The Meridian times. (Meridian, Idaho) 1909-1938, 1914-03-13

ever. and the words Of the Inspector
had their effect for they promised that
more business-like methods would pre-
vail In the future.
Good Business Methods.
The inspector had not only full
knowledge Of cooperative concerns.
but was evidently in addition skilled
accountant, and pointed out why the
books must be- kept according to the
uniform system of accounts recon-
mended by the Irish Agricultural Or
ganization society. A must searching
annual audit OF accounts is also re-
quired performed by either an off,
cial public auditor appointed under
the Friendly Societies act or by per
sons selected by the members at the
annual meeting. Everywhere, as here,
we have found that good business
and accounting methods are en-
ployed and that careful audits are in
sisted upon and considered necessary
TO the success of these societies. II
there Ia any lack of these qualifica-
tons in the farmers who are the bank
ers, the lack is supplied by the l. A
| o. s. through their inspectors and au-
ditors.
Farmers Can Be Good Bankers
We came somewhat doubling wheth-
er a farmer could be a banker. We
go away convinced that the farmer,
il assisted by good supervision and
inspection, can be at once a good
business man and q kindly neighbor.
Here in this Foynes society is a COM
mittee of business men who are will
ing to come together to consider loans
Of the most trivial amounts and to
meet periodically and discuss meth
DDS of bringing more money into the
little community to be loaned out to
those needing it. They are ready to
go over all the petty troubles and
trials and misfortunes of the unfor-
tunate borrower to discuss ways and
means of helping the weaker brother
pay his debt These men are in fact
bearing the burdens of an entire
community so far as the small bust
ness difficulties are concerned. All
are most anxious to see every farmer
1
good stock and to improve the posi-
ton Of himself and family. yet equally
anxious to protect the funds of the
bank
1t is a question WHETHER the board
of directors Of any big financial house
who sit in richly upholstered chairs
around Circassian walnut tables ever
more efficiently discharged the du-
ties Of bank directors than have this
group OF mud-bespattered farmers sit
! ting in cheap wooden chairs around
. this pine table.
One Man One Vote.
This cooperative banking associa-
ton at Foynes is under the absolute
control of the farmers hereabcuts.
This control is not conferred in a few
rich members who have furnished the
capital. Each member has one vote
!. irrespective Of his investment. There
. is no massing Of votes in the hands
Of those who have the most money in
the concern. Here men carry the
voting power, not money. The coop
erative idea is essentially democratic
Experience shows that no other sys
tenn succeeds. For one man TO pos
. sess twice as much power as his
! neighbor renders an association nc
longer truly cooperative. Before this
/ principle was recognized, when one
j or two members might out-vote 10C
l members, more than one cooperative
effort went to pieces.
The average farmer member is poor
! He has never handled money. He
!, may never have made q loan. He
knows nothing Of banking forms, OF
bank bookkeeping, OF the legal rights
n Of borrowers or of lenders. He is an
a easy-going, good-hearted Irishman
!, Men of this type control and make u
: the loan committee, which must pass
: on loans, enforce collections and de
! eide on all minor questions relating
to the policy of the organization. How
!. can such members be good bankers
! In America it takes shrewd, well
!. trained business men to make banl
i succeed. They know more OF banl
\ accounting than do accountants. The,
= know as much Of banking law as dC
. lawyers. They have by long study
! OF their subject become familiar witt
every phase of it. How then can thes'
= happy-go-lucky Irish farmers becom'
= successful financiers?
. The answer or the biggest part o
: the answer. is that the Irish Agricul
4 tural Organization society has
: benefcent supervision over them ant
Il furnishes them with the qualification
= which they lack.
b Interview With Doctor Mccarthy.
Notwithstanding all that co-opers
d tive credit has done for Ireland.
e still has lack, says Doctor Mccarthy
a. The small tenant farmer has had an
IS pie provisions made for him by tn
% government for the purchase of hi
d home. Small farmers, through credi
II associations, have ample opportunitie
s. OF obtaining small loans. for produC
d tive purposes. What Ireland mos
y needs now, however, is q system o
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