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Duffus, William M. / Report on agricultural settlement and farm ownership. Part I: state loans to farmers
(1912)

Introduction,   pp. [unnumbered]-13 PDF (2.0 MB)


Page 13


                  STA'TS LOAS TO PFARMEMIS.                 13
required to set aside part of his current earnings every year or
every six months to apply to the reduction of his debt. An some
one has said, this literally " compels thrift." The borrower must
save his annual or semi-annual payments just as he saves his
taxes.
  The advantages of a system of long-time farm mortgage loans
repayable on the amortization plan, and the necessity for some
such system in Wisconsin and other parts of the United States,
are obvious. The problem is how to develop the system. The
movement for improved rural credit in the United States has
so far been chiefly confined to a discussion of the possibility of
meeting the credit needs of the farmer, both for long and short-
time loans, by the development of cooperative credit a o.
The formation of sueh associations should most Assuredly be
encouraged wherever it is possible for cooperative credit-aiocia-
tions to develop and prosper, but it is not probable that such
-acociations -ean be encouraged to develop or that they will
-develop spontaneously on a -seale large enough -to entirely meet
-the need of farmers for better credit facilities. The need for a
better system of rural credit is universal throughout the United
'1tabes, but the possibilities of suCeesful cooperation among
farmers to meet this need ar6 limited. Nevertheless, it is essen-
tial to the public welfare that the need be met. It is probable
that the federal government and the- states will be eompolled not
only to encourage the formation of cooperative credit associa-
tions, but also to enter the field directly and engage actively in
the -work of securing fnds for the making of long-time loans to
farmers on the security of their real estate.
   It is the purpose of the following ehapters to serve as a guide
in the construction of any plan of state loans to farmers which
it may seem desirable to adopt for use in Wisconsin. Tche details
,of V systems of state loans discussed are accordingly presented
rem the pent of view of one who is primarily interested-in con-
ditheri in  Wim~ousin.
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