I. Existing Conditions. Classes of agricultural credit, 701. — Growth of farm mortgage indebtedness in the United States, 703. — Statistics, 704. — Causes, 705. — North versus South, 707. — Significance, 709. — Sources of farm mortgage credit in the United States, 712. — Rates of interest on farm mortgages, 718. — Averages in different sections, 718. — Elements of cost, 719. — Personal indebtedness of the American farmer, 721. — Statistics, 722. — Sources of personal credit, 723. — Its cost, 724. — II. Proposals for reform. Agitation for improvement of agricultural credit facilities, 727. — Agricultural credit in Germany and France and comparison with conditions in the United States, 729. — The debenture bond system; its limitations, illustrated by European experience; its unfitness for use in the United States, 734. — Futility of direct state financial aid to agriculture, 739. — Agricultural credit bills now before Congress, 740. — Criticism and conclusion, 746.