126 THE LURE OF THE LAND 



to the farming communities in their neighborhoods, 

 and for as long a time as may be necessary to work out 

 the returns and repay loans. 



PROPOSED LEGISLATION EESPECTING FARM CEEDITS. 



Extensive studies have been made of the systems of 

 farm credits in vogue in European countries, especially 

 in Germany. The commission authorized by Congress 

 to make these studies was composed of two United 

 States Senators, one member of the House of Repre- 

 sentatives, and three citizens, the personnel being Sen- 

 ator Duncan U. Fletcher, Chairman, Representative 

 Ralph W. Moss, Vice Chairman, Senator Thomas P. 

 Gore, Mr. Harvie Jordan, Mr. John Lee Coulter, Secre- 

 tary, Mr. Kenyon L. Butterfield, President of the Mas- 

 sachusetts Agricultural College, and Mr. Clarence J. 

 Owens, Secretary of the Southern Commercial Con- 

 gress. A full report was made by this commission to 

 the Congress of the United States, and published as 

 Senate Document No. 380, 63d Congress, 2d Session. 



In considering the whole question of rural credits 

 for the benefit of agriculture, the commission made the 

 following statement: 



In considering this question the commission has attempted to 

 define, in the first place, the needs of the American farming 

 population in a financial sense. As noted above, a careful 

 consideration of this point has resulted in its defining these 

 needs as being two in number, as follows : 



First. The farmer's capital requirements, by which is meant 

 the need of the farmer for large sums of money to be used in 

 aiding to pay the purchase price of the farm, in improving his 

 farm, such as erecting new farm buildings, draining, irrigating 

 or clearing, or in equipping the farm so as to bring his opera- 

 tions to the highest state of efficiency. 



The money needed for these purposes must be in the shape of 



