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Show Rural Credits System Investigations Commission Sent to Europe to Look Into Its Workings and Report Findings The agitation for rural credit systems in the United States began be-gan but a few years ago. but the wonderful spread of sentiment for it proves that the need is recognized. re-cognized. The agitation followed a visit to Rome, of David Lubin, a well known American authority . on agriculture. He was a delegate to the International Institute on agriculture, which met in the Italian capital. Mr. Lubin was so much impressed with the sys-sem sys-sem of rural credit in the various countries of Europe that he made a critical study while in Italy and in other nations he visited-and visited-and upon his return to the Unit, ed States he delivered an address before the Southern Commercial Congress, at Nashville, Tenn., where the Comgress was in annual an-nual session, giving his observations, observa-tions, and emphasizing the need of such a system in our own country. The convention was so profoundly pro-foundly impressed by Mr. Libin's speech that the delegates at once formulated a plan for a comprehensive compre-hensive and thorough investigation investiga-tion of rural credits in Europe by a National Commission. The Governor of each state was called call-ed upon to appoint at least two delegates, and Congress passed resolutions, authorizing and instructing in-structing the President to name a special commission of seven, which should co-operate with the Commission appointed by Governors, Gover-nors, at the same time- oppro-priating oppro-priating $25,000 for expenses. Acting under the authority given him President Wilson appointed ap-pointed the following commission commis-sion of seven: United States Senator Duncan U. Fletcher, of Florida; U. S. Senator Thomas 1 P. Gore,' of Oklahoma; Congressman Congress-man Ralph W. Moss, of Indiana; fOol. Harvis Jordan, planter, Atlanta, Georgia; Dr. John Lee 1 Coulter, agricultural expert of the Census Bureau; Dr. Kenyon L. Butterfield, Massachusetts, Dr. Clarence J. Owens, Washington. Wash-ington. This commission composed of seven men spent three months abroad visiting the countries of Austria, Belgium, Denmark, England Germany, France, Holland, Hol-land, Hungary, Italy, Russia, Scotland and Wales. The leading lead-ing farmers and authorities of these nations were consulted as were officers and employes of all land-mortgage banks and cooperative co-operative rural credit insitut-tions insitut-tions and many other organizations. organiza-tions. The data collected by this commission, com-mission, together with recommendations recom-mendations based upod it, was printed as a public document by order of Congress. Ask your senator or representative for senate document No. 380. Two great principles underlying under-lying the operation of all rural credit systems in Europe are: First, the principle of securing money by issuing bonds against the collective security of many mortgages. Second, that of repaying re-paying the loans by "amortization," "amortiza-tion," which means that whenever when-ever the interest is paid, a small sum is also paid to apply on the principal. These amounts with compound interest upon them wipe out the loan after a certain number of years. This same principle of paying the loan by small installments, has allowed thousands in the cities to own their own homes though the building and loan associations. Pioneer Record, Rupert Ida. |