Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1915-06-19
from ie to ghD Bradford knnI of the Department
Roanoke; W. F. Hamilton editor Of the Wall journal

politician. He blackguards Wall Street
To show you by Inference how compare
! lively good you are. This is part OF
the politicians trade. lie must make
moral umbrella Of somebody else. in
order to secure your votes. 1t is need
less TO say that he has utterly failed
TO see the character and usefulness of
what he seeks to reform: TO say moth
Ing of the growing INTERPOLATION be-
tween your section and mine. and every
other section Of the United States.
Another mistake is to suppose that
! by new banking system money hither-
TO lent in Wall Street becomes more
available at any time of the year for
local speculation. That money is sent
| to Wall Street because the country
| bankers cannot use II to advantage in
their own districts. and prefer to keep
| it where 1t shall be available for the
| needs OF the harvest or for the sowing
/ OF the crops.
I'VE have seen two secretaries Of the
| treasury obsessed with the idea that
| IL, weeks before the crop-moving re
quirements of the country became ur-
gent. they could deposit government
| funds in the country banks, they could
contine the use of such funds TO local
needs. The last time this was attempt
| cd practically all the deposits so made
J were being used In New York on call
/ within fortnight. and quite prop
| erly So
NO genius in physics can make
water run uphill. And all the financial
officers of the admi nistration. the Fed
! eral Reserve Board, and all the kings
! horses and all the kings men, cannot
prevent money from flowing to the
| point where IT can secure the best re-
turn. subject to safety of deposit and
quick access in case OF necessity.
I Clean Wall Street, which is in the
overw Ginning majority, gathers these
4 tai and turns them to the issue of Sc
/ curities of new and old corporations,
such as have so signally developed the
! resources Of Virginia and of the United
! States.
MANY FARMERS SUFFER
FROM TOO MUCH CREDIT
Speaking broadly" said Norman II.
! Williams. addressing the convention at
| the afternoon session on "Co-Operation
Between the Banker and the Farmer"
there are almost many farmers in
this State who are suffering from too
much too little credit; Many
. farmer would be better off to-day If
/ he had never had a chance to borrow
money ut all. or go in debt for the
things he bought. However. that is no
reason why those farmers who do knew
how to use credit should not have il.
The farmer should be taught the
/ important difference between borrow
! Let us try to supply their needs for
| productive purposes, bat let us be care
full not TO furnish them too much
money.
I'm providing credit the first and
most important rule is TO make sure
/ the money is TO he used for n produc
tive purpose. and will produce a
| turn greater than will be needed to
/ pay the debt. Before purchasing lux
ures, the farmer should have accumu-
! lated money OF his own.
The contract should provide for re-
| payment at the time most convenient
to the farmer: that is, when he markets
| his crops. Some farmers, in borrow
/ ing money or purchasing supplies. try
/ TO make their notes mature at time
to suit the creditor, while they have
| no expectation of paying them when
they fall due. am aware that men in
/ other business also do the same thing.
when bankers take such paper they
/ are annoyed and inconvenienced more
or less when they find they are not only
called TO renew until II suits the
borrower to pay: but they are practi-
cally compelled TO do so. This is not
/ only disappointing TO the creditor, hut
| is also calculated to injure the credit
| of the debtor. and thus lessen his
chances for securing further accommo-
dation.
SHOULD RUN NO LONGER
THAN LIFE OF ARTICLE
Notes given for money to buy An ar
ticle or commodity should not run
longer than the life of the article
! bought If given for fertilizer. the loan
ought not to run longer than one year.
nor FOR shorter time than the growing
| period of the crop. II n loan is made
for silo or some machinery TO last
a number Of years, il might properly
| be renewed several years.
The greatest need of the farmer to-
! day is not capital, great as that NAV
be: nor is it Improvement of soil, i'm
portant as that ia: but it is education
| His greatest trouble can he expressed
in one word: ignorance. The farmer
should he taught and trained to read
and to think. If he would secure the in
formation so necessary for his success.