success or fajlure of farming depends to a considerable extent on the ability to-borrow money on just terms and on long time on farm mortgages. The federal farm loan system has benefited the farmers of the United States to "an extent which they probably hardly realize. When the war broke out, there was a tremendous demand for money for in- dustrial‘and other purposes. Interest rates immediately began to rise. Great industrial corporations which former- ly borrowed money at 4 and 5 per cent are now obliged to pay anywhere from 7 to 10 per cent per annum for money. But the farmer today is able to get a mortgage through the Federal Land banks at 5% per cent anywhere in the United States. If it had not been for the federal farm loan system he would either have been obliged to pay ruin- -ous and usurious rates everywhere, or he would not have been able to get, money at all, and we should have had an era of foreclosure, high commis- sions and general extortion on the part of loan‘agents, which would have plunged the farmers almost every- where into deep despair. .- Federal Land bank bonds have sold on the market bearing 4% and 5 per cent interest, and have taken their place among the ' securities of the country as prime.securities unexcelled by any bonds of any sort, including government bonds. . st WISE MANAGEMENT 2 : -All this means that the farmers ar vitally ‘interested in the management of the Federal Land banks. 'Many farmers have felt that the loans of- . fered them were not as large as they should have had and that the appraise- ment of their lands has been rather strict, but unless this policy had been . pursued, federal farm’ loan - bonds . would never have taken their present ‘enviable place among the securities of een the proud government bonds as to security and interest rate. The federal farm loan bonds of the United States in the first year of the operation of the system have taken a place equal to that of any European bonds in desirability, and almost equal to them in interest rate. If the land banks can continue -to be run as wisely and as conserva- tively as they are now runm, interest rates on farm mortgages after the war will continue to rule lower than almost any other interest rates in the country; but if the banks are placed in the hands of untried, ignorant or hostile men interest rates will go up and the federal farm loan bonds will fail of their market. The time will come when the Na- tional Farm Loan associations will be chargéed with the responsibility of electing the officers of the Federal Land banks. In the time which must AVERYS—The Tractors With The Perfected Opposed Motor and Pat- ented Sliding Frame Transmission THE Perfected Opposed Motor used in Avery Tractors has advantages for tractor work which no other tractor motor has, An opposed motor distributes the weight correctly between the wheels, makes possible a nar- row tractor—has a short crankshaft with only two bear- ings—is stronger in construction and runs at a low speed. The'Avery Perfected Opposed Motor has all these ad- vantages—and then many more, We built it with the heaviest crankshaft in any motor, a round radiator with thermo-siphon cooling system, and valves in the head. ‘Then we invented the wonderful Ave: walls, adjustable crankshaft boxes an sene and dis half of 56 belt wheel and drawbar by Patented Slidi Let Us Teach You How To " Run A Tractor—FI 3. Magueto s, 5 Vaiv Grinding. bat Transmission Systems. 7. Operation of a Tractor. Dates of Service Schools at very B h He Avery Patented You will find this same sizes of Avery Tractors, from 8-16 to 40-80 h. ? a comflete line of power farming machines, including also a spe- clal 5-10 h.p. Avery Tractor, the Avery Motor Cultivator and Avery intervene between now and then, every borrower should carefully study the operations of the banks and the char- acter of the men in charge of them. The officers of the land banks should get better acquainted. with the bor- rowers than they now are, and the borrowers should carefully study the officers of the land banks. No political or factional element should enter into consideration of this matter, neither should ‘any man be elected to a place in one of the Fed- eral Land banks merely because he wants the place. This is not a matter which is likely to come up for deci- sion very soon but when it does arise it will be found a very important one. KEPT PRESS TACTICS Yakima, Wash. Editor Nonpartisan Leader: : In regard to the editorial published about Mr. LeSuelir in the Yakima Daily Republic concéning which I wrote you for information, I wish to say that the answer I prepared was refused publication by the editor, un- ADVERTISEMENTS “less, as he said, he could boil it down: and change it to suit himself, = . I told the editor that he might‘omi the introductory paragraphs which’, had written, but that I wanted him to publish Mr. LeSueur’s answer in full just as he published the other letters in full. But he refused, unless he could fix it to suit himself; so I took it over to Mr. Smith of the Yakima Valley Farmer, where I knew I could get the article published. g I inclose the clipping from the Yaki- ma Valley Farmer. MRS. F. S. JACKSON. The clipping shows that the Yaki- ma -Valley Farmer, which is a real newspaper and not a slop carrier for the special interests, published Mrs. Jackson’s letter in full and also the ‘reply of Mr. LeSueur which effectively disposes of the trickery of the Min- nesota Public Safety commission against him in the hope of hurting the League. The fact that this reply showed up the trickery was, of course, the reason why the gang sheet could not use it. as te. No other motor ‘Th Fragpe Tr: ‘This is the only transmission that makes possible a direct drive in either high, low, reverse or in the belt, only three shafts—only eight gears—all straight spur gears. The belt pulley is mounted on the crankshaft, and no crankshaft bear- ing on the frame or bevel gears are used, Without a question the Sliding Frame Transmission is the simplest and most efficient belt and drawbar transmission system buil Write For Catalog or See An Avery Dealer of Motor and Transmission in all five The Avery line is *‘Grain-Saver” Threshers and Tractor Plows. They are success= : i, f,,[tb u in all 48 States and 61 Foreign Countries, fmm,c"“"‘mm u,‘ ,”,y,mwd"":um” .‘,':‘,"' ‘ Ask for catalog or soo an Avery Dealer, it 18 almost unbreakable, = T AVERY COMPANY, 6221 Iowa Street, Peoria, II. renewable inner cylinder gasifiers for burning kero- used in any tractor has even e power of this motor is delivered to the the simplest system built—the Avery It has only one clutch~ Top view of Aveyy Perfected Opposed Motor and Patented. Sliding Frame Transmission. Note divect drive to belt wheel gears. Special Avery Exclusive and Protected Features Take particular note of these ex- clusive and protected Avery Fea- turess 1, Renewabl linder. . 210 an ome B e i |- wears longer and, if it ever does wear, made as efficient as in the and with less expense, 2. Adjustable Crankshaft Boxes, which Thstn boarinzs Instablly mithont toaring m: the Motor down. 8, Duplex Gasifi ker sene, 'l?&te or?:%%m% into gas e g L el X »:,,‘Wmmm,m < 5 and drawbar—only 3 skafts—. only 8 gears—all styaight spur _ i i RO T2 T S ‘. N the walls can be replaced and the Motor |- beginning