Polk County news-gazette. (Benton, Tenn.) 190?-191?, 1914-02-19

when they arrive. He takes care OF
them generally within twenty-four
hours. We can do this because most
OF our members are near by. We get
everything a little cheaper and OF bet
ter quality than do the regular traders.
In nothing. however. has the improve
ment in quality been so marked as in
| seeds and manures-
How a Farmers Bank Loans Money.
Our organization loans money TO
its members at So per cent. To de-
positors We give three per cent on all
deposits. We thus do business upon
a margin of 212 per cent. On the 9th
er hand the joint stock bank nearest
here charges ga per cent interest
but pays only ga per cent. interest on
deposits. They require 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 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 Nth him,
pay their expenses, give hm their
dinner. and | 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 TO
bring in two good men as sureties, ana
if they are all right and the man is
honest and a good worker and his
neighbors speak we'll of him there is
no difficulty and very little tormallty
in getting the loan. In addition 10 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 a wonderful i'm
movement in this community since
the land tenure laws went into enect
and the tenants are getting to be own
ers. It is a wonderful thing. People
who were slovenly and whose preml-
ses were absolutely unit TO i've III
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 if they fixed things up. me ola
age pension has helped many Of the
old people, for there are many pen
sioners in this vicinity"
How Little 1t 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 SIS 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 well
scattered throughout the rural section
in Ireland as they are in some n3Tts OF
the United States. Often the epse
] Of travelling 70. $.lre ,fAnA~rTrf - fssy =
ing of the expenses OF the sureties, as
Quinn explained, is considerable. 1t is
said that these expenses in addltlon
to interest, make a small farm loan
cost 20 to 40 per cent II young
farmer is buying young stock, pigs,
for example, it is far beyond the period
of three months before they will be
ready for sale. If 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 sui
more slowly. For these men a 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 falr 10
state. however, that the large BANKS
although their methods are unsulted 10
the farmer. are on the whole honest
and lust in their charges and prac-
tices The difficulty is that their meth
DDS of business make it absolutely
impossible for the farmer to deai Wild
them profitably.
| How Character counts.
But here in Inniskeen and wherever
in Ireland a cooperative credit society
has been formed, any farmer, be ne
tenant or landlord, with a good repu-
tation for honesty and industry, can
bv furnishing two sureties from among
his neighbors get any reasonable
amount as a loan for one year. 10 40
this involves almost no delay or trou-
BILE or expense. The bank is near by
Cooperative farmers are nelghborly
citizens, ready to help one another
ont. so that sureties are easily secured.
The interest is at low rate. Inc
borrower can rest assured that ne
will not be unduly crowded as 10 re-
payment if 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, VINO
have likely themselves been borrow
| lo ora friendly to him and will