The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1896-10-15
THEFARMER's REAL GRIEVANCE

but OF Banking Facilities.
Why has Canada no currency Ques-
ton, no cry for cheap money and no
campaign against gold? These are
questions which Mr.. Thomas G. Shear
man answers very effectively in the
London Times Of Sept. II.
Briefly summarized, Mr.. Shearman'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 unacquainted with the benefits
Of banks and bank credits. For this
reason there is a 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
Eisk involved tie storekeeper, by charg-
ing high prices for his goods and by
paying low prices for farm products.
really gets from 25 to 40 per cent inter-
est on the credits given to the farmers.
OF course such interest eats up all OF
the profits of a large class Of farmers.
The country storekeeper 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
60 I'LL I,Af,N FOR
checks, deposit them in banks and
take up their discounted notes in this
way. The farmer knows nothing OF
tAis method of conducting transactions
md thinks that his needs can be sup
Piled 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 ct every
opportunity. They tax money and
other loanable capital at or 21s per
cent while demanding that interest be
reduced to per cent. They thus drive
away the very money they are so eager
to get In some sections of the south
it is so or Is miles to the nearest bank.
They prohibit branch banks, such as
exist in Canada and Scotland to the
great advantage of remote country dis
tricts.
The farmers themselves are the
greatest enemies to what is most need
ed in their communities-f1rst class
banks of deposit and discount. Mr..
Sherman makes this point clear. He
says that Canadian farmers "have suf-
fered from the fall of prices and from
every other alleged result of the single
gold standard to the same extent as the
farmers south of them Yet there is
nc bitmetallic league in Canada, and
the cry for cheaper money is not heard.
Canada has hot only enough money to
supply all of her own wants, but also
lends such great amounts in the United
States that jealous American bankers
sometimes try to shut Canadian money
OUT
Mr. Shearuan sees what too few
seem to see-that the farmers have a
real monetary or currency grievance.
He has indicated what is probably the
only way of giving relief He offers
something 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 sufferings and makes
rational solution of the money question
more difficult and uncertain.