FOURTEENTH ANNUAL YEAR BOOK— PART VI. 499 



easiest money he ever owned. If you can stand for the poetry 

 you will get it : 



The hogs were in the barnyard, 



Ready for their feed; 

 The schemer says, "Skim milk and corn 



Will meet their every need." 

 I said to him: "You surely teach 



The stunt you're hired to do; 

 But, dear sir, this big income 



I need as well as you." 



So onto the pasture I turned the hogs. 



And with a little corn 

 There I made the cheapest pork 



I've had since I was born. 

 Since I have quit so much hard work, 



The work that suits me best 

 Is to throw a little corn on grass; 



The pigs will do the rest. 



The convention thereupon adjourned to 9 :30 a. ni. Thursday. 



THURSDAY, DECEMBER 11. 



MORNING SESSION. 



President Sykes presiding. 



D. P. Hogan, of Massena, read the following paper on "Farm 

 Credits": 



FARM CREDITS. 



BY V. P. HOGAN. 



According to the best estimates I have been able to obtain, there 

 is about one billion dollars loaned on farm mortgages in the state of 

 Iowa. A saving of i/4 of 1 per cent in the interest rate on these mort- 

 gages would make the farmers of Iowa $2,500,000 annually; a saving of 

 % of 1 per cent would make them $5,000,000, and a saving of 1 per 

 cent would amount to $10,000,000 annually. The subject upon which I 

 talk to you today is certainly an important one. 



In order to borrow money at the cheapest rate and on the best terms, 

 the security of the borrower must possess three principal elements: 



First. The security must be first-class. That is, it must be found- 

 ed on productive property of stable value, with a good margin of value 

 above the loan. 



Second. It must be a standard security, well known and well es- 

 tablished. The investing public must know without question and with- 

 out investigation that it is gilt edged. It must be a public fact. 



