The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1911-11-13
FARMERS TODAY ARE NT THE
MERCY or THE 30 MONEY
CEkTEES.
DEMAND A BANKING SYSTEM
Financial Expert Shows How Foreign
Banks Provide for Agricultural
keeds-Says Natiorzl Reserve VIII
Make Farmers independent.

New York, Nov. l2.--"The Amer
can farmer demands a banking hys-
TEN that v!ll always provide credit
for his legitimate needs, irrespective
of money disturbances In financial
centers,' says Edmund d. FishCr.
In commenting upon the recent
amendmenta 10 the plan of bankinE
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
Monetary Commission. These hear
ings should bring ont The business
and farming needs OF the country
and go long ways toward securing
the right kind of banking legislation.
Mr.. Fisher is deputy controller Of
the City OF New York and 4 director
OF the recently organized New York
branch OF the National Citizens
League for the promotion of
sound banking system. He il well.
known as an able and impartial
authority on matters OF national
trade and finance
In 1907" said sly Fisher, we
had seven billion dollars worth Of
crops to market and our banking
system broke down. Today we have
nine billiOns' worth and we are sad
died with the same defective system
What we need is cooperative as
sociation that shall discount for all
the member banks and trust com.
panfCS' notes and bins drawn for az.
ricultural, commercial or industrial
purposes, and not for carrying stocks.
bonds. or other investment securi.
ties.
This regulation is ono OF tho most
important advanced. II holds high
place among the other recent amend
ments 10 tho plan OF the National
Rcferve Association. il renders the
whole SCHEME one for the better de,
vriopment OF The natural resources
and dayto-day business OF the coun.
Try. and II will be Il very dc,in!te
benefit TO farming interests ali oSei
the country
"As n 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 al the Bank Of Belgium.
In that year, however, this bank
It's bylaws so that The
phrase operations of commerce. as
n basis for credit, should be con
strucd tc ncl1dc purchases and ealcs
made by farmers and to Them OF
cattle, agricultural implements, fer
tli2er, seed, crops, and generally
merchandise relative TO the exercise
Of their industry
Then the Swiss National BaaR /.
followed Upon petition oS the .
Bauorbund it Incorporated in it's I
bylaws the provision that bills arls. /
ing out Of agricultural business con
nit!ons, if based upon genuine bus
mess operation, should he placed !
npon an equal footing with other
bills. D., /
France mas banking organization .
which acts for the exclusive benefit .
Of farmers. L is called The Credit /
Agricole. Now the Bank of France. /
through the medium of the French I
government, ha- even gone so far .
10 w lIh'N' VII lt il 'ilttS g. "a. il-
tai to the Credit AGricOle
80 il will be seen that, in point T.
of time, the United States is not .
so far behind European countries in .
providing adequate banking facilities !.
for its farming interests. But the
point OF the matter is that We
should be first.
This country needs these saciH. /,
ties most We stand first in agri. .
production and enterprise. ,
We have six million farmers. IRE
mendous capital is invested. and cur
Iarms today are conducted under /
scientific management The farmer
Who formerly lived simply off his
and now runs it like any business,
and this business has become ma,
ional and international.
Our farming interests deserve and
MI have the support of the Nation.
Il Reserve Association under tar
amended plan"
NE OBklOI THURSDAY Tlhnks