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laws ; it embraces the best results of European experience 

 in co-operative credit societies. We should have these co- 

 operative credit societies fomied under that law in every 

 school district and township in Massachusetts. Though the 

 law is here, it has not been agitated; it has not been con- 

 sidered by the farmers' organizations, and yet, it is a most 

 excellent law. It was enacted in the State of Texas last year, 

 and it came very near being enacted over in ISTew York. 

 That law should be supplemented by carrying out the Land- 

 schaft idea in the form of a land-mortgage bank, under the 

 auspices and with the co-operation of the State, and a bill, 

 or a standard measure, for that purpose has been drawn, and 

 I have copies of it here for any one who is interested. This 

 bill for a State land-mortgage bank should go through the 

 Legislature of this State this next year, and Massachusetts 

 should lead the way not only in the local co-operative bank- 

 ing under the law of 1909, but also in the land-mortgage 

 bank. 



Just one word further : of course, the price of money 

 varies with supply and demand, but under a proper system 

 of land-mortgage banking the current rate of interest, 

 whether high or low, now paid, or ordinarily paid for mort- 

 gage money, will be sufficient not only to pay the interest, but 

 also to pay the expenses and gradually pay off the principal. 



