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Farm Credit opens 50 year-old time capsule to celebrate service to rural communities and agriculture
Story Date: 2/8/2016
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Source: PRESS RELEASE, 2/4/16
Farm Credit recently unveiled the contents of a time capsule buried in Larned, Kan. in 1967 to mark the 50th anniversary of the Federal Land Bank system, the precursor to today’s Farm Credit System, which supports rural communities and agriculture with reliable, consistent credit and financial services. Among the items revealed were predictions from Farm Credit leaders about what agriculture and financing conditions would be like today, and documents from the first-ever loan made by Farm Credit in 1917. Former Kansas Senator Bob Dole, along with current Kansas Senators Pat Roberts and Jerry Moran, participated in today’s event at the Farm Credit Council annual meeting.
In 2016, AgCarolina Farm Credit is commemorating Farm Credit’s 100th year serving agriculture and rural communities. As a U.S. Representative from Kansas’ Big First congressional district, Mr. Dole was present that day in March 1967 when the time capsule was buried, during the 50th anniversary celebration where 10,000 people gathered for a parade to mark the occasion.
Also in attendance was Danny Stockwell, great-grandson of A.L. Stockwell, who received the first-ever Farm Credit loan in 1917 to finance his family farm outside of Larned. The younger Mr. Stockwell attended the 50th anniversary celebration, helping tighten the bolts on the time capsule before it was buried.
“I congratulate the Farm Credit System on their 100th anniversary as they continue to play the much-needed role of providing affordable loans to our nation’s farmers, ranchers and rural businesses,” said Senate Ag Committee Chairman, Pat Roberts. “I’m pleased to see the forecasts from 50 years ago were accurate, and I’m confident the next 50 years will be even more productive for the Farm Credit System and rural America.”
Fifty years ago, 12 Farm Credit leaders from across the country each wrote their predictions about the future of agriculture and the financing required to feed and clothe an ever-growing population. In many cases, those predictions anticipated the evolution of the industry.
“AgCarolina Farm Credit is proud to be a part of Farm Credit’s centennial milestone,” said Dave Corum, Association President and CEO. “It’s important to look back at past milestones such as Farm Credit’s 50th anniversary and our predecessors’ predictions to recognize our continued success in fulfilling our mission of support to rural communities and agriculture.”
The 1967 predictions accurately identified some of the most prominent drivers of agricultural finance today, including:
• Complexity and Sophistication of Modern Farming Operations – “Successful farming in the future increasingly will demand a high degree of training and skill…not only in production techniques, but also in business and financial management.”
• Growth in Farm Size – “Million dollar operations will be more common than hundred thousand dollar operations are today. This of course will necessitate the use of more credit.”
• Modern, Market-based Risk Management Practices – “The more sophisticated farmers will actively participate in hedging practices on the livestock and commodity futures market, protecting themselves against adverse price movements both on what they buy and what they sell.”
• Increased Efficiency & Production – “Contractual relationships between producers and processors will be commonplace. The ability to produce products with a high degree of uniformity in accordance with specified characteristics will make contracting very practical.”
• Technological Advances – “Remote control by either man or computer will be used in field work rather extensively.
Later this year, Farm Credit will assemble and bury a new time capsule in Wichita, Kansas, to be opened at the 150th anniversary of Farm Credit.
About AgCarolina Farm Credit
AgCarolina Farm Credit is a farmer owned financial cooperative with headquarters in Raleigh. They are the leading provider of credit to farmers in central and eastern North Carolina. AgCarolina Farm Credit has over $1.4 billion in loans and commitments outstanding to nearly 3,000 North Carolina farmers. Loans are made to finance land, homes, farm buildings, operating expenses, livestock and equipment, as well as other purposes. Credit life insurance, crop insurance, appraisal services, and leasing are also available through AgCarolina Farm Credit.
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