Pike County press. (Milford, Pa.) 1895-1925, 1897-10-22
MORE MONEY" CRY.
" COMES FROM FARMERS, WHO HAVE
A REAL MONETARY GRIEVANCE.

AAAHNAAAA4AA
and Remedy but Not as 10 the Exist
erice % Their Troublo-why Interest Is
High In the west and south-statistics
Of banking Power In Different sectlsps.
Upon tracing the movement for O
larger volume Of circulation back for a
score of years IL will be found that 1t
has invariably manifested greatest
strength in Che agricultural sections Of
the country. Obviously, then, we must
seek for the underlying causes In these
communities.
When the subject Is analysed, 1t win
be observed that the ground for discou-
tent at existing conditions lies IN the
fact that Notwithstanding greatly i'm
proved means Of production, notwith-
standing greater facilities and materi-
ally reduced rates for the transporta-
tion and distribution of products, the
agfioulturist upon whom so large
part Of our economic system is depend
ent, finds himself, generally speaking,
after a twelvemonth Of hard work, no
farther ahead than at the beginning Of
the year, and IN many instances his
status Is worse Through the failure to
make propwtionate Income he has not
been able TO reduce, but has, In fact,
increased his money obligations
II is not maintained that such Is the
case throughout the land, nor are all
agriculturists entitled to equal credit
for care and economy. Many cases there
are, doubtless, where sympathy Is not
deserved, but in most Of the communi-
ties where discomfort prevails the rea-
son here given is the true one, the dis
sertations Of self satisfied theorists to
the contrary Notwithstanding.
Numerous examinations made by
painstaking investigators warrant the
statement that the unequal distribution
of capital and Of money and the oonse-
quent gross inequality In interest rates
are the chief cause of the inability to
carry on the important business Of agri-
culture profitably.
The sections Of the country polling
the largest silver vote in 1898 have,
generally speaking, insufficient credit
facilities. The small farmer who, ad-
vancing from the condition of farm la
borer, seeks larger measure Of indie
pendence and greater comforts for his
family, Is not only compelled to mort
gage his realty, frequently at rates as
high as Is per cent, but is under the
necessity Of borrowing upon his pro-
spective crop Having no banking office
to call upon, he turns to the storekeep-
er, who extends credit for the needed
supplies and taxes the borrower first fol
interest upon the loan, second In the
way Of increased prices for staples fur
nished and finally in the way Of dis.
counts or commissions upon the product
of the farm turned In as payment.
These items not infrequently aggregate
80 per cent upon the actual credit ex.
tended, and In very large number oi
GASES the total exceeds 90 per cent
ID is perhaps unnecessary to add thai
business Of any kind under such condi.
tions would be unpoftable.
Is 1t, then, surprising when the agri
culturist, who knows little relatively ot
the principles Of sound finance, imaginel
that an increase In the volume of money
would benefit him2 Is it to be wondered
at, when he hears OF reads Of money go
ing begging at per cent In the metrop
oils, he fancies that, by some hocul
pocus, Wall street Is constantly striving
TO grind him downH
II is our business to teach him other
wise; to teach him that the prosperft!
of the commercial centers Is closely in
terwoven with his-is, in fact. largel,
dependent upon his welfare-but tn
lesson can only be brought home TO hin
by the introduction Of means through
which his own prosperity shall be as
sured. For, even as 1t is impossible 3
interest starving man in the plan o
salvation, 80 the debt ridden farmer cal
only acquire faith IN our views of soun'
finance when relieved Of his present on
erous burdens To him system whicl
operates so unequally as the existin
one does must appear not only unsound
but absolutely tyrannicel ANY change
he feels, would be for the better. Con
sequently the southern farmer demand
ed the reinstatement of the state ban
note system four years ago, and las
year the free coinage Of silver appeare
to him the best solution Of the difficulty
The remedy Is manifestly not TO b
found in any form Of imitation Of on
circulation, but in providing by legisla
ton OF otherwise increased credit facili
ties, both for long term loans upo
mortgages and short term credits upo
crops, and a better distribution Of tn
circulation which we have.
In this, as in many other matters, "
must refer for guidance 70 human expt
rience elsewhere. In no country has th
system of advancing short time credit
70 aRriculturists reached the high stat
of development which is found IN Sool
land. The Scotch banker has learne
that the farmer is, under a well guard
ed system, as fairly entitled to credit
70 Goat his venture as the merchant {
the manufactures.
Scotland has one banking firm fC
each 4, 900 of population and a ratio
banking capital TO total resources
banks Of 1 to 1a. By this economy
the use Of capital the banks are able
declare dividends averaging fully
Der cent while giving credits ordinaril
at rates rarely exceeding 4 per cen
and every hamlet in the Kingdom has
banking Office within its limits or In 1
immediate vicinity.
Taking the states Of Alabama, Missi