The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-11-27
The Need For Rural
Credits or Cheaper Money
Ringing Message by H s. MOble, President Arkansas State
Farmers Union, and One of Cearest Thnker Among
Leaders of Organized Farmers

There is the exact point In it, and
that is the reason agriculture has to
pay the enormous interest that it
does, and that is the reason the bank
er can not lend as he ought to do, or
maybe as O lot OF them would like to
do. to the man who Is farming. Then
this drives the man who 10 farming
to go to the merchant for his finan-
cial resources, and in the South of the
men who have raised cotton, almost
80 per cent. Of them have raised that
cotton, not on bank finances, but on
the supply merchants finances; not
on tn enormous 10 to IL per cent. in
terest, but on the yet moro enormous
80 to 200 per cent. profit demanded by
the time merchant. That is the condi-
ton our farmers are IN today, and
that is the condition they will stay In
until the statesmen OF this country
wake up and realize that these men
In the woods are not the greenhorns
that they are supposed to be; that
they do know tho necessities Of their
lives: that they do snow these de-
mands, and then ]ook backward to the
experience OF the countries from
which we, come and acknowledge that
we are 200 to 300 years behind the
times with regard to right dealing
with agriculture.
And when you come to do thet you
are going 10 give the United States OF
America separate system OF agricuI-
turai finance. You can cali 1t rural
credits. or whatever you please, but It
will mean that you are giving the
backing OF the United States govern
nent to initiate and put into opera-
tion in the United States o govern.
ment rural credit law that will let the
man without commercial experience
and education deal with the banking
institution OF which he ia living,
vital part, and deal without ali of the
cards being stacked against him by
reason OF the superior intelligence
and ability OF the man with whom he
deals.
We had It proved to us In the meet
ing with the secretary OF the treas
nry and the Federal reserve board, In
Washington, that the commercial sys-
tenn can not finance the agricultural
system without taking so great risks
as to create q paniclzy feeling that
makes them hoard up their vast sums
IL believe the secretary said $780,
0,00G-in their vaults. And farm
er who came into the First National
Bank In Birmingham the other day
with i've bales OF cotton or a receipt
for five bales OF cotton from the bond
ed warehouse, and asked for o loan,i
ana .kHsI 70 AEa Sslk "sa5Satksa Ssof1r,
owE terms Tor the loan, the amount OF
interest ane take my receipt, and be-
hind that my note for that loan,n and
the answer tn him wass "We have not
any money 10 lend TO farmers ON cot
tom" That was q bank that was car
rying, ] think as remember IA per
cent. OF its reserve, most OF it drawn
from the Aldrich.yreeland currency.
That is d bank OF which one OF ths
members OF the Federal reserve boa, d
was the president before he came to
Washington, and the man who made
the deal or attempted to make the
ueai is In this room right now Haile /
speak.
Some people who do not study these
things blame the merchant, we will
say, and some blame the banks, hut
those who. study conditions deeply rec
ognize that it is THE result Of a cause.
and when you change the cause you
relieve the body polite and fhe social
community from the evils TO q large
extent. And the cure IL TO take the
fArnier out from under the cornfner-
ciai banking system. put him under
an horticultural banking system. Give
hun fair. sauare deal and be. will
solve the question.
II. s. MORLEY.