The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1906-04-13
CHANGE OF GRANGE BANKS
Farmers Promising Experiment
PENNSYLVANIA tn Sprcad-Nay Q
Fifty i'm the State.

The Grange National Bank may ap-
pear 10 the cursory observer as some
thing in the nature of a chime~a.
but the enthusiasm revealed by the
farners who attended the opening or
the initial institution of the kind ut
Tioga. Tioga county. this state. he
other day Is certain 10 have removed
that impression from the minds OF
thoughtful men who witnessed the
event The founders were intensely
determined 10 make the enterprise n
success. and such a purpose. support
ed by the vast Of the agri-
cultural industry in Pennsylvania, Is
certain 10 compass the desired result.
The bank at Tioga is the first OF
these institutions 10 open for business
bat there are half n dozen others IN
process OF organization. and one other
az Patton. Cambria county. is already
organized and will be chartered in D
few days. II will be on a more pro-
tentions scale thar tn Tioga insi-
tuition. the capital being 100000. which
has all been taken. The father OF
Charles NJ. Schwab has been elected
president OF the Patton corporation.
having joined The local grange in
order 10 qualify for the office. A
numb of leading business men have
subscribed for the stock, and II IS
assured in advance of an opening
| day deposit of over Sl00, 600.
The Changers have not resorted to
| this expedirnt to throttle he money
! power" as might BE- imagined. They
| are neither trying TO absorb the bust
ness nor usurp the functions OF tho
financiers. But leading men in tho
| organization have conceived the idea
that grange national banks will in
cline the farmers TO turn their ie-
sources TO account and make n
fruits of their labor earn money Tor
them when inclement weather or
other adverse circumstances prevent
them from following their vocation.
Substantial proof that they have no
quarrel with the existing banking sys-
tenn is found in the fact that they
have adopted the government system
and that they have no complaint
against the bankers is shown In the
circumstance that John G.. McHenry,
president of the Columbia county Ma
tional Bank has been chosen by he
state grange to direct the preliminary
WOrk OF organization.
The plan is to organize a chain OF
these grange national banks through
out the state, and ii is believed that
this can be achieved without matert-
ally encroaching on the business OF
existing national, state or private
banks. AS q rule. it is reasoned, the
farmers don't put their money II
] banks. for one reason or other, and
- o@--;r annonc 30 fha xraar fhaV
have considerable sums which might
be made serviceable TO the commu-
mites in which they live If they
would adopt that means Of outstanding
them. The present movement is a
development of this idea,
The more optimistic among the adj
vocates of the grange banks have ex-
pectations beyond the ordinary sue
cess of country banks of small capt.
tai, moreover. That Is to say, they
they look forward to and fondly hope
| for a central organization in Pitts
burg, Philadelphia or both cities.
>through which exchanges or clear
ances may be made. The establish
ment of new banks in the cities
would not be necessary for this pur-
pose. and probably is not even COZ
templated. All that would be neces
sary is the making of arrangements
with banks already in operation
which would be willing TO render mu-
tual service and advantage TO the
grange correspondents in the country.
If, as it is expected, 40 or so OF these
institutions are established through
out the state, the business which .hey
could Jointly give TO a city bank
would be a valuable asset rs well as
an important source of profits.
The real benefciaries of the move
ment, however, will be the business
men In the communities in which they
are established. Tha, Is. they will
increase the circulating medium by
drawing out of hiding places sums
OF money that are needed in tho
channels of trade.-Philadelphia Re-