16 BULLETIN 384^ U. S. DEPARTMENT OF AGRICULTURE. 
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. 1 
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 bulletin was written before the Federal farm-loan act of July 17, 1916, was passed 
by Congress. 
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