Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1915-02-11

rubes are laughing little at the
bankers" said a successful farmer to
us before we left the states. I'VE
have actually farmed successfully for
years, have studied farming In agri-
cultural colleges. We think we know
our business fairly well. It's certain
ly funny to read speeches by bank
era telling US how TO farm. have
cosae TO the conclusion that the bank
ers know 80 little about farm loans
that they would do better to study
and discuss their own business than
to try TO teach us ours" And we
have concluded that there Ia some
force In what the farmer says.
The American Bankers associa.
ton and thirty state bank associa-
tions are actively promoting agricul-
tural advancement. The work under.
taken by them includes soil surveys,
experiments with fertilizers, hiring ex-
perts TO make practical demonstration
upon the farm. education In road mat.
tiers, and so on indefinitely. The bank.
ers are duplicating what the federal
agricultural department Is doing,
what every agricultural college is do
Ing, and what every farmers institute
Ia doing. They are going into the
field of production which In important
but which after all In one In which
the farmer remarked, zone is led to
think that the bankers of the country
have unanimously concluded that they
know their own business so tho
oughly that their elevatIng educa.
tional instincts can get opportunity
for expression only by doing mission"
airy work among US lowly farmers and
elevating this ignorant class to their
own high plane Of intelligence"
Worst Banking for Farmers.
We have been going through Eur.
ope accompanied by agricultural ex.
perta. We have talked with leaders
In agriculture In several countries.
We have read bulletins and books ga.
lore on agricultural methods abroad,
We consulted government specialists.
We have seen and heard and studied
about all the most scientific up~to'
date farming methods. But neither
the experts with us nor we ourselves
have been able to recall n single Idea
on agricultural production that 10 not
being more or iaas widely worked out
In America by these lowly farmers
whom the bankers are 80 benevolent.
iy and oondescendingly instructing
On the other hand 80 far as we can
discover the United States Is the only
country In the civilized world where
banking methode have not been In
any degree adjusted to the needs OF
the farmer. Sometimes over here In
Europe the joint stock bank does the
work. More often II Is a cooperative
credit bank that loans to farmers.
But some bank stands ready 10
meet the farmers needs everywhere,
except In the United States. In
America, as nowhere else. the banker
takes the terms calculated to accom-
modate tho city merchant and finan'
ciars and inflicts them upon the pro
testing farmer. sixty and ninety day
loans are just what are needed In the
city, but they are Of no possible use to
the farmer. A merchant or commits
sion man gets his returns promptly
and can meet ninety day paper al
maturity. But the farmer cannot buy
calves or pigs and fatten them, mar
much longer period. The rural Dor
rover who invests the borrowed
money In seeds or fertilizers cannot
hope to realize upon his investment
short OF six or eight months. 1t is
not 80 much question OF interest
as Of terms and methods. In many
localities interest rates are fair. In
too high. But It 70 true everywhere
In America that the bankers stub
bornly refuse TO the farmer the sort
OF loans which he needs. And the
banker who sits behind the cashiers
desk writing speeches about better
farming drops his facile pen Iona
enough to crowd down the throat oil
an eight months loan. three months
loan, which Ia as apt to cripple al
to help him
How the man on the farm can Dor
row money advantageously and eco
nomieally ia an important question. !
IL may not be so important as good
marketing but IL is important enough.
His loan should be ON terms which
meet his occupation and his financial
resources. liz he cannot get these
terms from his banker he will
naturally try to get them elsewhere.
The question Is win the banker force
him to seek loans elsewhere. or will
he meet tho needs OF the farmer
There is little doubt that the banker
could give longer TING on safe per
senai paper There Ia little doubt |
that he could arrange for long time
real estate mortgages. When farmer
horrows to buy a farm and gives a |
mortgage for the loan there il no rea.
son Why II should not be long time
amortization mortgage permitting re-
payment In annual or semi-annual |
payments extending over ten. twelve
or twenty years.
Gilt Edge Security.
A good first mortgage on real estate |