The Richmond Virginian. (Richmond, Va.) 1910-1920, 1914-02-08
BLACKSTONE BANKS
LEADING FACTOR N
GROWTH OF TOWN
With Capital and Surplus Of
Over 100000 and Resour-
ces of Nearly a Million.
Progressive Planters Have Aid
ed in Maintaining the Stabil-
ity of Local Supply and
Demand. and Cities Have
Been Little Called Upon.
BY JAMES NJ. HURT,
President State Bankers Associat

President State Bankers Association.
Blackstone is banking center for
the Southside counties.
Blackstone in 1895 had only one
bank. the Citizens bank, which had
at that time a capital of $4,000 and
total assets Of $4,000. Blackstone
has today two up-to~d date banks. with
capital and surplus Of over 5000. 900.
and total resources of nearly a mil
lion dollars. Since 1895, less than
a decade ago, over a dozen banks have
opened up and are doing business in
the territory that was covered by the
one bank at Blackstone at that time.
The combined resources of these
banks now, including Blackstone,
amount to several million dollars.
Thus we see the rapid ana SOLID adj
vance that has been made in this
splendid farming section Of our State.
The country bank has done moro to
build up the agricultural interest OF
Virginia than any half dozen other
vocations of men, otoher than the
farmer. When the writer of this ar
tfcle first went into the banking bust
ness some thirty odd years ago, the
farmer had no place in which he
could put his spare dollars, for safe
keeping. and subject to call. except In
the hands of his city ssion mer-
chant Then the money did not stay
in the community, and work in the
community in which 1t originated, but
was put by the commission merchant
in the city bank and was gradually
used up by the farmer through order
on the merchant, for such goods -
he might order during the year to
run his farm. In this way the small
farmer. when he sold his crops, which
at that time were all sold in the cities.
took his cash home and kept Il In
his house, which not only took that
much of the then small per capita
circulation out of trade of the coun-
try. hut earned him no interest nor
did 1t build up any credit for him
to use when he might need temporary
help, But when the country banks
came on the scene. made up OF local
capital and run by select local men.
all of the small savings of the people
found place of safety, where they
could not only keep their savings at
interest. but subject to their call and
AT the same time built up a credit
that when properly used has been
blessing to all. While not advocate
ing multitude or country banks yet
we all know that 10 section can pro-
gress with justice to itself unless tha
money that is made in that section II
kept there and used there to build up
the industries of that immediate seq
ton. One great disadvantage that the
country banks have labored under
from beginning has been that at some
seasons of the year they have had an
excess of money. while at crop NOV
ing time they have not had enough
and had to depend on their city cor
respondents to come to their aid at
such time by loans or indoorse ments.
In normal times this was very sat
isfactory, but when there was from
one cause or another a little uneasi-
ness in the big money centers. tho
little country banks were not on easy
street." and il was rather embarrass-
ing. not only TO them but also to their
customers. Let us hope that that
day has passed. or else looks less
gloomy under the wise provision OF
our new banking and currency law,
whereby credit has been localized and
good assets in any community can So
cure money
In other words. way billed to har-
vest and move their products OF the
soil that are so necessary for health
and happiness. Another advantage
we hope will follow in the
wake of this new law is that the
certainty of adequate facilities when
NEEDED will allow country banks to
make longer loans TO the farming peo-
Pile and not only do away with the
annoyance and inconvenience of their
having to renew their notes so often
when made for short periods. but
allow them to get money on one. two
or three years So that they may
know what to count on and not have
their property always in jeopardy cf
being sold from under them. We nn1
that everybody is talking hist cost
of living. but much of this has been
brought about from the fact that for
many. many years the farmer had =
very poor show and very little def
erence paid him. How many left that
calling. and many who might hRrN
taken it up. declined to do so. We
see now since the shoe begins tn pinch
the other fellows foot almost every
man is for encouraging the farmGrA
Even our city bankers are joining
with the country banker in this -
lated though good work. We country
bankers know that we have 10 DE-
pend upon the prosperity Of the farm
ing people, and we want to aid their 1
to increase the productive capacity 04S
each acre OF their land. This aa0 t
this only will forced down thu r0
OF living. and at the same time sAiI *
more money for the farmer. 9M n
not wish 10 see the cost nf faEu E
(Continued On Second pe1loI IL gk2