The Gem worker and the Idaho labor herald. (Boise, Idaho) 1914-1917, 1915-10-07
A ROCKEFELLER PLAN
People Will Watch Its Operation Rural Credit
Law Should Not Be Framed by Bankers

II any OF those who are interested
in rurals credits will take the trouble
to look closely at the statements of
many of the people who are supposed
to be authorities on the subject he
will see reactionary spirit mani
tested.
Among many men who have pros
pered in the business of private bank
ing, Myron T. Herrick, former am
bassador to France and at one time
Governor of Ohio, is probably the
most conspicuous. Mr.. Herrick has
written volumes on rural credits and
has been in Europe so much and has
seen in operation so many different
systems Of farm credits, that there
can be no question that he is an
authority on the subject
However, Mr.. Herrick has made a
fortune in the business of private
banking and has increased it in many
business activities outside of banking.
He is an able hnancier and is man
of large individual calibre. There is
no disputing his ability, but there is
good ground to question his purpose
in connection with his activity in
advancing rural creditplans.
That Mr.. Herrick is interested in
seeing the farmer obtain rural credit
law no one will dispute. have no
intention of imputing his honesty, but
there is every indication that his
views are warped by his private posi-
ton of banker.
A man who is in business of private
banking a business that has received
many privileges at the hands of both
state and national governments, can
never be lead into support of anything
that would seem to weaken the power
of the banking interests in dealing
with their patrons, of which the busi-
ness of the farmer as class repre-
sents one of his chief elements of
profit. 1t might be better to give the
farmer the term victim" in his con-
nection with the banking fraternity,
if their actions in the past toward him
is any criterion of what could be ex-
pected in the future.
1t is nonsense to talk to sensible
people and tell them that the banking
fraternity is interested in getting low
er interest rates for the farmer-his
purpose is obtaining high rates on
all money he lends.
And for wealthy private bankers to
be allowed to frame rural credit
law for the benefit of farmers would
be as sensible as turning over cap
tured burglar into the hands of a
band of yeggmen for punishment
If when a rural credit law comes up
to point to where it will receive
consideration at the hands of Con-
gress its effectiveness as measure will
be determined by the question of
whether the private banking interests
are dominant in the framing of such
a law. If they are, the rural credit
law will be only one in name. because
the banking interests are not now
and never have been interested in
lowering interest rates-they desire
higher and higher rates all the time.
The banker has never in the past
shown any modesty in asking for
privileges but he is one of the first
to oppose equal rights toward the far
mer in any financial law. I do not
like to say this, but it is nevertheless
"a fact that any one who is interested
can find out for himself in investi-
eating any measure of importance
directed toward helping the farming
and producing classes.
Unless the farmers demand that
friends of the farmers have chance
to frame rural credit law, also that
private banking interests are kept out
of influential places on boards or
committees that formulate them, ru-
raj credit law passed will be only
another bunch Of privileges handed
the money lending interests by poli-
ticians and the rural credit law will
only add to the bankers chance to ex-
tort further exactions at even higher
rates of interest than now.
Those authorities on rural credits
who are now in the business Of pri-
vate banking are beginning to empha-
size much abused truism, @the far
mers do not want privileges at the
hands Of the government and are OPP