The commonwealth., 1912-08-02
FARMER WOULD
PROFIT FROM !,
BANKING REFORM
BIG BANK CUSTOMER SUFFERS
FROM THE PRESENT ANTI
ouATED MONETARY SYSTEM.
PAYS HIGHER INTEREST
RATES THAN SPECULAT0R
Cost to Consumer Raised by DlscrIn.
inatIon Against the Producer.

The American farmer has nearly
$4,000, 100000 invested In his busi.
ness.
He produces $25,O00,OO0 OF new
wealth every day.
He uses hundreds. Of millions of dol
lars of bank credit every crop season,
But, by reason of our antiquated
banking system, the farmer bears the
burden Of dear money. He pays moro
for credit than the farmer of any other
great commercial nation.
The lowest money rates In this
country are paid by spectators In the
financial centers; the highest rates
are paid by the farmer,
The higher the rate for agricultural
capital, the higher the cost of produc-
tion the higher the prices OF agricul.
tural products, and the higher the
cost Of living.
The farmer and the buyer Of the
farmers products will both gain by
a reform of our banking system.
Thirty million Americans have
money In the bank.
Have you money In the bank?
Then you have personal interest
IN the soundness Of the banking sys-
TEN.
Bankers are the servants of the pub
lie. Their chief duty Is the running
Of the machinery Of credit.
Credit is the life-blood Of business
Nlne-tenths Of the business Of the
country ls done on credit.
If the banking system breaks down,
as ours did in 1907, and as 1t did in '73
and in '93, the machinery of credit
stops-the industry and commerce of
the country Is Observation-Disclosures
are thrown out OF employment. The
losses suffered by this country in
panics are incalculable.
This periodic collapse Of the nrachn-
cry Of credit In rich country like
eprs Is a national disgrace.
We have $4,000 banks In this coun-
try. The vast majority Of them are
sound banks, conducting their busi
ness on sound banking principles.
Our banking resources are in er-
cess of those of any other country
In the world. We have the greatest
stock Of gold Of any country In the
world.
But We have today no system Of CO. |
operation among these $4,000 banks,
whereby they may use their enormous
resources and this great stock of pre-
cious metal most effectively for the
common good-especially in times Of
commercial distress.
The suspension of cash payments by |
the banks and the collapse of credit |
over the entire country in1907--a |
estastrope impossible In Europe In
time of peace-was due, not to the |
weakness of the banks. but to the
weakness Of the banking system.
IF WE ARE TO MAKE OUR CRED.
1T MACHINERY AZ EFFICIENT AS
THAT OF OTHER WORLD COM.
MERclAL POWERS, AND IF WE
ARE TO PREVENT IN THE FU.
TURE THE DISASTROUS LOSSES
OF MONEY PANlcs, WE MUST
REMEDY THE RECOGNIZED EVILS
IN OUR BANKING SYSTEM.
It is the duty of every bank deposi.
tor, every manufacturer. every mer-
chant, every farmer, every wage
Garner, to do his part in bringing
about this reform, so vital to the In
terests of all the people Of all the
country. ..s
It Is a non-partIsan question that
ought TO be settled without appealing
TO the passions and prejudices of par.
tisan politics.
You can show your interest by WRIT.
ing personal letter to your congress.
man, telling him that you are a bank
deposItor and have personalInterest
in legislation which will give this
country the best banking system in
the world.