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The Politicians Betray the Farmer.

  • Periodical
  • Nation; 12/3/1924, Vol. 119 Issue 3100, p593-594, 2p
  • The mortgage on the old farm, in billion-dollar bulk, has become national drama. Three hundred thousand farmers own twelve great district land banks of the billion-dollar Farm Loan System. They subscribed forty-five millions of capital stock, but have been deprived of their right, guaranteed by the Farm Loan Act, to manage and operate their property. A fundamental new power was given to people by the Farm Loan Act, a power financiers greatly feared, whereby agriculture could create and control its own credit pool. If agriculture made a success of the exercise of that right, other workers could justly demand it. The concentration of money might be menaced. There is nothing really more human than the aspiration and pain represented by mortgages. Although called the Federal Farm Loan System, it never was federal. It is the farmers' own, but the Federal Farm Loan Board has given them scant encouragement to think so.
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