44 ANNUAL, REPORTS OF DEPARTMENT OF AGPaCULTUEE. 



the issuance of reliable and easily negotiable warehouse receipts, per- 

 mits the better storing of farm products, increases the desirability of 

 receipts as collateral for loans, and promotes the standardizing of 

 storages and of marketing processes. 



(6) The Federal Aid Road Act, as amended, which made available 

 $294,000,000 for cooperation between the Federal and State 

 Governments in the construction of rural roads. It has conduced 

 to the establishment of more effective highway machinery in each 

 State and strongly influenced the development of good road building 

 along right lines. It will stimulate larger production and better 

 marketing, joromote a fuller and more attractive rural life, add 

 greatly to the convenience and economic welfare of all the people, 

 and strengthen the national foundations. 



(7) The Federal Eescrve Act, which authorized national banks to 

 lend money on farm mortgages and recognized the peculiar needs of 

 the farmer by giving his paper a period of maturity of six months. 



(8) The Federal Farm Loan Act, which created a banking system 

 reaching intimately into the rural districts and operating on terms 

 suited to the farmer's needs. It is attracting more capital into 

 agricultural operations, bringing about a reduction of interest to 

 farmers, and placing upon the market mortgages which are safe 

 investments for private funds. 



(9) The Vocational Education Act, which, among other things, pro- 

 vides for cooperation with the States in training teachers of agricul- 

 ture and in giving agricultural instruction to pupils in secondary 

 schools. 



Among other steps Avhich should be taken are the following : 



(1) The building up, primarily under State law, of a system of 

 personal credit unions, especially for the benefit of farmers whose 

 financial status and scale of operations make it difficult for them to 

 secure accommodations through the ordinary channels. 



(2) Expansion of existing facilities and activities for aiding 

 farmers in marketing, including especially the extension of the mar- 

 ket news and food-products inspection services and the assignment of 

 trained market specialists to each State, in cooperation with the State 

 authorities, to stimulate cooperative enterprises and to make helpful 

 suggestions as to plans and methods. 



