The fact is that the
government of New Brunswick "passed the buck." I went before the provincial government three years ago with one of the biggest delegations that ever appeared before them for any purpose, to ask them to pass a farm loan act, and this is the gist of the act they passed:
Any municipality desiring to borrow money for the purpose of lending the same to farmers in such municipality may do so upon passing a resolution at any regular meeting of the municipal council of Buch municipality, or at a special meeting duly called for that purpose, setting forth that the municipality wishes to borrow a sum of money, not exceeding a specific amount, repayable annually at the rate of five per cent per annum.
The province did not even propose to lend money to the municipalities.
Subtopic: RURAL CREDITS