Alma record. (Alma, Mich.) 1878-1928, 1896-10-23
THE FARMERS REk- ...izvA,. cE.

Got Lack of Money In tie Country, bui
of Banking Facilities In Country ID =
tricts-Mr. shearman's Proposed Rem
edy.
Why has Canada no currency quos-
ton, 10 cry for cheap money and no
campaign against gold? These are ques.
tiOns which Mr.. Thomas CT. Sherman
answers very effectively in the LONDON
Times Of Sept. IL.
Briefly summarized, Mr.. Sherman S
explanation Of the discomfort among
farmers, which has lead to the ridicu-
lOus demand for free silver, is that most
farmers in the west and south are de-
prived Of the benefits Of banking facili-
ties. They seldom see or use check
! and are uuacquaintod with the bcnef IS
! of banks and bank credits. For this
reason there Is a great scarcity Of cur
rency in most rural districts The
county store" supplies in Part and in
crude and costly way the credits
which tide many farmers over from one
season 10 another Because of the great
risk involved, the stotckcopor, by charg-
ing high prices for his goods and ly
paying low prices for farm products,
really gets from 20 to 40 per cent inter
est on the credits given to the farmers.
OF course such interest cats up all Of
the profits Of large class Of farmers.
The country storekceper really does a
banking business in clumsy and cost
ly 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
, farmers could sell their crops for
checks, deposit them in banks and take
up 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 no
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
loanable capital ut 2 or 21q per cent
while demanding that interest be re-
duced 10 per cent. They thus drive
away the vcJy money they are so eager
to get. In some sections of the south it
is 80 or 20 miles to the nearest bank
They prohibit branch banks, such as cx-
list IN Canada and Scotland to the great
advantage Of remote country districts
The farmers themselves are the great
est enemies 10 what is most needed in
their communicating class banks OF
deposit and discount. Mr. Shearman
makes this point clear He says that
Canadian farmers "have suffered from
the fall of prices and from every other
alleged result OF the single gold stand
ard 20 the same eXtcnt as the farmers
south of them. Yet there is no bimctal-
lie league in Canada, and the cry for
cheaper money Is not heard. Canada
has not only enough money to supply
all Of her own wants, but also lends
such great amounts in the United States
that jealous American bankers some
times try To shut Canadian money out. "
MIR. ShCarman sees what too few
seem TO soe-that the farmers have a
real monetary On currency grievance !
He has indicated what is probably the |
only way Of giving relief. He offers
positive. That the farmers
are not willing to take the only remedy /
for their Ills and prefer the quack free
silver and cheap money remedies only |
prolongs their sutfcrings and makes a
rational solution Of the money question /
more difficult and uncertain.