Bisbee daily review., 1910-02-26
FARMERS AND
WAGE FARMERS
WRITE CHECKS
Monetary Commission Finds
That Credit instruments Are
Largely Used in the West
and Northwest.


WASHINGTON. Feb. 25.-One of
the interesting phases o. The report
just made public by the National Mon
etary commission on The Use OF
Credit instruments in the United
States by DIR. David Kinley. or the
University of Illinois. is the analysis
of the employment of checks and
similar / Instruments of credit by
farmers and laborers. The deposits
in national banks by retail dealers
On a selected date, March 10. 1903.
showed hat outside of reserve cities
under the national banking Law the
retail deposits aggregated S56.225,-
sos. Of which S24,929 500. or eS.7 per
cent. was in checks An examina-
ten of retail deposits in five agrlcult-
ural States, leaving out Giles of more
than $4,000 inhabitants. indicated that
checks are used more generally by
farmers in making their payments
than is sometimes supposed. The five
STATES selected were Illinois, Iowa,
Kansas. Nebraska. and Texas. Out
of total retail deposits in these States
amounting TO S4S94.1S1. the proper
ton of check swas IT'S per cent: cur
rency ,21.S per CEN and specie, "a
per cent: The percentage in each
State in the order of the highest ratio
CT checks was Nebraska. 7S.5 per cent;
Iowa. 1872 per cent; Kansas. 74.4 per
cent; Illinois. 70.5 per cent; and
Texas. CS.5 per CEN Other States
like North Dakota and South Dakota
in which there are no large cities
show n similar condition of anairs
| IL is declared by Doctor Kinley thai
there has been a great change in this
respec snce the hard times q 1890
1896. Farmers who then had no sur
! Plus now have bank accounts. anS
there has been a notable increase II
deposit banking. and therefore II
payments by means OF checks.
Among wage-earners the proportion
of checks received and paid out is in
fuenced in a considerable degree b.
the ehzrseter OF he pay rolls o
large industrial establishments. Il
order 10 determine the ratio of check
used. examination was made of the re
turns from Industrial cities like Law
renee. Fall River. Lowell and Brock
on. Mass; Paterson. y. J.; and Paw
ucket. r. T. II was found that tn
proportion Of checks IN retail deposit
in those places Is well M with III
average of he general tables. Tai
ing the returns from the natiCua
banks alone. Lawrence showed PEI
centage Of g. in total deposits of So
1gS. Fall River SG.1 per cent {
checks in deposits OF S1l0.5S9; Lowell
90 per cen in deposits a. SI9.j6'
Brockton shows asa per cent Of check
/ in a total OF Se6.40T: Paterson show
52.6 per cent in a total OF S7S.373.
In order to test still further IL
, character of pay merits 10 workers
tie mills aud factories. tables
wage payments for the week endin
March T3. 1893. were furnished |
the banks in reply to the questio
asking them IN send in the amour
OF pay rolls made in cash and
checks respectively. The return
from the national banks were by &
the most important The retufi
were compiled from 1906 nation
banks. showing that pay rolls amour
: ing 10 s5S.1s2 SAC We're made up
leash and s24S56.532 in checks. II
percentages are 1873 and 26.7 respe
sfveH. me largest percentage
checks. So. was in Montana. and
i will be noticed that the pe.centas
!, rua biggest in the States Of, ArizGu
Colorado. Idaho. Kansas. Minucsot
Montana. Nevada, New Mexico, NOT
D.. Dakota. OKLAHOMA. Oregon. Sou
7 Dakota. Utah, and Washington. The
n fare in general. agricultural Stat'
!, The industrial States of Connecticr
tIassachus sets. New Jersey. Per
- syIvania. and Rhode Island show
- very small proportion Of wage pa
4 ments by checks.
II "The common belief is that wal
Gamers do not use checks in maxi
payments to any extent worth ms
fioning. This IS probably true il
wage-earners is meant manual lab
n ers. Peopt in clerical positions, W
nj larger income than many MANI
Iaborers, are users OF checks TO
degree as I arge proportionaily
wealthy people. The manual Iab
er is in another class in this
II pect. He Is usually paid by the we
or. at any rate. by the month. SO
States. indeed. now require weeI
payments. In so far as they d..
amount which each person receive
smaller than if the wage veriod W
longer. The wages received, the
for. are usually too small &c be
basis OF bank account. The ban
liz is urged. do not want such acoouI
This statement, however. mGss
q taken with many grains OF aliawar
especially in the smaller PAD