accelerated and speeded up. Our best energies are being ex- 

 erted so as to make it possible for the farmers to get their loans 

 in the shortest possible time and at the lowest possible cost. 



Of course the present financial situation has created a new 

 problem for the Land Banks in the marketing of their bonds, 

 upon which they must depend for their funds to lend to the 

 farmers. The security market is all shot to pieces, and the 

 best of bonds, including government, municipal and railroad, 

 are being sold at a discount or go begging. This has made it 

 difficult for the Land Banks to market their bonds as readily 

 as before, and has given rise to a great deal of nonsensical 

 comment upon the farm loan system and upon the work of 

 the Land Banks. The appeal to Congress for relief in the 

 present emergency has been construed as a confession of fail- 

 ure. But this is an extraordinary situation, and had to be 

 met in an extraordinary way. Nobody finds fault with our 

 financing our allies. Nobody finds fault with our financing 

 our war industries. Nobody finds fault with our financing 

 our railroads. Why, then, should we not finance our food 

 producers? 



That the railroads cannot finance themselves is not their 

 fault. The same is true of the farm loan system. It is not 

 the fault of the system, nor the fault of the Land Banks, nor 

 the fault of anybody. The situation was created by the ter- 

 rible ordeal which this country is facing to-day in its struggle 

 for righteousness among nations. 



The Federal farm loan bonds are a prime security. There 

 is not a bond in the market that is hedged around with so 

 many safeguards, or that has so much substantial security 

 underlying it. There is little doubt but that the Land Banks 

 will be able to dispose of their bonds if given time and when 

 the financial situation takes a more favorable turn. Before 

 the Second Liberty Loan was floated the demand for farm 

 loan bonds far exceeded the supply. Those bonds are legal 

 investments for savings banks in over twenty of our States. 

 I regret that the Commonwealth of Massachusetts is not among 

 them. But I sincerely hope that its patriotism will soon bring 

 Massachusetts in line. 



There is little doubt in my mind that the money will be 



