Correspondence

2 pages

Loucks mentions to R.F. Pettigrew that Hampton is eager for Loucks to prepare an outline of his plan for 'rural credits.' Loucks briefs Pettigrew on the happenings of the Sioux Falls Conference in which his outline has been successful. Loucks also speaks of the new leadership within their organization and who will be helping to lead their organization.

TRANSCRIPT

half the foundation

June 17th.

My dear Pettigrew,

Of course I was sorry that I did not meet you at Soo Falls yesterday, but was glad to learn that you was at Brookings.

Hampton has been urging me to prepare an outline of my plan for Rural Credits, but as I have always objected to class legislation I hesitated to sail in on that name. But presume that as the politicans have another delightful toy to play with that the name will stick.

Hampton wrote me that he was holding up Bulletin No 2 for my article, so I got busy. I did want to go over it with you fully before sending it in, but mailed it Monday. I hastened it so as to submit the plan at the Soo Falls Conference Tuesday. I was sick Monday night so did not take the morning train, but did the evening, so missed all of the first day. However as it turned out when I presented it Wednesday they became so interested that I had the balance of the Conference practically to myself. While I did not ask them to commit themselves, as I did not want to give it to the Press until it had appeared in The Bulletin. I think I may say that with one single exception it was unanimously approved of. After reading it I think that they kept me more than an hour answering questions, and then they accepted of my plans right through.

You will note that as usual with me I first lay a foundation for the building. I wanted it sound. Wherein can I strengthen the first half – [the foundation]? I want to raise the whole question of scientific medium of exchange, as nearly seperate from the present system as possible discussing my plan on its merits for the purpose designated in the title, hence I Start with a Federal Investment Bank. The great strength of that position is that any objection they can raise to my plan will also lay against the present plan. But please go over it with as much care as you can, criticising it freely, not as a perfect financial system but as the basis for an organization for a grand educational campaign.

Dillon became so interested that he wants to introduce it and champion it in congress. I also outlined a plan for the state using our Department of Commissioner of School & Public Lands as a base.

The Conference was not large, but it was representative.

I do not know whether this is the physological time or movement to make a new start in this state, but it would seem to be.

I nominated Holter for President. He wanted me but I could not afford it and anyway I think it is better as it is. I also nominated my old and loyal friend Wm. A. Thompson of Huron for Secy-Treas.

Then for the Ex. Com. I was elected. also Thompson (The Secy) and he and I authorized to select the third, and the Ex. Com. instructed to proceed with the work of organization as fast as practicable.

The organization then is in the hands of Holter, Thompson and myself, with the Directores and officers of the State Grain Dealers Association back of us, except Anderson, the President and he seemed so lonesome at the last as tho he wanted an excuse to get in line.

I did not ask them to accept my plan and method, as I wished it to appear in the National Bulletin first and be credited to that and so told them, but it was accepted in effect and men elected to carry it out. I have not selected the third committeeman yet. My choice is you or H. W. Smith who was present and took an active part. You could do lots more good as Smith is I guess pretty well tied up by his work.

But on account of his active part in the Conference I think that I should offer it to him first, with the suggestion that if he cannot give it the time that I will request you to accept. At any rate I will want to consider you as one of the Ex. Com. and advise with you just as tho you was. I will be glad to hear from you at your early convenience.

Wish you could have a talk with Smith as to his impression of the Conference. I somehow think that it is our best opening.

Sincerely yours,

H L. Loucks