16 BULLETIN 384, U. S. DEPARTMENT OF AGRICULTTJKE. 



"which it is doubtful whether State legislation would supply. So 

 far, therefore, as the problem is one of legislation to provide suit- 

 able institutions to connect the farmer with the open investment 

 market, Federal legislation seems clearly necessary.^ 



CONCLUSION. 



Being given a properly organized credit system, it is believed that 

 the farmer who adopts business methods in his farming and thus 

 shows himself worthy of credit will have adequate opportunity to 

 secure it on reasonable terms. The farmers' need in connection with 

 mortgage credit is to obtain investment capital for relatively long 

 periods of time, on suitable terms of repayment, and at the lowest 

 cost consistent with business policy. A properly organized system 

 should supply this need, and, under suitable Federal regulation and 

 control, should protect the farmer against the unreasonable charges 

 now prevailing in many localities. 



1 This bullc»tin was written before the Federal farm-loan act of July 17, 1916, was passed 

 by Congress. 



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