St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1912-09-14
CHEAP MONEY
| THE NEED Of
THEFARMER
Banker Chamberlain Investi-
gates European System.
\.
Travelled Germany, Belgium
and Other Countries.
Speaks Well of the Cooper
ative System in Vogue.
Does Not Believe the System
Opposes Present Banks.
Speaks Well of the Cooper
ative System in Vogue.
Does Not Believe the System
Opposes Present Banks.

win Chamberlain of San Antonio. re-
turned yesterday from Europe where
for the past two months he has been
studying various systems OF aiding
farmers. He went abroal as the
srecial representative of :hc COM
, laittee on agriculture and financial
! fieveloDment Ct the American Bank
ers' Association.
"The time has arrived, he said
to the correspondent today, when
cooperation between the farmers
and bankers to improve their condi-
ton and extend their credit so as
to keep them abreast of the advance
ment of American commerce will be
imperative.
Lack of good credit is the draw
back to farmers condition in the
South and Southwest, and l believe
all over the country. How to pro-
vide relief is the work of the bank
ers and legislators. With this prob
lem solved, the high cost of living
also would be solved. The Ameri-
can Bankers Association has been
working for several years TO i'm
prove the condition of the farmer
The committee of which Mr.. Cham
berlain is the special delegate tc
study cooperative systems among
the farmers abroad and to meke re-
ports to the American Bankers AS
week, was formed IN Now Orleans
last November. 1t was after Myron
T. Herrick of Cleveland, now AM
bessador to France, had delivered
an address on the farmers co-opera-
tive system, in which he pointed out
the urgent need of closer relation
ships between the farmer and the
banker. that the committee w:s ap-
pointed. Mr.. Chamberlain was Sc
lected to make the investigation in
foreign countries. France, Germany
and Belgium, he finds, have been
working for the last fifty years to
better the condition of their farm
ers, and to organize them SO that
it is now possible to borrow money
for long terms at as cheap a rate
of interest as the city of New York
could get for itself if it needed
funds.
In these countries the farmers
are organized into societies, which
support the mutual loan associa-
tions. These associations lend mon
ey to the farmers at 3h to per
cent. Sometimes these loans are
for forty to fifty years, and are
amortized SO that by the payment
of small percentage each year the
original loan is eventually wiped out
This cooperative scheme will SC
improve the condition of the farm.
err" said Mr.. Chamberlain, that.
through the increased production his
prosperity will be felt in every
branch Of the country's business
One of the prime necessities is
the enactment of liberal laws for
the regulation of societies organized
| to extend the farmers credit to aid
him to cultivate his land so as to
raise it to its highest productivity.
The enactment of such laws have
! had much to do with the spread of
the cooperative system abroad.
1T becomes the farmers business
over there to lend and to borrow,
Each farmer is a part and parcel
OF the institution, and a dollar ad.
vanced by 1t is dollar advanced by
himself, a dollar borrowed is a dol
lar borrowed from himself. 1t is
an economic family working for it's
own interest and for it's own good
The birth of such an organization
In the United States, it goes without
saying, must be among farmers. as
Its success depends altogether upon
them"
Mr.. Chamberlain was asked if he
did not think that such societies
would run counter to the present
banking system in the United States.
or at least cripple to some extent
their source of income.
Certainly not" he replied.
''These cooperative associations will
not come into competition with the
ordinary banks. They will benefit
every section of the country wherev-
er started, and therefore the banks.
1 believe they would help largely to
expand the business reaching our
country banks, and through them
the large banks. The only remedy
for the present condition of the
farmer is money at as reasona BILE
rate as it could be had on first-class
city property.
"Concretely. the farmers COOP
e1atlVe society would be union OF
farmers as joint stock company
would be union of capital"
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ithen as tonic the fever will NOT
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