tically the same as the Sub-committee Bill, eliminating the so-called "government aid" provisions. On February 19 (Calendar day, February 27), 1915, the Senate Committee on Banking and Currency made a report on S. 5542, the Sub-committee Bill, striking out all after the enacting clause and inserting a new bill, which in the main was the Hollis Bill, S. 7554, with an important amendment, authorizing the organization of "Federal Farm Bond Banks," corresponding to the National Farm Land Banks in the Commission Bill. This will be referred to as the "Senate Committee " Bill. There were numerous other land-credit bills introduced in the Sixty-third Congress. Some of them have very great merit. None of them, however, was endorsed by the commission or any of the Committees of Congress. It was thought best to confine the discussion to these three bills which have been "officially endorsed," either by the United States Commission, the Sub-committees on Rural Credits, or the Senate Committee on Banking and Currency. LAND CREDITS CHAPTER I THE CRISIS IN LAND CREDIT LEGISLATION THERE is a crisis in land-credit legislation! The turning point has been reached. The critical moment has arrived. An emergency exists. An exigency confronts the nation. A false step now may be irretraceable, a blunder at this time may be incurable, a mistake made at this juncture may be irretrievable, and an error committed in the pending crisis may be forever irreparable. In this crisis in land-credit legislation great interests are at stake. The prosperity of 6,500,000 farmers is involved. Forty-five million men, women, and children on our farms, and untold millions to follow them, are directly, intensely, and vitally interested. The fate of agriculture its growth, development, and expansion annual wealth produced thereby, and its ability to produce an adequate supply of food products for our rapidly increasing population, depend in a large measure upon the outcome of the pending crisis. the This crisis involves more than the physical and material well-being of our farmers and their families. The sweep of its influence includes their intellectual growth, their social welfare, and their moral and spiritual development. Its impress will tell on their schools, their churches, their homes, their manhood and womanhood, and upon their lives and their hearts. The result of this crisis will determine the attitude of our Federal government towards the farmers of the United States. It will show what appreciation this government has for the 12,500,000 people who toil upon our farms. It will indicate the policy of this government toward these people and their industry. Finally, it will show what respect this government has for the rights of the 45,000,000 men, women, and children who reside upon our farms. This crisis will not stop with the farmers. Its effect will not be restricted to agriculture. Its influence will not be confined to rural life. Its sway will not be limited to the country districts. It will involve every industry, business, calling, and profession of life. Its influence will extend to every section of the land, to every State in the Union, and to every home and fireside. Commerce, manufacturing, mining, trade, transportation, merchandising, banking, clerical pursuits, the learned professions all are interested. The rich and the poor, the millionaire and the pauper, labor and capital, employers and employees, merchants, artisans, day-laborers, and wage-earners - all will be affected by the solution of the existing emergency in land-credit legislation. This crisis is not a creature of the imagination. It is not an illusion, a delusion, a fable, a dream, or a shadow. It is real and tangible. It may be seen and felt, comprehended and understood. It extends in every direction, touches our national life at every point, and encompasses the whole land. Settle this crisis right and the republic will be strengthened, its power and influence will be augmented, its prestige will be enhanced, its fame will be magnified, its principles and ideals will be emphasized and accentuated, its resources and wealth will be multiplied, its security will be increased, its hands will be strengthened, and under its flag will dwell a better citizenship, and a happier, more contented, and prosperous people. |