STATE POMOLOGICAL SOCIETY. 31 



individualistic. Now that individualism v^ill have to be stopped. 

 There is no possible question about the need of American 

 farmers everywhere for more working capital, and if by reason 

 of putting into operation associations of this general character 

 they are able to obtain their loans at a rate not more than half 

 of the average rate at the present time, and do it under circum- 

 stances that if we may judge by foreign experiences do not 

 jeopardize the financial security of the individual farmer, that 

 will not occasion loss if governmentally supervised, there is 

 no reason whatever why they may not succeed. It may be of 

 interest to know that several associations in general similar 

 to that holding session here today have after rather careful 

 consideration of organization of this kind, endorsed it. The 

 American Bankers' Association has endorsed it, the Southern 

 Commercial Congress has endorsed it, a number of industrial 

 organizations have endorsed it. And as most of us know, the 

 Commission appointed by Congress recently made its prelimi- 

 nary report only a few weeks ago, and in that report gave 

 what may be called an unqualified endorsement of the princi- 

 ple of these local credit associations and their adaptability to 

 American conditions. And I would say in conclusion that an 

 organization such as this is eminently suited by reason of its 

 progressive character, by reason of its organization, to at least 

 investigate and study, and if convinced that there is merit in 

 principles sucH as these, to lend aid in furthering the idea. 

 Certainly benefit will come to you as individuals and to our 

 country as a whole. 



