Cheyenne record., 1914-02-19

Not only have the joint stock banks a
wider margin on the loaps. but the
worst of 1t is you cannot Bet a loan
from joint stock bank for maTe than
three months. They never loan, for
longer than that time although Some
times, Of course, they will grant re
newals. The trouble is that these re.
newals are hard on the farmer. These
banks are only In the larger places
Very often the farmer has to go some
distance, take his sureties with him
pay their expenses, give them theii
dinner, and l am afraid sometimes
treat them to liquid refreshments. II
we have a man who wants money and
he lives near by we simply ask him tc
bring in two good men as sureties, and
If they are all right and the man IL
honest and good worker and his
neighbors speak we'll Of him there 10
no difficulty and very little formalitJ
in getting the loan. In addition to our
deposits we have arranged for an over
draft from the Bank of Ireland at Dun
dalk. They cooperate with US in q
friendly manner and help US much.
There has been a wonderful i'm
provement in this community since
the land tenure laws went into effect
and the tenants are getting to be own.
ers. 1t is a wonderful thing. People
who were slovenly and whose premt
ses were absolutely unfit to live In
have now purchased their premises
and are improving them and are living
under much better conditions. They
used to be afraid their rent would be
raised II they fixed things up. The old
age pension has helped many of the
old people, for there are many pen.
sioners in this vicinity"
How Little It Costs.
The books of the company show that
the only expenses incurred are the
compensation of the school teacher as
secretary and manager, $50 per year;
registration fees OF $8 per year; and
in addition postage and stationery to
the amount Of two or three dollars.
The total Of these items is only about
$40, this being the only expense In
CURED for an entire year.
The demand for small rural credit
associations in Ireland is very great.
The joint stock banks are not so we'll
scattered throughout the rural section
in Ireland as they are in some parts of
the United States. Often the expense
Of travelling to the bank and the pay
ing Of the expenses of the sureties. as
Quinn explained, is considerable. 1t Is
said that these expenses in addition
to interest, make a small farm loan
cost 20 to 40 per cent. II a young
farmer Is buying young stock. pigs,
for example. 1t Is far beyond the period
of three months before <ley will be
ready for sale. II he buys fertilizers
he can expect no results for six to ten
months. Returns upon good seeds are
equally slow in coming In and on the
money placed in the new implements
and equipment he gets returns still
more slowly. For these men three
months loan Is of little use. The in
elastic city system of loans. does not
really help the borrower. but In
sense cripples him. 1t is only fair to
state. however, that the large banks,
although their methods are unsuited to
the farmer, are on the whole honest
and just in their charges and prac-
tices. The difficulty is that their meth
DDS Of business make it absolutely
impossible for the farmer to deal with
them profitably.
How Character Counts.
But here in Inniskeen and wherever
in Ireland a cooperative credit society
has been formed. any farmer, be he
tenant or landlord, with good repu-
tation for honesty and industry, can
by furnishing two sureties from among
his neighbors get any reasonable
amount as loan for one year. To do
this involves almost no delay or trou.
BILE or expense. The bank is near by.
Cooperative farmers are neighborly
citizens, ready to help one another
out, so that sureties are easily secured.
The interest is at low rate. The
borrower can rest assured that he
will not be unduly crowded ais to re-
payment II misfortune should overtake
him, for those with whom he deals un-
derstand fully his circumstances. In
fact the committee which decides his
fate is composed of farmers like him
self who know what hard luck is, who
have likely themselves been borrow
ers, who are friendly to him and will
give him a chance. This is the form
of credit loans most common in Ire
land.
Such a cooperative credit bank
could be organized to advantage in