Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1896-10-17
THE FARMERS REAL GRIEVANCE
Not Lack of Money But of Banking
Facilities In Country Districts.

Facilities In Country Districts.
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 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-
prived of the benefits of banking facili-
ties. They seldom see or use n check
and are unaquainted with the benefits
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
q crude and costly way the credits
which tide mely 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 25 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 a 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
the farmers would 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 nc
efforts to obtain better banking facili-
lies. Instead, they work and vote
against banks and bankers at every op
portunity. They tax money and Other
1oanable capital at two or 2H 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 get. In some sections of the south i
is 80 or rs miles to the nearest bank
They prohibit branch banks, such as eX
ist 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-first banks o
deposit and discount. Mr.. ShearmaI
makes this point clear. He says tha
Canadian farmers shave suffered from
the fall of prices and from every othe
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 fo
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.. SheRrman sees what too fey
seem to see-that the farmers have
real monetary or currency grievance
lie has indicated what is probably tn
only way of giving relief. He offer
something positive. That the farmer
arc not willing to take the only remed
for their ills and prefer the quack fre
silver and cheap money remedies onl
prolongs their sufferings and makes
rational solution of the money questio
more difficult and uncertain.