The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-03-15
CREDIT BANKS.
CAN BE MADE TO GREATLY BENEFIT
AGRICULTURAL COMMUNITIES.

Cheapest and Sell In the Dearest Market.
The American Agriculturist, one Of
the leading farm journals of this coun-
try, has been running series of excel
lent editorials on the subject of credit
banks for the benefit of farmers. One of
the first, i'll the issue of Nov. 21, 1896,
discussed the agricultural credit banks
of England. 1t attracted considerable at |
tention, and the Grange and Farmers |
Alliance in several states are seriously |
considering trial of the system there |
outlined.
A recent editorial showed some of the
benefits of the Scotch credit banks which |
loan small amounts to borrowers with
out collateral, but who can give at least
two good sureties. By this means ca
pable and trustworthy young man can
obtain few hundred dollars, at a mod
crate rate of interest, with which to
stock farm which he has just bought.
He does not have to pay interest on a
dollar more than he actually uses and
ut any time can return any part OF what
is borrowed and stop interest on the part
returned Dunning Macleod, great au
thority upon banking, says that this sys-
tenn, introduced years ago, gave Scot
fish agriculture prodigious stimulus,
while to it also he attributes the mar
velous development of manufactures
and other industries in Scotland in the
face Of adverse natural conditions. Mac
leod declares that the use OF this form
of credit has been more helpful to Scot
land that the richest gold or silver mines
would have been.
The Agriculturist then described the
special benefits of the branch banks OF
Scotland and Canada. Ten Scotch banks
have 1000 branches. Each little town
where there is an agent Of one Of these
ten banks has practically the same bank
i-g privileges as though the headquar-
! tiers of the bank were in the town,
whereas the American towns facilities
are confined to the little bank located
in its midst, or, more likely, in larger
, town, village or city 10 or 20 miles
away, for it is often so and sometimes
100 miles from points in the south and
. west to the nearest bank.
' We quote the following from one OF
!, the more recent editorials in The Agrl-
= culturist:
1.-THE agricultural credit bank de-
: scribed in our previous article, or ou'
own very successful cooperative build
ing and loan associations, might also es
!. tablish branches or agencies. Thus ont
). society could have representative IL
lat in,
group of counties, bringing its advan
: tages home to depositors and borrower
70 everywhere. In this way. even IN
Is Is sparsely settled farming country. a CO
- operative banking society could &c
10 enough business to be soundly success
!. full The agricultural credit banks &c
~, ~, scribed in the editorial referred TO en-
"a able the honest poor to cooperate l
d other matters. The testimony OF hun
y dreds of similar institutions Ill EuroT
~ shows beyond all question that tines
y credit societies have encouraged CO
Is oneration in all its forms, stimulate
thrift and self help and improved II
whole moral and material condition
their members The need is certain
nroeut for similar effort at self help
=, very many farming communities III III
"' country as well as among WORKERS
other occupations. In these tlmes' wh'
~ the margin of profit is so close III iari
y inc ne i'm other business, 1T Is all u
W. more necessary for farmers to DE aple
conduct their affairs with the utmc
economy, for which purpose c"p''ai
ro,eopable rates of interest Is an lmper
ell re"sonaDio ; 80"
tive necessity.
"Wbateycr opinions are entertain
concerning the standard OF values, 'ne
sre should be unanimity in an effort TO Pc
me feet a sound plan of cooperative Dan
'ok inc that will enable farmers TO he
co themselves. How great this need Is c
Id, hardly be exaggerated. Taking
'eu limited States as whole, we DOUBT
eo' one-tenth of our farmers use banks
u ore " thin convenient reach OF banKi
I'M accommodation. Without it they cam
~ employ credit in the true sense
anu nine-topths of the volume, OF pusin
me transacted by other people is done w
one orod,t Instruments. But the aver;
ent farner is able to use only the credit
oio fered by the CROSSROADS STORE W wa
Ner .milks' him to the tune OF 10 10 Az
her cent by taking his stuff in trade at
pun below market price, charging Dig pro
on what the farmer buys, and OH TOP
this exacting exorbitant interest.
10 "No legitimate business can SD
was this sort of accommodation, certai
ntr not agriculture. The evil exists "he'
i''S nrices are high or low, currency PIE
j or scarce. The deeper one delVes
new this matter the palmer it appears u
pea whatever il done about monetary s'a
i.i' ards. better banking accommodation
! that is, better facilities for the use
credit instruments, such as che'
drafts, etc. are vital to the iarin
welfare. Nor can he, need ne or VIZ
nav more for these facilities th''h
those in other business.
A Good Example.
The action of the silver kepupii'
in deciding to make the money :
- =, rco1 CYamDle 10