l62 AGRICULTURE OF MAINE. 



to that great source of wealth, the farm. They practically say 

 to the farmer, — *'Here is the land; what more do you want?" 

 ignoring the plain truth that no business undertaking can reach 

 its highest development without capital. They have exempted 

 manufacturers from taxation for a period of years, they have 

 erected buildings and given them rent free that new industries 

 might be established, and they have granted unlimited credit 

 that the number of factory chimneys might be increased. The 

 bankers say that no security the farmer can of¥er is a liquid 

 asset ; his mortgage is not capable of ready conversion into cash 

 and is not marketable paper. Thus the farmer is deprived of 

 the cheap money enjoyed by the manufacturer and the other 

 producer, although there can be no better security than pro- 

 ductive land which is increasing in value. A series of long term 

 mortgage banks would solve the financial problem and bring 

 prosperity to all Maine, and it would appear that our financial 

 institutions and our men of wealth have been and are pursuing 

 a short-sighted policy not to have recognized long ere this that 

 prosperity begins at the farm and that the successful operations 

 of the farm require capital, as well as those of any other busi- 

 ness enterprise. 



I would earnestly urge that the Agricultural Department im- 

 mediately take steps to establish some system of farm credit 

 that will relieve the farmer from the exorbitant interest he now 

 pays because of buying on time, and retain in the state Maine's 

 money for Maine. 



Respectfully submitted, 



C. E. Embree. 



