Seventy-Third Annual Report 1205 



to be of suck assistance to agriculture there, have been under 

 careful investigation bj representatives of our IState Depart iiiciit 

 at Washington; and at the recent conference of governors, this 

 topic of " farm finance and rural credit " was one of the most 

 interesting features of their discussions. 



Students of public affairs, bankers, financiers, leading farmers, 

 legislators, and editors of the agricultural press are so convinced 

 of the value of this movement that there is practically no disa- 

 greement as to the desirability of the adoption of the best features 

 of European practice ; but, of course, with adaptation to American 

 conditions. 



There is no doubt that lack of capital, and excessive interest 

 rates, have interfered with the agricultural development of this 

 country. Had our farmers been given a little financial education 

 along with instruction in mere crop growing, and been taught 

 how to secure and use credit, it would have stimulated them to 

 associated action, give them a commercial instinct, and ])y aiding 

 cooperation in every way, enabled them to become their own mer- 

 chants, buying supplies at wholesale and selling produce direct. 



The establishment of agricultural cooperative credit associa- 

 tions is largely a matter for state legislation and encouragement, 

 and it is hoped that out of this meeting and conference may come 

 clearer ideas and some well-considered action. 



Lieutenant-Governor Gl}Tin, President of the State Fair Com- 

 mission, honors us by his presence and by presiding to-night; and 

 Governor Sulzer has kindly consented to preside at our session 

 to-morrow night. This indication of sympathetic interest in our 

 work is highly gratifying. 



The Commissioner of Agriculture, Mr. Huson, who will address 

 you to-night, has personally, aiul through his department, given 

 most valuable assistance in making this meeting a success. 



Our speakers on the principal topic are recognized as expert 

 students of the subject — ]\Ir. Charles A. Conant, of N^ew York, 

 who addressed the recent governor's conference on this same topic, 

 and who speaks to-night ; Mr. Harvie Jordan, of Atlanta, Ga., 

 Chairman of the Finance Committee of the Southern Commercial 

 Congress; and Professor E. W, Kemmerer, of Princeton Uni- 

 versity, who speaks to-morrow night. Honorable Seth Low, of 

 Kew York, gave a most practical and suggestive paper this after- 



