The Farmville herald. [volume] (Farmville, Va.) 1890-1934, 1899-06-23

these facts we force the newcomer n
take more land than he wants and OF
tenumes realize lower price than the
buyer would be willing TO give could
he have As much or AS little land as he
needs.
There is this difference between At
T tracing immigration to our State now
and ten years ago: Prejudice against
the South has disappeared and to-day
We do not need to convince man that
he can cultivate opinions of his own as
we had 10 do years ago. The success
OF the Western men who have settled
among US during the last few years
speaks louder than any other Demon
stration, and land is more quickly sold
than ever. But our facilities to settle
these newcomers are very poor. Our
people are not aware of the splendid
openings for capital which will yield
handsomely and is in addition a good
and safe investment.
This lack Of banking facilities is not
only hurting immigration to our State,
but prevents farmers from getting
means to improve their property. 1t
depresses the value of farm lands, and
on account Of limited credit makes the
sale of property very difficult for the
poorer class Of people.
The scarcity of proper banking ac-
commodations forces our people to sell
lands at such short time usually one
fourth cash, balance one aud two years
or one, two and three years. that the
prospective purchaser of farm homes
cannot make the greater part of his
payment out Of his crops, facilities
which are readily extended to him in
the West.
These conditions just described are
not due to our financial system, nor
are they essential to our economical
and political institutions. Nearly every
European country had to face the same
problem and in some instances have
solved il.
We cannot look to the national banks
for help, because they have their specific
purpose to solve. They are the out
growth of commercial necessities, have
grown with commerce and are still
growing and improving from year to
year. National banks are not gifts
from the government. They could not
exist if commercial interests did not
demand, create and support them.
Mortgage or hypothecation banks, as
they exist in most European countries,
are in existence because the farmers Of
those countries have made them, and
capital and governments come to their
assistance because the first realized the
safety Of the investment, and the latter
the good that came from such Institu.
tions.
Some Of these banks originated by CO.
operation of the landowners, some be-
cause capital found profitable employ
ment, and under present conditions
both ways are eminently practical and
have wide field In Virginia. Indi-
vidual efforts have been made of late
to attract capital to this State for the
purpose of organizing such mortgage
bank or, il it pleases you better, a
Farmers Loan and Trust Company.
But the practical question is: Do our
land owners and farmers want such
Accommodations, and if they want them
are they willing to cooperate?
If the problems outlined above really
exist, as every thinking man will adj
NIT, and if there are remedies TO meet
them, let US get together and find the
means among ourselves to solve the
problems.
If the press Of Virginia will CO.
operate in this move and bring its
powerful influence to bear on the SUBJ
ject Of banking as related to farming,
a wonderful change will take place in
the Southern farming communities.
Very respectfully,
PAUL SCHERER.
Roanoke, June Il, 1899.