FCS Financial: One Hundred Years July 2016 | Page 57

Most farmers, unfortunately, didn’t take that route. Donald E.
Wilkinson, governor of the Farm Credit Administration, reported
farmers, ranchers, and other agricultural entities borrowed $45
billion during 1978, up 15.9 percent from the year before. Production
Credit Associations loaned $23 billion in 1978, while Federal Land
Banks loaned $6.4 billion. The declining value of the U.S. dollar
against foreign currencies meant higher prices for imports such
as oil and steel, boosting production costs for American farmers
and ranchers. Meredith Kapp, who served on a Production Credit
Association board for years and served on the board of directors
for Agribank from 2004 to 2012, started farming in 1967 and
witnessed the trends in farm lending firsthand. “Everybody was
ready to grow and specialize in the 1970s. A lot of people probably

Youngsters attend the 4-H Citizenship Breakfast hosted by the Jefferson
City PCA, June 1979.

The Glory Years

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