The Anderson daily intelligencer. [volume] (Anderson, S.C.) 1914-1915, 1914-11-27

There is difference between COM
mercial banking and agricultural
banking-a great difference. In Amer
ica we do not recognize It, but I'm the
older countries of the world it is re-
cognized, plainly recognized. 1t is
written in their political and finan-
cial history, that agriculture can not
live under the same system of finance
that commerce and manufactures can
and I am going further and say to
you that there has never been q time
in the history of agriculture when ag-
riculture was forced to maintain it,
self under the same system Of banking
and finance as commerce and manu-
factureS that 1t has progressed.
Hence other countries than ours
have evolved and mad in operation for
years many and varied different sys-
TENS Of agricultural finance, separate
entirely at practically all points from
their financial and from their manu-
featuring finances. They have rural
credits and then they have their COM
mercial banks which carry commerce
and manufactures. They have their
agricultural banks that carry the in
yestments and the personal credits of
the agricultural classes, and the ag-
ricultural classes have their equality
of integrity and opportunity to deal
among themselves, and it is 80 regu-
lated that one man mas but very lit
tie opportunity to take advantage OF
the other man, and 80 men OF equal
ability deal with each other and the
consequence Is that fairnes sexists.
In America we have been compelled
to try to carry on the great occupa-
ton Of farming by dealing with COM
mercial banks 10 do that farming.
Now it is known fact that In mod
ern times agriculture will not pay
over s per cent. on the investment,
ard yet in the South we are paying at
least 10 to is per cent. for our finan-
cfal assistance and we are getting but
little OF that assistance from the COM
mercial banks. We are paying any
where-now listen to me, for I am
telling you the truth-we are payirz
anywhere from 80 to 200 per cent. for
commercial backing, on O business
{. that scientifically Ii said and accepted
by the authorities OF the world Will
not pay over per cent.
Can you wonder that the farms are
gulIy-washed? Can you wonder that
the farm homes are dilapidated? Can
you wonder that the country schools
are poor, uninviting and monstrosities
OF sadness. standing by the side Of
the road, the most desolate places in
the country outside Of the graveyard,
because the wcassE OF Che GaDanlun.t-
there, brought out Of the ground by
the sweat OF those people, is diverted
from them through this 30 to 200 per
cent OF merchant,s tar nlannf, oy,s
them, and this enormous 10 to- is per
cent. tax OF interest put upon them
by the commercial banks? This is
true in the South.
Tne essence OF the whole thing Is
Just this: A commercial banker ON
demand has to instantly find money
to pay his depositors; he agrees to do
it When you give him q deposit
there Is not a. word said but the
sii!!r:.ss and life abii law or the insti-
tuition are that You can 10 back In
the next Eve minutes and draw 1t out
again without word being said. In
other words, 1t Is q demand payment
the banker. receives from you as q de-
posit, unless you make q contract
with him for a time deposit. That be-
iEg true. tliese banks can not In the.
very nature OF their lives, end in the
very nature OF their law, and the very
nature OF their being, make longtime
loans. -. IS; I. .l5
On the. other han3. the history OF
agriculture teaches that II can not live
and progress under rnytfiing hut long
time loans. There Is the point In It,