The Vinita daily chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1902-1913, 1911-11-06
MORE MONEY FOR
CARE Of FARMERS
FARMERS NOW AT MERCY OF BIG
MONEY cENTERS.
Financial Expert Shows How Foreign
Banks Always Provide For Agri-
cultural Needs--Says National Re
serve Association viii Make Farm
ers Independent Of Wall Street.

New York, Nov. 5.-"The American
farmer demands banking system tina
will always provide credit for his legit
innate needs, irrespective of money dis
turbances in financial centers," sayi
Edmund d. Fisher, in commenting up
on the recent amendment to the plar
of banking and currency reform as pro
posed by the National Monetary Com
mission
Greet good. according to Mr. Fisher
should result from the public hearings
now being held by the Monetary Com
mssoin. These hearings should bring
out the business and farming needs of
the country and go a long ways to-
ward securing the right kind of bank
ing legislation.
Mr.. Fisher is deputy comptroller of
the recently organized New York state
branch of the National Citizens
League for the promotion OF sound
banking system He is well-known as
an able and impartial authority on mat
tersters of national trade and finance
''In 1907, said Mr.. Fisher, Eve had
seven billion dollars worth Of crops
to market and our banking system
broke down. Today we have nine bill
lions worth and we are saddled with
the same defective system. What we
need is cooperative association that
shall discount for all the member
banks and trust companies notes and
bills drawn for agricultural, CONNER
cial or industrial purposes, and not
for carrying stocks, bonds or other in
vestment securities.
This regulation is one of the most
important advanced. 1t holds high
place among the other recent amend
ments to the plan of the National Re-
serve Association. 1t renders the
whole scheme one for the better de-
velopment Of the natural resources
and day-to-day business of the coun-
try, and it will be very definite bene-
fit to farming interests all over the
country.
"As 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. In that
year, however, this bank amended its
bylaws so that the phrase Operations
OF commerce as a basis for credit, |
should be construed to include 'pur. |
chases and sales made by farmers and
to them of cattle, agricultural imple. |
ments, fertilizer, seed, crops and gem
orally merchandise relative to the ex-
ercise of their industry
Then the Swiss National Bank fol.
lowed. Upon petition of the Bauer
bund, 1t Incorporated in its bylaws the
provision that bills arising out of ag-
ricultural business conditions. if based
upon a genuine business operation.
should be placed upon an equal footing
with other bills.
France has banking organization
which acts for the exclusive benefit
If farmers. 1t is called the Credit
Agricole Now the Bank of France
through the medium of the French
government, has even gone so far as
o make direct advances of capital to
he Credit Agricole.
SO 1t will be seen that. in point of
lime, the United States is not so far
behind European countries in provid-
ing adequate banking facilities for its
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 cap
Ital is invested, and our forms today
are conducted under scientific manage
ment. The farmer who formerly liy.
ed simply off his land now runs it like
any business, and this business has
become national and international.
Our farming interests deserve and
will have the support of the National
Reserve Association under the amend
ID plan"