The Canton times. (Canton, Miss.) 1893-1906, 1896-10-23
THE FARMERS REAL GRIEVANCE
Not q Lack of Money But of Banking
Facilities in Country Districts.

Not Lack oil money bUG Oh nanhihS
Facilities In Country Districts.
Why has Canada no currency ques-
ton, no cry Tor cheap money, and no
campaign against gold? These are
questions which Mr.. Thomas G. Shear
man answers very effectively in the
London Times of September II.
Briefly summarized, Mr.. Shearman's
explanation of the discomfort among
farmers, which has led to the ridicu-
lous demand for free silver, is that most
farmers in the west and south are de-
priyed of the benefits of banking facili-
ties. They seldom see or use check
and are unaquainted with the DEMENT'S
of banks and bank credits. For this
reason there is great scarcity OF cur
rency in most rural districts. The
Country store" supplies in part and IN
crude and costly way the credits
| which tide many farmers over from
| one season to another. Because OF the
great risk involved, the storekeeper,
| by charging high prices for his goods
and by paying low prices for farm prod
ucts, really gets from rs to 40 per cent.
interest on the credits given to the
farmers. OF course, such interest eats
up all of the profits of large class OF
| farmers.
The country storekeeper really does a
banking business in clumsy and cost
llv way. Local banks, such as exist in
| Canada, would furnish the farmers
with credits at about one-fourth the
cost of store credits. With such banks
the farmers would sell their crops Tor
| checks, deposit them in banks and take
M their discounted notes in this way.
The farmer knows nothing of this
method of conducting transactions, and
thinks that his needs can be supplied
only by making more money-cheaper
money, if necessary.
The farmers, therefore, make nc
efforts to obtain better banking facili.
ties. Instead, they work and vote
against banks and bankers at every op
portunity. They tax money and other
| ioanable capital at two or 21a per cent
while demanding that interest be re-
duced to two per cent. They thus drive
away the very money they are so eager
to ret. In some sections of the south Il
lis so or rs miles to the nearest bank
4 They prohibit branch banks, such as ex
list in Canada and Scotland, to the grea'
advantage of remote country districts
The farmers themselves are the great
est enemies to what is most needed IL
their communities-frst-class banks o.
deposit and discount. Mr.. Shearmar
makes this point clear. He says tina
Canadian farmers 'have suffered from
the fall of prices and from every othel
alleged result of the single gold stand
ard to the same extent as the farmer
south of them. Yet there is no bimetal
lie league in Canada, and the cry TO
cheaper money is not heard. Canad'
has not only enough money to suppl,
all of her own wants, but also lend
such great amounts in the United State
that Jealous American bankers some
times try to shut Canadian none.
out"
Mr.. Sherman sees what too few
seem TO see-that the farmers have
real monetary or currency grievance
He has indicated what is probably tn
only way of giving relief. He offer
something positive. That the farmer
are not willing to take the only remed,
for their Ills and prefer the quack FIRE
silver and cheap money remedies onl
prolongs their sufferings and makes
rational solution Of the money questio
more difficult and uncertain.