The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1911-11-22
FARMERS WANT
BETTER BANKS
Man Who TilIs the Ground Is Great
Ing $25,ooo,ooo Of New Wealth
Every Day Of the
Year.
SOUTHERN MAN TALKS
Tells American Convention That
Panlcs Cause Great Loss to the
Agricultural Sections
Of the Country.

NEW ORLEANS, La. Nov. 22.--
"The man who tills the ground in this
country is creating $25,00O, 900 Of new
wealth every day." Joseph G. Brown,
OF the Citizens National Bank, Of Raj
eigh. N. c., told the 1000 American
bankers at their annual convention
here today. mo plan of banking re-
form can be effective that does not
give full consideration to the needs of
banking, all manufacturing. all indus
try, lies agriculture, the real basis of
prosperity"
Mr.. Brown said that country bank
ers wanted banking system that
would make 1t as easy for Texas farm
ers to borrow money as it was for
Wall Street SPECTATORS; banking
system that would make the stored
crop Of the southern planter as good
bank collateral as stocks and bonds;
and banking system which would
prevent money panics, as they are
now prevented in all other civilized
countries.
SJOUIG Ou0 ldb Wcll 61lQ IudL pdl1lNtS
have cost this country more than war
and yet we know that panics can be
prevented. They are prevented In
other civilized countries. In our re-
cent panic we were forced to call up
on England to help us out OF her gold
reserve when in our own vaults there
was stored six times as much as she
possessed. The difference was that
hers was concentrated and avilable
and the people knew 1t, whilst ours,
larger than that of any other nation,
was scattered among $4,000 different
banks and therefore of no service.
with US the banks lost confidence
in each other, there was no practical
way of cooperation, the people knew
1t, and the blighting panic ensued.
Such will continue to be the result
until we reach the point where we
can lay aside sectional jealousies and
partisan prejudices and unite In some
plan by which the vast resources of
this country may be readily utilized
and be made as they should be, a
mighty tower of strength.
I'VE need in this country a f1nan-
cial system SO strong SO that no short
crop, and no number OF mismanaged
institutions can bring disaster upon
those banks which are honestly and
conseryatively managed, or bring
about such condition of affairs that
the men who are doing things in the
world, and who by their skill and in
gennity are supplying the daily wants
OF mankind, must stop the wheels OF
their mills and their factories, and
turn their operatives adrift with nc
means Of procuring a livelihood fol
their wives and children
Mr. Brown said that the American
farmer, as the producer Of nine bill
lion dollars worth of life's necessities
every year. was certainly entitled to
better banking facilities than he had
under the present system.
I'VE ought to have bonded ware
houses through the south and west,
said he where the farmer can borrow
money on his crops as easily as the
Wall Street man now borrows at the
bank on stocks and bonds. With bond
ed warehouses in operation all over
the country, the farmer will occupy a
most independent position In regard
to the disposition of his crop, for his
warehouse certificates will be just as
desirable collateral as stocks and
bonds, and in many cases, far safer
The farmer will at last have that
which has been denied him all these
years, facilities for borrowing, equal
at least to the man in the city who
carried his surplus in the shape OF
negotiable securities.
This will bring about more cordial
relations between the farmer and the
banker, and both will appreciate more
fully the fact that each has his place
in the worlds economy, that their In
terests are mutual, and thtt whatever
builds up the one adds in some de
gree to the strength and stability OF
the other. There should be no antag
onism between these two classes. The
banker has long recognized the farm
er as the backbone of the country
and no well-posted banker can be
found who does not realize that his
bank is In better shape with it's loans
scattered in the hands of hundred
substantial farmers than with them
concentrated in the hands OF a few
city borrowers