THE NEED OF CAPITAL 451 



tendency of our foreign trade, but that it is a vital factor 

 cannot be denied. 



Our food animals and foodstuffs exported during the 

 fiscal year of 1912 amounted to $99,900,000 or 4.6 per 

 cent of our total exports, while during the fiscal year 1900 

 they amounted to $227,300,000 or 16.59 per cent of the 

 total exports. Our similar imports for the year 1912 

 were $180,120,000, but for the year 1900 were only 

 $68,700,000. 



During this period our foreign trade was not affected 

 by war, and when the present war is over the same 

 tendency, unless arrested, will continue. 



In plain language we are exporting less and less, and 

 importing more and more, each succeeding year. What 

 will the final effect of this be on splendid America ? 



Bankers, statesmen, all patriotic citizens, are begin- 

 ning to inquire why this is so and where it will lead to. 

 It was once thought that a lack of scientific farming alone 

 was responsible. Scientific farming is without doubt an 

 important factor, but just as our industries, even with 

 American ingenuity and skill, would have labored under 

 a tremendous handicap without available capital, just so 

 our agriculture has been for years, and is especially now, 

 distressed because of a lack of financial accommodations 

 suited to its peculiarities. These peculiarities call for 

 low rates, long terms, and that type of security which is 

 based in large measure on character, thrift, and intelligent 

 industry. 



Our national and state policies have been built up with 

 the idea of encouraging manufacturing and of neglecting, 

 or what is worse, of placing a handicap on the develop- 

 ment of farming. 



That farm capital is of vital importance to successful 

 agriculture can be seen in part from an investigation 



