somewhat broadened under safe restrictions. Export credits are provided for emergencies. Veterans receive prefer ence. 7. THUS THE NEW RURAL CREDITS PLAN transforms the temporary War Finance Corporation into a permanent institution, with a branch in each state, through which all existing banks and co-operative associations, with others that may be organized, will safely mobilize part of their assets, credits and machinery for the service of agricultural production and orderly marketing, to the mutual welfare of all concerned and for the benefit equally of food producers and food consumers. 8. WITHOUT INTERFERING WITH OR MIXING INTO the Federal Reserve for current credits or the Federal Farm Loan System for long term mortgages, this plan for rural credits is sound, simple, inexpensive, adequate, in harmony with American customs, and in the interest of all the people all the time. It does not require any new appropriation by Congress, and provides that the debenture bank in each state may repay its federal advance and come into the sole ownership of its own members. 9. LARGE REVENUES TO THE UNITED STATES from the new rural credits system, as profits above 6 or 8%, go to the government as franchise tax. UNP OF RURAL CREDITS SYSTEM C For the United States Prepared at the request of the Rural Credits Committee By HERBERT MYRICK Author of The Federal Farm Loan System, 1916; Co-operative Finance, 1912; How to Co-operate, 1891 Books on practical farming, stories from real life, poems, philosophy, addresses Director Federal Land Bank of Springfield Also president Dakota Farmer of Aberdeen, S. D., Northwest Farmstead of INCLUDING FULL TEXT FOR PROPOSED FEDERAL NEW YORK ORANGE JUDD PUBLISHING COMPANY The text quotes fully from the author's previous books. What his "Co-operative Finance" said in 1912 is even more true today: "The lack in farm finance reveals underlying economic conditions that drive people from country to cities. Those economists and statesmen who have sought financial principles rather than panaceas, are beginning to realize the truth compressed into the axiom known as "Myrick's law": "Other factors being equal, agriculture will progress in the ratio that farmers employ CASH, CREDITS AND CO-OPERATION 506893 |