696 AGRICULTURAL ECONOMICS 



as to the values pledged as security for the bonds. In either event, 

 we must have confidence in the integrity of some person or organiza- 

 tion and must maintain an organization for getting together the facts 

 relating to the investments and following their course after purchase. 



The desirability of a farm loan depends briefly upon the value of 

 the land, and the title to it, the character of the man owning and 

 working it, and the methods he employs. There are no insuperable 

 difficulties involved in judging these factors. There are capable men 

 all over the country who have been making farm loans successfully 

 for years. There are many others equally capable of judging farm 

 values, farming methods, and the character and credit of the farmer. 

 We need an organization large and strong enough to command com- 

 plete respect and confidence for the handling of farm loans from the 

 initiation of the application to the completion of the last details of 

 the loan, an organization in which the investor could have absolute 

 faith and yet one which would be in direct touch with the borrowers, 

 eliminate unnecessary intermediary costs, and consider his interests 

 fairly. Without some such organization the present difficulties can- 

 not be fully removed. 



Why should not the same genius, responsible for the creation of 

 the marvelous organizations gathering in life premiums of from five 

 cents a week to thousands of dollars a year, be able to perfect an 

 organization which will permit the investment of a portion of the 

 resulting funds so as to solve a great national problem and benefit a 

 large portion of our population ? 



In consideration of these premiums the companies annually assume 

 liabilities of billions of dollars upon human lives selected through an 

 organization which has proven itself reliable. Why not an organiza- 

 tion of approved appraisers and title examiners modeled after the 

 present medical and agency organizations ? 



"Big operations and low operating costs" is a modern business 

 watchword. If the amount of investment necessary to accomplish 

 the purpose in question should be too great for any one company, why 

 should not this Association, or one like it, undertake to work out some 

 co-operative plan by which life insurance funds may be loaned to 

 farmers on terms of payment suited to their needs, at a fair rate of 

 interest and at a minimum of expense ? The development of a nation- 

 wide organization for handling farm loans would immediately stimu- 

 late public confidence in such investments and create a ready market 

 therefor. Again, by giving the farmer a reasonably long term for 



