Pine Bluff daily graphic. (Pine Bluff, Ark.) 1893-1942, 1911-11-05
MORE MONEY FOR
~
COTTON. CROP
FARMERS NOW At THE MERCY OF
THE BIG MONEY CENTEgS, =
SAYS NEW YORKER.
EXPERT
Shows How Foreign Banks Always
Provide For Agricultural Needs
BE Independent Of Wall Street.

New. York, Nov. 4.-"The American
farmer demands IA banking system
that will always provide credit for
his legitimate needs, irrespective of
money disturbances in financial CEN
ters," says Edmund D. Fisher, in
commenting upon the recent amend
ments to the plan of banking and
currency reform as proposed by the
National Monetary Commission.
Great good, according to Mr.. Fish
er, should result from the public
hearings now being held by the None
tary commission. These hearings
should bring u the business and
farming needs of the country and go
as long ways toward securing the
right kind of banking legislation.
Mr.. Fisher is Deputy Comptroller
OF the CITY Of New York and a direc-
tor of the recently ~organized New
York State branch of the National
Citizens League for tie promotion Of
a sound banking system. He is we'll
known as an able and impartial au-
thority on mjatters of National trade
and finance.
In 1901" said Mr.. Fisher, "wa
had seven billion dollars worth of
clops to market and our banking sys-
TEN broke down. To-day We have
nine billions worth and we are
saddled with the same defective sys-
tean. What We need is n cooperative
association that shall dislsbunt for
al the member banks and trust COM
panies' notes and bills drawn fo
agricultural, commerc al or indus
trial purposes, and not for carrying
stocks, bonds, or other Investment
securities. -
"This regulation is one of the most
important advanced. 1t holds high
place among the other recent amend
nents to the plan of the National
Reserve Association. 1t renders the
whole scheme one for the better de-
veloplnent of the natural resources
and day-to-day business of the coun-
try. and it will be a very definite
benefit to farming interests all over
the country.
"As a matter of fact, it has been
only recently that proper attention
has been paid to farming interests,
even by the bankers of Europe.
Previous to 1900 the farmer had
no credit at the Bank of Belgium.
Ia that year, however. this bank
amended it's bylaws so that the phrase
Operations of commerce. as a basis
for credit, Should be construed to
include purchases and sales made
by farmers and to them of cattle,
agricultural Implements, fertilizer,
seed, crops, and generally merchan-
disc relative to the exercise of their
industry
'Then the, Swiss National Bank
followed. Upon petition of the
Bauerbund, it Incorporated in it's by
laws the provis on that bills arising
out of agricultural business condi-
tions. if based upon a genuine bust
ness operation, should be placed up
on an equal footing with other bills
France has a banking organiza-
ton which acts for the exclusive
benefit Of farmers. It is called the
Credit Agricole. Now the Bank of
France, through the medium of the
French Government, has wen gone
SO far as to make direct advances of
capital to the Credit Agricole.
so it will be seen that, in point
of time, the Tn ted States is not so
far behind European countries in
providing ADEQUATE banking facil ties
for is farming interests. But the
point of the matter is that we should
be first.
This country needs these facilities
most. We stand first in agricultural
production and enterprise. We have
six million farmers. Tremendous
capital is invested, and our farms
today are conducted under scientific
npanagemsnt. The farmer who for
merly lived simply off his land now
runs it like n business, and this
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