Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1914-04-29

can banker must reLOE III. ~ - A0 oSSo
not he will be up against It as are
Others who refuse to mend their ways.
The American farmer cannot get
money Of American bankers upon
terms suited to his needs. He is go
ing to have the money from some
source. II the banker will not give
It to him he will organize new kind
of q bank, for you may rest assured
that the American farmer is going
to have an opportunity to borrow
money upon some suitable basis. The .11
Irish farmer can, get money on favor
able terms; the Belgian farmer CO
operating with his neighbors does his
own banking; in Germany the CO
operative banks do a business that IS
astonishing in its volume: in Denmark
5its Is easy to get money for, buying 2
farm or for temporary investment In
seeds, fertilizers or stock The same
III true OF the farmer In Italy and
Trance; even in benighted Russia
farm credits are cared for by CO.
operative Organizations.
DO the bankers Of America think
that the American farmer Is going to
consent 10 continue to be the only
civilized agriculturist who has no ade-
quate borrowing facilities. That Is
not the American way. What. then,
can possibly prevent the formation Of
cooperative credit associations all
over America! Nothing, except the
presence Of some institution that will
do for the American farmer what CO
operative credit IL doing for the &Eu-
Fropean farmer. II the American bank
er; wishes to do the banking business
OF America so far AZ the farm i con.
cerned. he and he alone can give the
farmer this sort OF an institution and
thus make cooperative credit socte-
ties unnecessarily II = i up 4 70 the
banker. u, '$s.. II. 81
Capital for Farming.
Formerly when an American farm
could be acquired by living upon It,
whom horses and cows and implements
were cheap, and when fertilizers.
FLOODED stock, and special high-grade
seeds were unknown, 2, young man
with omparatively little capital could
begin farming. Now considerable CAPT.
tai 10 40 necessary to success In asri-
culture a. It Il, in the manufacturing
industries. Every wise farmer knows
that money 1udiciously expended In
better stock, better buildings. labor
saving machinery. proper fertilizers.
and good seed will net large returns.
But It takes money to do these things.
Consequently there = : demand for
loans. n ss:5
Ii America the farmer can seldom
ret . loan on terms that meet his
needs. In ireland. Belgium, Germany.
Holland, Denmark. France, Italy and
elsewhere upon the continent the
banks have forced the farmers to or
ssanize cooperative credit societies. In
many instances the government also
has aided the cooperative banks in
obtaining money for loans. These So
cieties are taking safe, profitable
business away from the bank Now.
when It il too late the banks realize
their mistake. x "a lSssst. i &c,
;8$ The question Just now ID this VIII
the American bankers forestall Co
operative credit companies by meet
ing the needs Of rural borrowers or
win they force the farmer to go into
the banking business as did the bank
ers Of Europe? It is up to them. Will
they beat cooperative credit banks
by beating them to 1T
Buying Farm Easy In Denmark.
81 To buy q farm there are q number
sof different methods open to the Dam
tsh farmer. It must be remembered
that In Denmark = farm Is consid-
cred 10 having live stock and imple-
msnts used in working the land In
separably attached to 1t, hence the
purchase price to be paid includes; all
equipment necessary to the operation
OF the farm and all mortgages are Sc
cured by q pledge Of this personal
property - well 40 Of the real estate.
III the would-be buyer has, forty per
cent OF the purchase price he may
apply to credit society for long
time loan amounting to sixty per cent.
OF the value Of the farm and all equip
,ment and stock upon It The loan may
run from forty.flve years to seventy
nine years. The borrower has his
prospective purchase surveyed and as
sessed. He makes out q mortgage and
delivers 1t to- the cooperative society.
This mortgage and hundreds of 9TH
.ers Ike 1t are delivered to trustee
with trust deed which pledges them
a. security for series Of bonds. The
cooperative society guarantees the
bonds also.
It IL from the sale OF these bonds
that the cooperative society obtains
its funds. These cooperative credit
associations have in the beginning no