364 Repoet op Faemebs' Institutes 



The local banks, the business man, the retired capitalists that 

 live in your village, the commuters that work in the nearby cities, 

 your son and daughter, and you yourself — be you gardener, dairy- 

 man, or fruit grower — could use this savings and loan association 

 for putting away a certain definite amount every week or month, 

 for investing your savings in larger sums in shares of the savings 

 and loan association, or in any other way prescribed by law the 

 savings and loan association could be used as an institution for 

 savings and thrift. As soon as your capital reaches $10,000 or 

 over, you can buy a share in the Land Bank for $1,000, send your 

 mortgages to the Land Bank and get 80 per cent of their value, 

 and reinvest that money in other mortgages. This will certainly 

 help to develop your community, attract more people to your 

 village, and in general help the prosperity of your farmers, as 

 well as all residents of your district. 



Just now our Sixty-Fourth Congress is in session, and I under- 

 stand 118 bills have already been introduced for the improvement 

 of rural credit.* Undoubtedly some rural credit legislation will 

 be passed at this session, and it may afford a better opportunity 

 for the improvement of rural credit ; but in the meantime every 

 farming community, particularly in Xew York State, should get 

 busy and take advantage of the excellent Land Bank already in 

 existence. 



• I hope that the local, state, and national granges, as well as other 

 national farmers' organizations, our State Department of Agri- 

 culture, all our extension departments, and the agi'icultural col- 

 leges, will bring the problem of rural credit to the farmers. 

 The problem of production of crops has been discussed for years 

 by these institutions, and the time has come when the proper 

 financing, which includes also marketing, should be developed. 

 Every one interested in the promotion of agriculture in this 

 country should make every possible effort to familiarize every 

 farmer with this subject. 



* The bill known as " Tlie Federal Farm Loan Act " was approved July 17, 

 1916. 



