Seventy-Thikd Annual Report 1291 



Let every farmer in the American Union unite in solving those 

 financial and commercial problems which alone represent the only 

 obstacles to successful agriculture. As the representatives of the 

 greatest industry, let us work together for the upbuilding and 

 success of that industry. 



For me and my descendants there is no sectionalism in the 

 United States, We all live under the protection of the stars and 

 stripes, under one constitution, and with but one great purpose 

 in our hearts, and that is, a common cause for the advancement 

 of the happiness and prosperity of every law-abiding American 

 citizen and the upbuilding of the future strength and magnitude 

 of this great nation. 



We must prepare for the evolution of modern thought and 

 action in the progress of human events, and by the application of 

 scientific agriculture to culture of the soils, the adoption of 

 diversification of crops, and by cooperative effort in the marketing 

 of our farm products under modern business methods, cause the 

 flower of prosperity to bloom over the hills and valleys of our 

 native land. 



Commissioner Huson: I know we are all delighted with Mr. 

 Jordan's address. This great subject, so prominent now in the 

 minds and thoughts of all our people that has been presented here 

 to-night in such an instructive and eloquent manner, has, I am 

 sure, received added impulse in the State of IS^ew York. 



The next subject upon the program is very closely related to 

 the address of Mr. Jordan, " Can European Cooperative Methods 

 be Applied to American Farming," to be discussed by Professor 

 Kemmerer, of Princeton University, whom I now have the honor 

 of presenting to you. 



CAN EUROPEAN COOPERATIVE CREDIT METHODS BE APPLIED TO 



AMERICAN FARMING 



E. W^. Kemmerer 



" Credit supports agriculture as the cord supports the hanged." 

 Such was the dictum of Louis XIV ; and such seems to have been 

 the philosophy, until recently at least, of a substantial percent- 

 age of American farmers. Far different has been that of the 

 European farmer. I know of no more striking phenomena in the 



