The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1913-09-09

OF the other mem o.rx Of ms RAJ
i've society. All for one and one
society. /
tntidotf for Socialism.
FenFy Wolfe. 4 great Authority OF
Cooperation, said. IN a meeting o. The /
American Commission in Dublin. that
cooperation WAS an an,tdot. for So
ci2ilsrn- The propaganda Of the SC
c%:st. with rs political programmes
~ccEl2nCIng the merging Of the md
VIdlai man into the State. sometimes
looks good in spots but IT'S funcaYnen-
tai principles are wrong. Socialism
emphasizes state OWNERSHIP and seeks
10 merge The activities OF the indi-
Vidu2l man into the safe while Co
operation is based on self development
individual ownership. and individual
responsibility. Cooperation aims to
make each individual III a small
capitalist but II makes no war on
S~oVernme7 IT and honest capital. In
Germany cooperation Was introduced
as an antldOte for socialism.
Snort Term Credit.
1t Is mainly through the absence
Of desire for profit making. and biz
dividend paying that the farmers OF
Europe organized banking institutions
that furnish them with short time
loans al rates Of interest varying from
4 to l-2 per cent. These
TIVE banking institutions IN Europe are
measured by the service that the,
render 70 the people and not by the
great dividends that they pay the
stockholders. Another reason why
they pay the stockholders. Another
reason why these short time credit
societies furnish cheap. safe and elias
TIC credit to their members is 10y vir-
tue of their control by the farmers
1 n ~ Co I-A rE61-
cluslvely in the interest Of the farm
ers and are operated at a minimum
cost. These SO called rural banks are
not really banks as We understand the
term in our country. They are, gen
orally speaking. credit associations
controlled by the borrowers for the
purpose Of obtaining the credit foI
THEN members at the lowest possible
rate of interest. If such institutions
: were organized here they would fl
a banking need and would not be II
competition with the ordinary com
mercla1 banks, although frequently, b.
, means Of these associations, a small
E farmer would be able to borrow
money at a lover rate of interest thar
r his friend. the big merchant in tn
t city, weuld be able TO borrow from
the commercial banks in the city. 7
was everywhere told to US IN Europ
e that these mutual credit association
: We're feeders to the big Commercial
c banks, because they reached a elias
q Of people that the commercial bank
q had not been able to reach. | fes
q sure that the business men in Mort
n Carolina viii welcome the organize
e ton Of such cooperative credit Sc
~cieties. There is 2 very large and VI
usually prosperous body OF farmer
before me tonight. yet l doubt If one
: third of you deal regularly, directl
- ! wa -A- 80 49, .l+ III -, --l
be entirely eligible t. membership
: cooperative credit societies. We di
=. rot find business men IN Europe tgh'
: ing cooperative societies, but we 81
find that Insurers and persons Der
:. on exploiting poo- people were dcin
?. all that they could to discredtt thcs
~. societies. Co-opera jlOn, ways etc;
nal wax on uSurery and finally cxtei
- inmates it. Show me a bank man {
u business man in North Carolina tigh
: ms Cooperation o-day and. IS
rule. Will show YOU d man who
~ practicing usury and exploitation.
= IS pleasing news to note that the ne
, c. ency Bill that is now about To }
u ed by Congress prohibits ''oficc
ard directors Of national banks fro
vs. eceiving fees and commission on loan
N made by these banks and fixes a pei
y. atty for the violation of this pTovisiC
On at a fine Of $5,dt0 or imprisonInel
for five wears. The enactment of sue
re a national law aim ost certainly mea1
enactment Of a like provision
to the State banking law. hence. we m.
ey fondly hope that in the near futu
pc the practice Of uSury will be entire
.ir unknown III respectable surrounding
ee and the nefarious, usurious buSine
er will be confined toGwe4l-known "blo<
lis suckers" and loan sharks" With Il
All femoval from our midst Of the oppO
tn tunity to oppress he farmers by usu
ly ious practices a great step forWa
e. will be made in the establishment
es mutual credit societies. There c;
be no reason why the farmers
"a North Carolina cannot unite aloi
er cooperative lines and obtain cree
s- vefy much like the in TIA
to Germany. France. Ireland and 9th
by European countries. At first they IN
OF rot be able to secure money at 4 l
to per cent, but they certainly ought
nd have little trouble in securing it at
he per cent. You have been told til