The Dickinson press., 1915-09-25
JAMES SHELF WRITES
ABOUT INTEREST RATES

Here is a letter from James E.
Shelp, editor of the Northport News,
published at Northport, Michigan:
North Port, Mich, Sept. IA, 1916.
My Dear Mr. Ayers:
three years ago l have had a mind
as time advanced to write you as to
how we farther east look at those
in your territory. There is a contro-
versy going on, I notice, between par
ties who have been travelling that terri
tory and one of your state papers, and
as it looks, Mr.. Meyer has got hold
of some facts and the Forum does not
wish to see them. AS you know, l
was close to the actual conditions
around Gladstone and in Stark county
in general and our people know per-
haps as intimately the actual con-
ditions in various homes in that reg
ion as any n can know them who
has went through the settling of the
country. Mr.. Cryne wishes to white
wash it with b~enevolence but Mr..
Cryne knows that members of his
family have had to dig very hard at
times, when digging was poor, to get
the 10 and ~ per cent interest
charged in this district. Mr.. Gregg
can set down and tell you of many 10
per cent that he did not know where
to get. Your columns have recorded
foreclosures that ruined many young
and promising farmers because 10
and IL per cent was charged. I have
seen machine men from the Interna-
tional Harvester Company with a
bunch of notes that would stagger,
foreclosing and putting out of
business many an honest farmer be-
cause in that m crop country, and
that crop a partial failure, they could
not pay the 10 and IL per cent de-
boosted that they had bought in in
terest the furniture and a good share
in the brick building owned by one
Of the Dickinson Banks. If Mr.. Meyer
would dig farther and get the records
of mortgages held on different farm
ers and then visit that farmer and
see that that farmer will have to dig
mighty hard to pay his interest with
wheat at 78c per bushel, as quoted in
your column last week, say nothing
of the principal.
Dickinson has three banks and an
other starting, Richardton two, Glad
stone one, Belfeld two, or maybe
three and so on. What does it mean ?
Our city, which serves this territory,
has a population of L 5000 and three
banks and the interest rate is 7 per
cent, with money begging to be
loaned but the question is the farm
er is under too great a burden to
make the loan on good security and
he cannot stand the 10 and IL per
cent and make his farming pay.
There are exceptions, of course, but
they are not very plentiful and in
that territory west of the Missouri
river, along the line of the Northern
Pacific and south around Regent and
New England are, you will find,
numerous Use where crop and
chattle mortgages are going to be
fo%reclosed this fall and perhaps the
farm taken because the farmer can
not pay his 10 and IL per cent inter-
est.
Unless this ~benevolence takes root
in the shape of reducing interest rate
in the slope country your security will
be so held down by mortgages that
it will be hard to get mony to run the
country. MI. Cryne's benevolence is
fine but the high rate interest de-
manding organization you have built
up is practically prohibitive to the adj
vancement of your farming commune
ties.
T. r. SHEIP.