Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1896-10-08
THE FARMERS REAL GRIEVANCE.

Not II Lack of Money In the Country, but
of unnking Facilities In Country Did,
trlcts Mr. Shcnrman's Proposed Rem
cdy.
Why has Canada no currency qurS-
ton, no cry for cheap money and no
campaign against gold? These are qucs
tions which Mr.. Thomas G.. Sherman
answers very effectively in tho London
Times Of Sept. 4,
Briefly summarized, Mr.. ShcaIman's
explanation of the discomfort among
farmers, which has lead to the Iidicu-
lous demand for free silver, i2thut most
farmers in the wost and south are de
privcd Of the benefits Of banking faCili-
tics They seldom see or use II check
and arc unaCuuainted With the benefits
of banks and bank credits. For this
reason there il a great scarcity of cur
rcncy in most rural districts Tho
country store" supplies i'll part and in
crude and costly way the credits
which lido many tanners over from enc
season to another. Brcaus" OF tho great
risk involved, the storekocpcr, 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 tho credits given to the farmers.
OF course such interest eats up all OF
tho profits Of large class Of farmers.
The country storclicrpor really does u
banking business in clumsy and cost
ly way. Local banks, such as exist in
Canada, would furnish tho farmers
with credits vt about oncfourth the
cost of store credits. With such banks
tho farmers could sell their crops for
checks, deposit them in banks and take
up their discounted notes i'll this way.
Tho farmer knows nothing of this
method of conducting transactions and
thinks that his needs can be supplied
only by making moro money-chcapcr
money if necessary.
Tho farmers, therefore, mako no
efforts to- obtain better banking facili-
tics. Instead they work and vote
against banks and bankers at every op-
portunity, They tax money and other
loanable capital ut , or 2le per cent
while demanding that interest he re
duccd to : per cent. They thus drive
away the very money they arc so eager
to yet. In sumu sections Of the south it
is 80 or rs milos TO the nearest bank.
They prohibit branch banks, such rs uX-
list in Canada and Scotland TO the great
advantage of remote country districts.
The farmers themselves arc the great
est enemies to- what is most needed IN
their communicates class banks Uf
deposit and discount Mr.. Sherman
makes TINS point clear. He says that
Canadian farmers "hayo suffered from
tho fall Of prices and from every other
nllrgcd result Ct the single gold stand
ard to tho same extent us the farmers
south Of them. Yet thoro is ne bimctal.
lie league Ill Canada, and the cry for
cheaper money Is not heard. Canada
has not only enough money to supply
NIL of her own wants, but also lends
such great amounts III the United States
that jealous American bankers some
times try to shut Canadian money out. :"
Mr., Shr0rwan secs what too few
secm to seo--that the farmers havo u
real monetary or currency grievance.
He has indicated what is probably the
only way Of giving relief, He Offices
something positive. That the farmers
are not willing to take tho only remedy
for their Ills and prefer the quacb free
silver and cheap money remedies onlv
prolongS their sutfcringS and makes u
rational solution of the money question
moro difficult aud unccrtain