358 Report of Farmers' Institutes 



is at all interested in this subject should have no difficulty m 

 posting himself on it. 



Ever since the American Commission went to Europe to study 

 agricultural credit and cooperative organizations abroad, and par- 

 ticularly since its return, this country has been flooded with litera- 

 ture on the subject. ]^ot only has the United States Congress 

 issued bulky volumes containing detailed reports of its commission 

 abroad — not only have numerous bills for the improvement of 

 rural credit been introduced in Congress, as well as in the various 

 state legislatures — but hundreds of articles on this subject have 

 been published in the agricultural and the general press, and 

 within the last year at least three or four books on this subject 

 were issued. Among these special mention should be made of the 

 excellent book on rural credit by ex-Ambassador Herrick and 

 R. Ingalls. Mr. Herrick gave the subject considerable study 

 while he was ambassador in France, and his book should be very 

 useful to any one who is interested in this subject. Anyone desir- 

 ing to become acquainted with the various bills that have been 

 introduced in the last Congress, would find much of interest in 

 the book, Land Credits, by D. T. Morgan, United State Repre- 

 sentative from Oklahoma. 



I must admit that a farmer — or, so far as that is concerned, 

 any layman that has very limited time for reading at his dis- 

 ■ posal — will find himself somewhat bewildered by the abundance 

 of literature and diversity of opinion on this subject. I shall 

 not attempt to present to you a theoretical discussion of rural 

 credit, or the advantages or disadvantages of the various systems, 

 but will endeavor in a few words to give you the actual workings 

 of credit institutions, which are unique and which are actually in 

 operation among Jewish farmers in this country. 



To begin with, we must remember that there are two distinct 

 forms of credit — the so-called " short-term credit," and the ''long- 

 term credit." 



SHORT-TERM CREDIT 



The short-term credit institutions, or the so-called cooperative 

 credit unions, have been started in this country by the Jewish 

 farmers. The following extract is taken from Rural Credit, by 

 ex- Ambassador Herrick : 



