sold. And the security he gives is of a character not known in the
broker's office or as familiarly as it might be on the counter of the
banker.

The Agricultural Department of the Government is seeking to assist as
never before to make farming an efficient business, of wide coöperative
effort, in quick touch with the markets for food-stuffs. The farmers and
the Government will henceforth work together as real partners in this
field, where we now begin to see our way very clearly and where many
intelligent plans are already being put into execution. The Treasury of
the United States has, by a timely and well-considered distribution of
its deposits, facilitated the moving of the crops in the present season
and prevented the scarcity of available funds too often experienced at
such times. But we must not allow ourselves to depend upon extraordinary
expedients. We must add the means by which the farmer may make his
credit constantly and easily available and command when he will the
capital by which to support and expand his business. We lag behind many
other great countries of the modern world in attempting to do this.
Systems of rural credit have been studied and developed on the other
side of the water while we left our farmers to shift for themselves in
the ordinary money market. You have but to look about you in any rural
district to see the result, the handicap and embarrassment which have
been put upon those who produce our food.

Conscious of this backwardness and neglect on our part, the Congress
recently authorized the creation of a special commission to study the
various systems of rural credit which have been put into operation in
Europe, and this commission is already prepared to report. Its report
ought to make it easier for us to determine what methods will be best
suited to our own farmers. I hope and believe that the committees of the