Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1876-04-15

| luEh ou ~ tuc IVA sAS
ing the unwilling of the statue of Abraham
Lincoln, which will be erected in Lincoln
Park, at the eastern end of the city. Fred
erIck Douglass will deliver the Grafton on
that occasion.
The weather is delightful just now, but
how long it will last is difficult to prophesy,
for the climate here Is about as ~changeable
as it is in Lexington, although not quite 20
severe.
REPORT OF COMMITTEE ON FARM
ERS' BANK.
The following report WAS submitted to the
County Grange ON Tuesday, April IL, 1876
The committee to whom was submitted
and referred for consideration the question
.whether persons not members of u grange
should be permitted to subscribe for stock In
the proposed Farmers Bank, !" and to whom
was also referred the proposition of VIM.
Limrick relating to the same subject, beg
leave to make the following report:
Thu conduct Of q banking business re-
quIres capital aud financial skill, and q bank
ing enterprise involves, and is necessarily
attended with, the hazard Of loss to the
stockholders. The handling Of money, with
aims ut gain, has Its temptations, and not
unfrequsntly its tendencies to evil and cor
ruption. Those having charge OF q bank
have . business which admits Of no time
or idiing or for play. They must keep Nm
csasing watch, give unremitting diligence,
and they must bring to their work shrewd-
ness, skill and knowledge. and only those
should be placed In such charge as are Of
known and tried integrity. There is risk
Of failure: failure IL not uncommon, and
when it occurs, ts always attended with
serious and sometimes calamitous results,
and generally not only injurious, but ruin
Gus to those having the management. The
bank when organized must be controlled
and managed by its stockholders aud by its
board Of directors, to. be elected by the
stockholders, and the county grange, unless
. ~stockholder, can have NO voice in determ-
ming its policy or its acts, or the conduct Of
its business.
The committee does not understand that
the county grange or any grange proposes
subscribing for stock, or in any way assum-
ing responsibility for the bank or its man.
sgement.
The committee supposea, and therefore
assumes, that the county grange desires TO
see q bsnk established and conducted, as
near rs may be, In the interest of the farm
ers. and to such . bank will give its favor,
patronage and influence, 20 long as its busi-
ness may be conducted in \ way to meet its
approval. Aud We understand the county
grange has rs yet gone no further than to
use Its influence and give Its aid in efforts to
lEducs individual members Of the order to
mako subscriptions for the capital stock
necessary for the organization and operation
of such an enterprise.
Under this view, all that the county
grange can expect or desire is. after organs
~ization, such an arrangement by agreement
with the board Of directors as will secure
to the county grange the right and privilege,
from time to time, to appoint frsm its men-
bers an examining committee, who shall
have the privilege Of access to the books,
papers and assets of the bank $50 as to ena-
BILE such committee to present q balance
sheet Of all receipts and disbursements, and
Of the assets and liabilities of the bank, and
to report also as to the policy nf the bank
~ ~ ok0Ap ~ - otuV vi tAV
directors win readily assent to as a return
for the favor and patronage of patrona Of
husbandry, and this would be necessary to
justify the county council in continued
recommendation of the bank. and such re-
ports having the approval of the council.
will secure the confidence and favor of all
patrons,
Now As to suck = bank as ought to have
the approval Of the council. 1t should be a
safe, sound bank, based on adequate cash
capital, with money at all times to meet all
demands for its liabilities, In the conduct of
Its business, preferring to extend its sccom-
modstion to prompt turner's on reliable and
sufficient security, never making ilans and
discounts st a rate Of interest higher than
is or may be allowed by law. Many banks
in the state now and ever have refused to
exact usurlous and unlawful rates Of inter-
est these are our best and safest banks.
We believe such q bank in Lexington, hav-
ing the favor Of the farming public, honestly
and we'll managed, coHld soon be placed op
a footing to SECURE continued and perma.
nent success.
To secure the full favor and patronage of
patrons, 1t must he known that patrons con.
troll and manage the bank. This they can.
not do unless they are owners and holders
Of most Of the stock, for 1t is the stockhold-
ers who have the right to choose and elect
the directors, and it is the directors who
will elect the president, cashier, and other
officers and agents, and who determine
questions of policy and conduct the bust
ness Of the bank. In order that patrons
may have the control and management, is 1t
requisite that they should be owners Of all
tho stock? II not necessary that they
should W all the stock, what proportion
of the stock is it safe to permit others, not
patrons. to wn7
1t is the opinion of the committee that the
ownership Of four-fifths Of the capital stock
by patrons will give them effective control
and management Of the bank. and that 1t
" the remaining one-fifth.
The committee believes that il farmers
who are not patrons, and merchants. me.
chsnics aud others, with . full knowledge of
al the facts, desire to subscribe for stock,
sound policy IS well as ~expediency would
permit them to do SO, but not In excess OF
one-ifth Of the whole amount subscribed.
While 1t Is true that patrons are the largest
owners In the enterprise, and Intended they
shall be, and shall have the controlling pow
or, they declsre to the world their purpose
only 10 to establish . bank. felt to be- EaEt
by farmers, and that they are moved by no
spirit of hostility or sntayonism to other
classes or interests. In this movement pat
rons who subscribe for stock, and thus Sc
cure the control and management Of the
bank, exercise only the same right that is
claimed and exercised by otAers in Gil ip-
stances every where where a bank Is organ
lied. 1t is Away. done BY the instrument
ality Of stockholders or others owning the
capital stock. ami wha CONTROL its operations
to the exclusion OF all others. Should this
enterprise subserye and advance the bust.
ness aud interests OF farmers aud farming,
no other class OF interest," will be injured OF
prejudiced, but all b-netttbd,
Loans and discounts only cannot give
success to q banking enterprise. 1t must
deal in exchange aud use its money and
capital in every other proper and legitimate
way known to bankers. 1t must make
friends in every class and business. 1t IL
but reasonable to suppose that every stock
holder will be the friend OF the bank aud
desire Its interest, and to the extent that