Shoshone journal. [volume] (Shoshone, Idaho) 1884-1931, 1914-02-13


OF our members are near by. We &c
everything a little cheaper and Of bet
ter quality than do the regular traders
In nothing, however, has the improve
ment In quality been 50 marked as II
seeds and manures
How a Farmers Bank Loans Money
Our organization loans money to
its members at 5iz per cent To dc
positors we give three per cent on ali
deposits We thus do business upon
a margin of az per cent. On the 9th.
err hand the joint stock bank nearest
here charges Il per cent. interest,
but pays only 2A per cent. interest on
deposits. They require a margin Of
four per cent. on which to do business.
Not only have the joint stock banks a
wider margin on the loans, but the
worst OF It is you cannot get a loan
from a joint stock bank for more 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 their
dinner, and am afraid sometimes
treat them TO liquid refreshments. If
we have a man who wants money and
he lives near by we simply ask him to
bring in two good men as sureties, and
II they are all right and the man is
honest and a good worker and his
neighbors speak well of him there is
no difficulty and very little formality
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 a
friendly manner and help US much.
There has been wonderful inn
proyement in this community since
the land tenure laws went into effect |
and the tenants are getting to be own
ers. IL is a wonderful thing. People |
who were slovenly and whose premi-
SEES we're absolutely unfit to live in
have now purchased their premises
and arc improving them and are living
under much better conditions. They
used to be afraid their rent would be
raised If they fixed things up. The old
age pension has helped many of the
Did people, for there are many pen
5ioners in this vicinity"
How Little II Costs.
The books of the company show that
he only expenses incurred are the
of the school teacher as
secretary and manager SEQ per year;
registration fees of So per year; and
II addition postage and stationery to
he amount of two or three dollars
rhe total of these items is only about
20, this being the only expense in
'urred for an entire year.
The demand for small rural credit
in ireland is very great
The joint stock banks are not so well ,
catered throughout the rural section
n Ireland as they are in some parts OF
he United States. Often the expense
f travelling TO the bank and the pay
ng of the expenses of the sureties, as
luinn explained, is considerable. II is |
aid that these expenses in addition /
D interest, make small farm loan
ost 30 to 40 per cent. II a young
irmer is buying young stock. pigs
'r example. 1t is far beyond the period o
/ three months before they will be l
aady Tor sale. If he buys fertilizers S
e can expect no results for six to ten \
lonths Returns upcn sood seeds are q
luaily slow in coming in and on the 6
ioney placed in the new implements !,
nd equipment he gets returns still "
ore slowly. For these men q three
onths' loan is of little use. The in Il
astic city system of loans, does not I
ALLY help the borrower, but in a S
lnse cripples him. 1t is only fair to A
ate, however. that the large banks
though their methods are unsuited to ..
e farmer. are on the whole honest :
I'd just In their charges and prac- =
ces. The difficulty is that their meth 81
Is OF business make it absolutely
possible for the farmer to deal with
EN- probably. N
How Character Counts.
But here ia Inniskeen and wherever
Ireland a cooperative credit society
IS been formed. any farmer, be he
aant or landlord, with a good repu- q
tion for honesty and industry, can sc
furnishing two sureties from among S.
! neighbors get any reasonable c,
iount as a loan for one year. To do tn
is Involves almost no delay or trou- ,t
E or expense The bank is near by. =.
Operative farmers are neighborly
liens. ready to help one another "'
{. so that sureties are easily secured. el'
e interest is at low rate. The III
rrower can rest assured that he tn
u not be unduly crowded as to re- TO
ymeut ii misfortune should overtake r
n. for those with whom he deals un- 81,
rstand fully his circumstances. In ~
{ the committee which decides his ~
q is composed of farmers like him >
I who know what hard luck is, who q
We likely themselves been borrow wi
!, who are friendly 10 him and viii da