116 The Bulletin. 



The product of the soil demands the first consideration, and wlien a system 

 of finance is evolved by which the farmer may handle that which he has pro- 

 duced in such a way as to retain for himself a fair share of the profits of 

 his labor, such a system is apt to meet the needs of every other interest, and 

 only such a system will stand the test of time. 



The plan proposed by the Monetary Commission, so widely commended by 

 bankers, so eloquently Ignored by the Republican Convention, and so roundly 

 condemned by the Democratic, and I might say so contemptuously tossed 

 overboard by the Bull Moose, though by no means a perfect one. yet has 

 many merits. Under its operations, or of some similar plan. I believe the 

 establishment of bonded warehonses would be facilitated, and that through 

 them the crops of the country would iK'cnine as available for collateral as are 

 stocks and bonds, and the farmer would thus have at last that which has been 

 denied him all these year.s — facilities for borrowing eciual at least to the man 

 in the city who carries his surplus in the shape of negotiable securities. The 

 markets of the world would be opened to him, and interest rates would be as 

 low as they now are for those who carry l)onds listed on the various ex- 

 changes. North Carolina and Wall Street would pay the same rates. 



The Torrens System of land titles is needed. A well-established system of 

 warehouses is essential, and the.se would of themselves insure ample provision 

 of funds. You need not worry .about how to finance your crops. Got them in 

 available shape, and the banks will do the rest. The product of your fields is 

 tlie best collateral the world affords, and when properly stored and handled 

 it will prove an ojien sesame to tlie treasuries of the world. 



No class of people are so independent as the farmers. They are adding 

 nine billions of dollars annually to tlie wealth of the world. The resources of 

 all the National banks of this country do not ecjual the value of a single year's 

 cro]). It would require hut one-tenth of one year's product to pay off the 

 entire bonded debt of the United States. There is more capital invested in 

 agriculture than in manufacturing or railroad enterprises. 



The farmer is creating wealth at the rate of .$2.">.OOO.nOO daily— literally 

 digging it out of the ground. Do you wonder, then, that the banker, with his 

 keen eye. is interested in the farmer? 



In Germany. France, Holland, and perhaps in other countries, systems of 

 cooperative Itanking have been devised which are working most satisfactorily, 

 and are well worth the investigation which is now being made. Under some 

 of these plans small loans are being made, at low rates of interest, to enable 

 the farmer to make his crop. The different members of the community stand 

 for one another, so that no one is deprives! of needed help. 



Other systems are providing for the ownership of small farms by young 

 fellows who have character and are willing to work, but have no means. 

 And. let me say. there is no surer way than this to build up a good citizenship, 

 make them landowners, home builders. 



The lands are sold on long time, in some cases payments running from 

 twenty-five to fifty years, the small annual payment of 4 or 5 or per cent 

 covering both interest and principal. Because of the small annual payment 

 required, the young farmer is enabled to improve his farm and increase its 

 value every year. 



This plan is not unlike that of the building and loan associations, through 

 which so many homes have been built in this country. 



We are at least a quarter of a century behind our neighbors over the seas. 

 They woke up years ago to the necessity of conserving their farming interests. 

 Since then their entire system of education has been completely changed, and 

 the results are seen in the splendid farms whose products are enriching their 

 people. 



France has become the world's banker, and it Is stated that, in the value 

 of his possessions, the average French peasant is worth more than the average 

 business man in this country. 



They have wisely begun with the children, not only teaching them the 

 rudiments of agriculture, but training their hands, with their minds, along 

 all lines of vocational employment. To this is attributed the wonderful 

 Ingenuity of the German, which is recognized the world over. 



