The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-05-18
GET EASY MONEY
FOR THE FARMERS
Man of Experience and After
Much Study Discusses
Live Question.
ABOUT FARM LOAN BANKS
The Old Virginia Building and
Loan Associations May
BE Good Enough.
ABOUT FARM LOAN BANKS

D. A. TomplSins. of Charlotte, N. c..
writes to the Manufacturers Record n
Very interesting letter on the subiect
of farmers cooperative banks. Here
is THAT he says:
we still hear from the politicians
ebout the land loan banks of Eurore
and about tie benefits they have beop
to the farmers of Europe. The sub
Jet of co-operativc farmers banks has
been under discussion for the last ,wen-
" years or more.
II mas OFTEN been pointed out that
the cooperative farmers banks. or
&c; "a ~" ioahN banks or Europe. are moth
ING more than our building and loan
associations, with the payments adant.
en so as to make them agree with
the marketing of the crops
or the Same Kind.
me building and loan associations
Tor mechanics and clerks for this
country are identically the same tbiiny
as the European land loan banks Gus
building and loans are Datronized
mostly by mechanics. clerks and small
merchants. The land loan banks ~
europe are patronized by the farmers,
Our building and loan associations are
useo 1or saving money and building
m al
Ior saving money and buying and i'm
proving farms
mere is absolutely no legislation
necessary to. start one of these insti
tutlons. Fifty farmers in the coun-
Try can organize any time, and with
OUT any further law than clerk OF
the court charter. They can eitbar
have secretary and treasurer OF their
own or they can get some banl,ipe In.
sutution in town to keep their book g
ior them and handle their money for
them. The members of these societies
save save 'heir money and then loan it to
lheir own members as they need IL
p ,',s,y as the building and loan does
win It's members. The building ana
loan might be called Savings and
building association These farmers,
iand loan banks might equally be called
savings and farm Improvement asso.
ciations. Some European governments.
after farmers banks succeeded won,
derfully, have appropriated soma s,,n,,
of money, TO loan through these inst
buttons. But this is a semblance for
politics sake. The real work OF tha
land lo&n bank is like the work ~
our building and loan association, not
/ IN the least aided by government ar
all. az :
Reciprocity Idea.
There would be an advanta. g..
dealing with some commercial ba ri. -
that they could get. money nm .bort
loans through the bank to loan 20
members until they took in enouep
money Of their. own to loan. TberefoSa
there Is nothing In the world neces'
sary to be done except for twenty tbis
~ or hfty farmers to organiye q To- nd
loan credit society and make III cir arI
rangements to have their books and
money kept and then go ahead. CIV
Loans to buy land or for bu,Iaine
houses should cover long enomn,,
period for the money to be made or
or the ground. And paying n wee,sIr
monthly, quarterly or annually makes
sinking fund from the bseinnIns
which cancels the debt at the end ~
me term. If 1t is land to raise a
crop. u ought not to exceed one s Sear =
h but II It is a loanwto buy land or
build house, 1t ought to last long
enough so that the payments could
pc made out of the crops. Perhans
some day some enterprising farmers
and "a good Contemplating hank viii GET
tos ether on this subject and start the
bal In motion. The building and loan
associations generally have about 5000
100000 OF accumulated money This is
the money OF the mechaniss and clerks
aggregated throughout the country.