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4 THE ATLANTA SEMI-WEEKLY JOURNAL, ATLANTA,, GA., FRIDAY, NOVEMBER 21, 1913. > THE SEMI-WEEKLY JOURNAL ATLANTA, G-A., 5 NORTH FORSYTH ST. Entered at the AthCtttft’ Poslfoffice as Mail Matter of the Second Class. JAMSS a. GRAY, - •-r- president and Editor... SUBSCRIPTION PRICE Twelve months . . / ... 75c • Six months 40c Three months 26c The Semi-Weekly Journal is published on Tuesday and Friday, and is mailed by the shortest routes for early delivery. it contains news from all over the world, brought by special leased wires into our office. It has a staff of distinguished contributors, with strong departments of special value to the home and the farm. Agents wanted at every postotfice. Liberal com mission allowed. Outfit free. Write R. R. BRAD LEY, Circulation Manager. The only traveling representatives we have are •1. A. Bryan, B. F. Bolton, C. C. Coyle, L H. Kim brough. W. W. Blackburn and J. W. Brooks. We will be responsible only for money paid to the above named : travelin;; representatives. NOTICE TO SUBSCRIBERS. The label used for addressing your paper shows the time your subscription expires. By renewing at least two weeks before the date on this label, you insure regular service. In ordering paper changed, be sure to mention you old, as well as your new address. If on a route please give the route number. We cannot enter subscriptions to begin with back numbers. Remittances should be sent by postal order or registered mail. Address all orders and notices fo this de- >■ partment to THE SEMI-WEEKLY JOURNAL. Atlanta, Ga. Every day is a crisis in Mexican affairs. Look for a sweet-faced girl in a calico gown if you want to see a rfcal angel in disguise. “Pullman porters live on the public.” Yes, and they ought to be made to pay an income tax. Homes for the Boy Farmers. Atlanta cannot extend more appropriate recogni tion to the corn club boys than by taking them into her homes when they come here for the corn show early in December. That the housewives will see their way clear to help the men of this city by making every last one of the youngsters really at home dur ing the show, is not doubted. Those good ladies have given clear proof in the past of their willingness to co-operate. It is all very well for the men folks to pat the young corn farmers on the back and tell them they are doing a great work and that success is waiting for them; but when It comes to a question of satisfy ing their country-grown appetites at the table and giving them good comfortable beds to sleep upon, the men of Atlanta must refer the visitors to their real bosses, the women who rule the homes. There is the point at which true cordiality begins. Atlanta’s women have not failed to help by showing it at the proper moment in the past. Now the occasion arises again. Because the corn clubs were more numerous this year and very many boys joined in the statewide competition, Atlanta will be called upon to play hostess to more young farmers than she has entertained in previous years. Not less than one thousand are coming, and a real home is wanted for every one of them. The housewives who had corn club hoys as their guests during the show last year have written to the chamber of commerce committee that they want the privilege again this year. In a number of instances, boys who were here in 1912 will revisit the homes of their former host esses and the committee will not be called upon to assign them to quarters. But the number of visitors will be much greater this year, and many additional homes will be required by those in charge of the local arrangements. There fore the invitation is extended again by the commit tee. All Atlanta housewives who can offer accommo dations for one or more boys during three days of the first week of Demember, should givn glad response to it. A man with nothing to lose can afford to take chances. Folks who are always looking for the worst of it usually find it. A Child’s Primer on Safety. An interesting announcement comes out of the recent meeting in Chicago of the executive commit tee of the National Council for Industrial Safety. It is that a handbook or primer to teach the ele mentary principles of safety will be compiled and published and distributed at cost among school chil dren by the committee. There is no reason why the principles of safe guarding one’s self should not be taught just as are the principles of arithmetic and grammar. Truly . they are no less essential than these latter. The theory has been that every individual must learn by experience how to protect himself from the ordinary risks of daily life. The experience too often is his own; and if it be that of some one else, he rarely adapts it for himself until it has been impressed upon him by repetition. It is not until several peo ple have been killed, for instance, that drivers of au tomobiles learn to proceed carefully when they ap- ; proach trolley cars or that passengers on the trolley cars learn to look to the rear as they step into the streets. The illustration might. bp applied to every other precaution which we take in life. We are left to learn them all from experience—our own or some one else’s. Yet there is no logic in that theory. As well . might we be supposed to learn sanitation and hy giene from lessons of experience. It is as proper that one should be taught as the other. It is quite as practicable to teach principles of safety as to teach principles of any other subject. And if they are going to he taught at all, it is much better that they he offered to the impressionable and retentive mind of childhood than that they be withheld during tire period of greatest risk and offered to the adult mind. The step which the national council has decided upon is in the right direction. If a beginning be made with the child, there will result a large de crease in the number of avoidable accidents. Men who never have occasion to buy an umbrella are pretty good hustlers. A lazy man does less harm than the active man who stirs up unnecessary trouble. - 1.- t - h 1.: .• An Act of Plain Justice, By interpretation of the laws, the Geqrgia, supreme court lias upheld the- railroad mileage shall he “pulled" on the railroads of this state,. Thfc epurt’s decision reverses the Atlanta judge who granted an injunction to the railroads. It holds that the commis sion had the statutory authority to issue the order, ‘ that the order did not violate the fourteenth amend ment of the federal constitution, that it did not vio late the due process of law clause of the state con stitution, and that the state has power to regulate carriers who issue voluntarily transportation at rates lower than the maximum fixed by law. This decision is hut an act of plain justice. The penalization which the railroads sought to place upon all holders of mileage books by requiring them to.ex change mileage tickets at ticket windows instead of for transportation on trains, may not have been in tended as such and may have been designed solely to serve the greater convenience of the carriers them selves. Yet it did work a pronounced hardship upon the class of travelers who were the most liberal pur chasers of mileage books—the traveling salesmen. The argument that they were entitled to more con sideration was used with little effect in these peti tions to the railroads which preceded action in other quarters. Notwithstanding that they were the busy emissaries of trade which brought freight and rev enue to the transportation companies, their appeals were, refused. Then the legislature enacted a law compelling them to continue their old practice of pulling mileage on trains, and Governor Joseph M. Brown saw fit to veto it. That led to the commis sion’s order, which the supreme court now upholds. The Journal has contended untiringly that the moral rights lay with the traveling public in this mat ter. The high court’s clear exposition of the law up holds The Journal’s theory oft repeated that the legal rights of the matter were theirs too. The public—particularly the traveling salesmen— are to be congratulated bn this victory. The supreme court has done an act of plain justice. Carranza seems to be about as elusive as Huerta. Meanwhile, it isn’t long between drinks with Huerta. Did you ever meet a self-made man who was ashamed of his job? Caesar’s Meat. If it be true, as a sober German philosopher as sures us, that Man is what he eats, the thousands of Georgians who sat down to a dinner made entirely of products from their own commonwealth have good reason to he optimistic. Into these savory feasts which were given Tuesday evening in seventy-five towns and cities, were packed all things edible that delight the palat i and fortify the' heart. There were rare dishes to which the old Sybarites would have written odeB and danced bright, festivals; there were all the honest staples from bread to butter, which someone has quaintly called the gold head on the walking stick of life; and, what Is particularly to the point, not one of these luxuries or necessaries was brought from beyond the boundaries of the State. This Is the meat on which Georgia is growing great; and the realization of her resources and op portunities could not have been more keenly In spired than through these popular dinners. In orig inating and carrying to success this one enterprise, the Georgia Chamber of Commerce has earned the confidence of all our people and has opened wide the way for its important work. All interests of the State, agricultural, commercial, manufacturing and civic have been awakened to a new sense of their possibilities and hav^ been united in a forward move ment for their common welfare. If the spirit engendered at the Georgia-Products dinners is sustained, as undoubtedly it will be, the fifty-thousand dollar fund necessary to materialize the plans of the State Chamber of Commerce will soon be contributed and the ten thousand members desired will soon he enrolled. A wiser or broader plan for Georgia’s upbuilding cannot be conceived. The State Chamber affords the practical machinery for the accomplishment of magnificent ends. It should have the hearty and steadfast support of all good Georgians In every county and every town. One can usually tell by a man’s whistle whether things are coming his way or. not. Nothing ever pleases his neighbors more than to see a man get what he deserves. Huerta likens himself to Napoleon, hut Napoleon’B methods are a little out of date. Huerta should have compared himself with Joe Cannon. Parcel Post Profits. It is estimated at Washington that the profits of the parcel post for the first year of its operation will approach thirty million dollars, an amount far In excess of what the most hopeful advocates of the new service expected. The gross income, officials predict, will be not far short of eighty millions. This is a truly remarkable record which attests not only the possibilities of the parcel post, hut also the competent manner in which it has been conducted during its early and most difficult stage. The first year of the system was necessarily experimental. Had mistakes been made, there would have been no cause for surprise. Many matters could be deter mined only by trial, many errors were likely to creep in and opportunities likely to be neglected. It Is evident, however, that on the whole the service has been administeVed with foresight and thoroughly busi nesslike methods. The United States postofflee in all its branches is steadily improving under the admirable policies which the new administration has established. The follies and shames of the old regime are melting away. The institution which had sunk to a disgracefully low plane of sordid politics and inefficiency is being steadily restored to Its true place of usefulness to the public. The continuance of these methods will, in time, not only redeem the postoffice from the. annual de ficits in which it has been plunged but will also make Its service what it ought to be. As for the parcel post, its future is assured. A profit of thjrty million dollars the first year will open the way for a more liberal and economic extension of the new service frpm which the people will pro-t. A Study in Civil Service By Savoyard l have very .great admiration for Robert Mu La FoL ' lette* a • senator ill congress from Wisconsin He; has not only exceptionally great intellectual parts, but he is a man of extraordinary personal integrity and of distinguished civic virtue; but when he condemns the « Wilson administration for its construction of the civil • service as applied to appointing men to office he is talking arrant nonsense. Of all the grabs clutched .by the spoilsmen the greediest was that of the stand- pat Taft administration putting fourth-class posmas- ers in the classified service, and next to it was that other grab throwing the mantle of safety over the sub ordinates of the internal revenue service in the collec tive districts. I want to see one honest political party before I die—I have not yet met with one. I want to see a party brave enough to say. and strong enough to do, that in a Republican community no Democrat shall be appointed postmaster and that in a Democratic commu nity only a Democrat shall be made postmaster. And . the same of the internal revenue districts—let the ap pointees fit the political complexion of the people they have to deal with. It is an outrage to appoint a Dem ocrat postmaster in a Republican community in Ver mont. It is even a greater outrage to give a Demo cratic community of Mississippi a Republican for post master. Let the officer fit the people he has to serve. • • * Now, in Texas, Mississippi and every southern state the fourth-class postmasters are members of the old Mark Hanna machine. Mr. Taft sought to cover them in the classified service. It was a grab, an outrage, an indecency, a despotism. Such civil service reform ers as La Follette, that man Villard, and that ret iri- dorse the spoils grab of the G. O. P. They go by labels. They see, but have not the gift of observation. One day I passed through a street, in this town not far from the capitol edifice and saw displayed in the window of a doggery a bottle of liquid with this inscription: “Genune Old Crow Whis ky, twenty-five cents a pint.” It was horrible—I would not h&ve taken “two fin gers” of the stuff for a $10 note on the Chemical Na tional bank of New York, for ir my time at Rassinier’s, Louisville, Ky., I had paid 25 cents for a single mod erate dram of “Old Crow,” and here was a vile con coction under the name label offered at as much a pint! And that reminds—the other day I entered the ele vator of a tall office building to go to the top loft of the edifice. The conductor wa, a young “Afro-Ameri can,” and he laid down a volume he had been reading. I am so constituted that I cannot see a book without desire to finger it, and so I took this one up and read the title—“Science of Government.” I threw it down in some disgust and remarked that there was no such thing as the science of government. “O, yes, day is, boss,” he protested, “the ’fessor told me so at Hampden, college and give me this book to study.” I retorted, “You are doing a devilish deal more to promote what you call the ‘science of government* run ning this car than studying such rot as that.” • • • «. Now, there is no such thing as the “science of gov ernment.” If it were a science long ago it would have been mastered by somebody and all governments would be perfect, all peoples free, all mankind content. There is an “art” of government, and that Is entirely speculative. Peter the Great was the master of an art of government; so.was Edmund Burke. Louis XI practiced an art of government and he was a master hand at the game; Thomas Jefferson preached an art of government that stamps him as one of the first po litical philosophers of all the ages; but there is no sci ence of government—if there was we would arrive at just and profound policies just as we solve a problem in mathematics. We hear about the science of war. There is no such thing. There is the art of; war. Since Hannibal, Napo leon Bonaparte was the most skillful of men In the practice of the art of war. Had not Hannibal fallen a victim to the seductions of the wine and women of Capua, our civilization today would be radically differ ent from what it is. Hannibal was not only the great est of soldiers, but he was one of the greatest of states men—certainly the greatest of diplomats. It recalls Bolingbroke’s fine epigram, “When Hannibal entered Capua the walls of Carthage trembled.” Napoleon, too, might have found a Capua in Italy; but he was not that sort of man—he confronted the “Caudine Forks” amid the snow and ice of the north; Hannibal found it in voluptuous Capua; Caesar met it at Pompey’s Pillar. Had war or government been a science neither Han nibal nor Napoleon could have failed, for both would have mastered both. And I hope the Hon. La Follette will see his way to a more careful study of the art of government. Washington, November 17: In a Hundred Years or So BY SB. FRAXTX CBAXE, (Copyright, 1913, by Frank Crane.) Twelve millions a year—not dollars But souls! A German philosopher, says Prof. Noyes, estimates that the world contains 1,700,000,000 people, and that they are Increasing at the rate of 12,000,000 a year. This would add to the population of the globe every ten years a number of people greater than the present population of the United States. We will not be here to see it, but there is coming a day when this habitable earth is going to be rather crowded. At present there is plenty of room, as all the people of this country could live in the state or Texas and have as much room as the population of Belgium has now. But the people are not going to Texas. They are congesting in great cities. Some way must be dis covered to get the people to the land. And that suggests sotne other things that must be done before the world population becomes too dense. Present systems of government will have to be changed. The existing nations must get together. Thero must be a world-Qonsclousness to meet racial wants. We cannot stop at international arbitration; we must devise some "federation of the world.” The principle of competition we now work under must be changed into some acceptable plan of co-op eration. To produce and distribute the goods of life as we do now, in a struggle of "devil-take-the-hind- most,” is manifestly unthinkable for the future. Some other motive for human activity must be dis covered besides the desire to make money and leave it to our children. This is not so startling. Men now work at art, at literature, at philosophy, at medi cine, even at bridge building, because they love their work and seek honor as a reward. In. an overcrowded world these higher motives than wage will have to prevail even in menial labor. John Fiske wrote “As evolution advances the struggle for existence ceases to be a determining fac tor. This elimination of strife is a fact of utterly unparalleled grandeur; words cannot do justice to such a fact.” The world must be better organized. By perfect organization a thousand people can live comfortably where a hundred unprganized people would starve. There’ll be a large party here in a hundred years or so, and we had as well be setting our house In order. - Pointed Paragraphs "I think you had better convene,” pleasantly says Huerta to the alleged Mexican senate. “Some men who disagreed with me are banished, some are in jail and there are some whose friends do not know where they are, though they may suspect. Do just as you like, of course, but—I really wish you would meet.”— New York World. Most men would be only too glad to be considered land poor. * * * Be a busy bee. It’s always better to sting than to get stung. * * * There are hut two kinds of men, one talks while the other acts. JjOME i^Conwcra wjm’UHJn.'im EXPERIENCES OF THREE-QUARTERS OP A CEN TURY. f WRITTEN BY A VETERAN. I’ve be^n ruminating over some things I’ve wit nessed since I could remember first: The passing of eight-tenths of the companions of my youth; the intro duction of buggies, cook stoves and sewing machines, the latter patented by Elias Howe, a,New Yorker, later Other added improvements; the perfection of the mow er and reaper by Cyrus McCormick, a Virginian; the ' , w improved breaking plows’, harrows and cultivators by B. F. Avery and others, the threshing machines and separators; the circular saw which completely revo lutionized the manufacture of lumber and depleted our forests; before that the lumber we had was .cut by a perpendicular saw , hung In a sash- driven by a water wheel and crank; the manufacturing of brick by ma chinery; machinery for making boots and shoes; the introduction of steel grain scoops, rakes and pitch- forks; traction engines and steam shovels; the intro duction of telegraphy by Prof.' Morse; the laying of the Atlanta cable from Queenstown to Halifax, Nova Scotia, and while laying it during a storm the cable parted in mid-ocean; they had to drag the ocean with grappling. irons for quite a while to find the broken end, but finally v succeeded and the cable 1 was com pleted; the building of the first transcontinental rail road across our country;, the biiilding of the Suez ca nal by Ferdinand'' d© Lesseps, a Frenchman; the dam ming of the Nile at Assuan ‘in Egypt by the English people; damming the Mississippi between Iowa and Illinois; the Colorado, the Gila, Tennessee and others since *have been dammed; more recently the comple- tioh of the Panama canal by Colonel Goethals; the in troduction of steel rails, air brakes and automatic cou plers; the planvoL making watered railroad bonds and officials without scruples or, ocnsctence; the ^oming of the auto, the flying ihachine, the telephone, type-, , writer, graphdphone and 'megaphone; the' introduction of anesthetics for the mitigation of pain in surgical operations, by a southern man; the Introduction of repeating firearms by Samuel Colt, a Connecticut yan- kee; then the breech-loading small arms and cannon; the ocean-going vessels made of steel and propelled by turbines; wireless telegraphy; the modern turreted war vessels introduced by John Ericsson, a Dane (he also erected the first tdbular steel bridge across the Mississippi at St Louis); tunneling under mountains and under the beds of rivers; electric street cars and lighting plants; sawing granite and marble by machin ery; burial caskets that cost the friends of the occu pants $20 to $200 and the manufacturer one-tenth the amount; concrete buildings, bridges and dams; iron bedsteads and porcelain bath tubs; the cream separa tor and automatic .milker, and oleomargarine; the roll er process for making flour; the practice of adulterat ing drugs, spices and groceries. In my boyhood many farmers made their fruit into brandy at home, and considered it no harm to take a toddy before breakfast for the “stomach’s sake,” and there were none to con demn or criticize. Now the old copper still has been driven to the mountains and run by men who go armed to defend themselves from government officials. And In conclusion I will add that it looks like at this writ ing I will soon witness another invasion of Mexico by our people in the interest of good government and peace. T. J. H. • • • A MIRACLE OP GRACE. It is presumable that the majority of the readers of The Semi-Weekly Journal have read extracts from a late temperance speech made in Columbus, Ohio, by fromer Governor Malcolm Patterson, of Tennessee. In • days past and gone he was the bitterest of all the bit ter foes against prohibition in the state of Tennessee, especially while he was chief executive of that state. When Senator Carmack was shot and killed in the streets of Nashville by intimate political friends of Governor Patterson it was common talk that his excel lency was accessory 1 to the murder. His pardon for the slayer of Carmack convulsed the'state, and the excite ment spread until the commonwealth became the di vided territory of two violent factions, Governor Pat terson on the liquor side, and Candidate Ben Hooper on the anti-liquor side. y The result placed Governor Hooper in the state house and returned Mr. Patterson to private life. For several years the feud continued until Mr. Patterson fell into other bad habits as well as drink, and almost “touched bottom,” a saying that old-timers will un derstand as' the lowest ebb in political and social life for a noted man to experience. But the great national temperance gathering of this present week in Columbus, Ohio, told a different tale. Mr. Malcolm Patterson was a chosen speaker and ap peared on the rostrum vHth Governor Ben Hooper, his aforetime political foe, and ‘announced himself as a thorough convert, to prohibition doctrines as well as an humble convert to Christian religion. My heart was deeply touched with his confession of past errors and his, determination to be a better man (and like Paul, checked on the road to Damascus)—intent on the un doing of all the regrettable things of his evil career and serving the Lord in newness of spirit in his every day life. I do not suppose ,lie could place me, or I would write him a line of congratulation and rejoicing over the change, etc. , There .jtyill be plenty of people who will criticise him, and maybe say slighting things about his profession of religion, but we must not forget that it was a marvelous confession for a once proud spirit to make in the* presence of so many witnesses. I trust the good Lord will strengthen his resolutions and help him to walk In the straight but narrow way, for he will need help and the prayers of good people. .. 'I, *. * 7*jr TRICKS IN TRADE. One of the very latest is the feeding of market raised poultry with a good dose of red pepper to in crease an appetite and then feeding this good appetite with all the fine sand that a little corn doligh will cover, tpe day before the chickens go to market. This is to make them weigh heavy. Now, did you ever?' It is a brand-new trick to me. What one chicken would eat of the sand dough wouldn’t amount to much, I am very sure. I have seen the gizzards, strutted to carry the small gravel that poultry needs to aid its digestion, but even the gravel will not weigh but a trifle. I suppose it might affect the weight if there were some hundreds “s.nci fed,” but it might that sand might also make the poor things’ sick or drowsy. I have heard of sand ing.sugar, but this is the very first of sanding chickens that has come my way. It has been said that doses have been given to beef cattle which would make them thirsty. Then the cattle would drink gallons upon gallons of water so as to swell them out and make them look in fine order until the sale was over and the price was in pocket, then the shrinkage might come as soon as possible. In slavery times, when negroes were sold on the block, an ,ashy looking one would not bring so much cash, so it was proper to feed them up and then grease the skin, etc-, before the auction. A good deal of Hour has its ample allowance of corn meal to make it sell at good weight in the mar ket. We have all heard of raised bottoms in berry baskets If we never bought any. We are also fa miliar with baskets and crates where the top ones are all fine and the bottom ones not so much so. are all fine and the bottom ones not so much so. An apple wagon stopped at my door and the owner came in with two nice looking apples in his hand. He sold them at 10 cents per dozen. I handed out the dime and he brought me four like his sample and eight little ones. I rermirked that his sample was good, but the dozen were poor stock. He said he sold that .way. .. .. . RURAL CREDITS IX,—THE GERMAN LAND MORTGAGE BANKS. Bi FREDERIC J. HA SKIN. Cooperative credit is a product of a bloody war. It was first developed with reference to land, then with reference to. personal liability. It is also the product . ft-'? 'tv.. •* ' ■ . of tyranny, although it has sufficed to release mil lions frorr\ the tyranny of debt and the thralldom of poverty. Looked apon when ii began as an unmiti gated evil by the rich landholders upon whom it was forced, it has persisted and has brought innumerable blessings to millions of poor peasants, the while not hurting the rich landholder. • • • ;1* *»•. • ■' We mu'st. go. back to the Seven Years’ war in Gen* many to see the beginnings of the present system of co-operative credit. That war hit the noble landhold ers a terrific blow, leaving them land-poor in the su perlative degree. They had acres and acres of land, but they nau not a mark with which to cultivate it. To add to the confusion, Frederick the Great suspended all interest charges against debtors for a period of three years, and i.fterward extended the period, thereby banisning the money lender, and leaving the landowner with, no power to get money. \ * * * At this Juncture there came upon the scene a Ber lin business man, ±ierr Buhring, who had the ear of the great monarch. “Require the nobles to pool their credit,” said he to Frederick, “and then they can bor row money.” So a royal edict was issued, forcing the nobles to join the association whether they wanted to borrow money or not, and to make their lands liable, without limit, for all loans granted by the association. In that idea were born the two greatest factors in modern commercial life—the trust and the co-opera tive credit association. • • * • The experiment worked like a charm. Soon the as sociation found itself with unlimited credit iu keeping with the unlimited liability it extended, and so the first landschaft started. Others were formed volun tarily. And from that day to this, nearly a century and a half, the associations of borrowers in Germany have thrive^ and have made German agriculture the world’s best example of the possibilities of the soil. • • • The principle behind the land mortgage bank, what ever Its nature, Is largely the same as that behind our currency system. The government tells us that there is a dollar of gold behind every paper dollar in circu lation, and so we prefer the paper to the coin. So the land mortgage bank says there is a mortgage behind every bond it Issues—a mortgage that has perhaps two dollars of property behind every dollar It represents —and the investor is glad to get hold of it. • • • Under our system the matter of mortgage loans is a personal one. Each lender must know the financial responsibility of the borrower, and the value of the mortgaged property. Under the mortgage bank system the banking experts look after this. The result is that the land mortgage becomes as impersonal as a railroad mortgage. • • • Under the German system, when one buys a land bond he buys it just as the American investor buys a railroad bond; Behind it lies , a mass of underlying mortgages, in addition to the other assets of the bank issuing it, and behind that the liability of all its mem bers. In former years every member of a cd-opera- tive land mortgage bank was liable without limit, al though the tendency now is toward a limited liaoility and a large cash reserve. • • • Originally, the landschaften did not give cash to a member in exchange for his mortgage. It gave him, instead, a bond containing a promise to pay both prin cipal and interest in case of default; by the deblfcr. This was simply a process of guaranteeing an indi-' vidual mortgage with an individual bond. Later tney undertook to collect the interest and principal on be half of the lender, and afterward adopted the present practice of handling the whole transaction—advancing the money to the debtor, selling the bond to the cred itor, collecting principal and interest from the debtor, and redeeming the bond for the creditor. • • • This revolutionized the money lending business, and built up a system of credit, combining the issu ance of bonds, the gradual repayment of^ the princi pal by the mortgage maker, and the building up of a sinking fund to meet the bonds when they should fail due. Each of these functions is indispensable to the success of the system, but the greatest among them is the principle of amortization. The borrower de cides how many years he requires to pay back the loan, $nd it is then divided into so many annual in stallments. He must meet these as well as his inter est payments, and that means frugality and sustained effort at getting out of debt, thereby inculcating the habit of thrift. It also reduces the interest burden of the borrower from year to year, at the same time in creasing with each passing year the margin between the value of the mortgage and the size of the debt. * • * The present day landschaften are simply syndicates of borrowers, who supply themselves with capital upon the lowest possible terms and upon the easiest possible methods of repayment. In most of these societies there are no shares paid in, and when there are they are usually a certain percentage of the loan to be made. The candidate for a loan simply asks that a bond be issued against a mortgage, on his property. If his mortgage is approved he gets his money and the soci ety sells the bond in the open security market, the mortgage maturing before the bond does. The securi ty for the bond does not lie in a particular mortgage, but in the masses of the mortgages held. The result is that 4 per cent bonds are usually at a premium. While the debt is usually amortized in fifty years, the borrower does not have to let it run that long. He can anticipate just as many annual payments as he de sires. • • • The tendency in the landschaften of German today is to place especial borrowing facilities in the hands of the small borrower. He is furnished a loan up to a closer margin of the value of' the property pledged. Where the big borrower cannot pledge his buildings or his stock, the smaller borrower can get advances based upon them in connectiop with his land. Under the law no landschaft can refuse to place a loan where the bor rower meets the conditions of security required, and must inform the borrower of the results of its ap praisal of his property. Appraisal is made by a com mittee of neighbors, none of whom may be relatives of the borrower. Loans cannot be recalled except where the borrower allows his property to deteriorate in such a way as to affect , the selling value of the pledged property. • • • The result of the operation of the co-operative land mortgage banks has brought into existence a large number of non-co-operativfe banks of this nature, and this in turn has brought about in Germany a condition where farm motgages have become the fayorite sources of .investment. Even government bonds mean no more to the inestor than the land mortgage bonds, and the German farmer finds his securities the most sought after of any on the market. His .credit is gilt-edged. He can borrow on as .good terms, both with respect to low interest rates and easy installments of repayment of. the principal; as the government itself canr • * * * Compared with cur American system, where the land mortgagees about.the most difficult of all securi ties to handle, where the term‘'Of repayment is less than a .fourth as long as that of other glasses of securi ties, and where the farmer finds himself up against the highest rates of interest, large commissions and short terms of repayment, the German s3 r steni makes ours look more than a century out .of date. Although the American farm. is at the basis of all American, values, it has never been touched by the/simple alche my of transmutation of property-into money apd money into property as the needs of the farmer requires; and consequently the farmer mtfst labor under financial conditions that wer e regarded as out of^date in Ger many. soon after American achieved its independence.