Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1915-02-18

provemenL In THIS community since
the land tenure laws went into effect
and the tenants are getting to be own
ers. 1t Is a wonderful thing. People
who were sloyenly and whose premi
ses were absolutely UNIT to live in
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. The old
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;
.egistration fees Of IS per year; and
In addition postage and stationery to
the amount OF two or three dollars
fhe total of these items Ia only about
$40, this being the only expense in
Cured for an entire year.
The demand for small rural credit
associations i'm Ireland Is very great.
The joint stock banks are not so we'll
scattered throughout the rural section
In Ireland as they are In some parts OF
the United States. Often the expense
II travelling to the bank and the pay
ing of the expenses of the sureties, rs
Quinn explained, Ia considerable. 1t is
said that these expenses In addition
TO interest. make a small farm loan
cost 20 to 40 per cent. II a young
farmer Is buying young stock, pigs,
TOR example. 1t Ia 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 still
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 a
sense cripples him. 1t Is only fair to
state. however, that the large banks,
although their methods are unsuited to
the farmer, are on the whole honest
and just in their charges and prac-
Ices. The difficulty is that their meth
DDS of business make 1t absolutely
impossible for the farmer to deal with
hem profitably.
How Character Counts.
But here In Inniskeen and wherever
n Ireland a cooperative credit society
aas been formed, any farmer, be he
tenant or landlord, with a good repu-
alton for honesty and industry, can
~ furnishing two sureties from among
ais neighbors get any reasonable
amount as a loan for one year To do
his involves almost no delay or trou-
ole or expense. The hank is near by.
Cooperative farmers are neighborly
ready to help one another
tut. so that sureties are easily secured.
The interest 10 at a low rate. The
borrower can rest assured that he |
will not be unduly crowded as to re-
payment II misfortune should overtake |
him., for those with whom he deals I'M |
ierstand fully his circumstances. In |
act the committee which decides his |
ate Is composed of farmers like him
self who know what hard luck Is, who |
AVE likely themselves been borrow
srs, who are friendly to him and will |
give him a chance. This is the form
IT credit loans most common In Ire
and.
Such cooperative credit bank |
,ould be organized to advantage In |
many American communities particu- |
arly in those states where there are |
10 banks in the smaller cities and viii
ages. They will inevitably be organ
Zed in such communities unless bank
srs cease trying to force down the
hroats OF the farmers the inelastic.
unsuitable city methods of doing bust
less. The question Is, are the bankers
going to crowd the farmers into these
cooperative credit enterprises? The
banks must grant longer time and
more liberal and elastic terms on Der.
'onal loans. They must arrange for
mortgages which run over longer
'eriods of time and which are to be
epafd in moderate installments as the
low farm profits come In. Co-opera,
i've credit may not be necessary. n
q up to the banker