Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1916-03-17

TAsHINGToN D. c.. Feb. ga significant gath
w erins took place in country school house in
Moore county. North Carolina, fifteen mieis from
a railroad not long ago. About twenty farmers
present they represented all classes from the veal
thy landowner the poor tenant-farmer. who owns
nothing but mule and milk cow There also
school teachers Mr.. William r. Camp. chief
of the division Of markets of the North Carolina agri
cultural experiment station
This meeting was one of the first held to organise
a farmers credit union under law passed recently
by the Nc Carolina Legislature Mr.. Camp made
little IN explaining the purpose and method of the
proposed organization, He by statistics that
farmers OF North Carolina pay 10 per cent more
for the supplies that they buy credit than for those
value crop Is loaned this heavy inter-
order that the obtain the sup
plies wherewtn to grow and harvest it.
The credit union is an organization to enable
obtain all the they need for legitimate pro-
ductive eterpses at the rate Of cent per annum
and each other. The union Is incorporated
under law and shares Of stock sold for
ten dollars each to be paid In small instruments Eaca
a share OF IL entitled to borrow money
the union at the discretion of it's directors
Naturally, the union will have a very small capital
TO begin with-only few hundred dollars. But the
combined property holdings Of its members wiz give
il large credit at any bank. 1t viii borrow money
from the bank at per Ssnosrnsps at less sss taa
started with capital of 2s has already loaned over
million and has never lost cent
1t was interesting to notice the way the farmers
this proposition No said word for ten
minutes An occasional squirt Of tobacco juice the
scrape of moving chair were the only sounds
"John Macdonald, what do you says one or tine
farmers finally asked another,
"I don't say anything yet" replied John Macdonald
I'm still studyn'"
Every one continued to study through another I'VE
of intense silence The casual observer would
have concluded these not at all inter
ested. They certainly not demonstrative. But
presently one of them forward and put his name
down for snare of stock and then another. and an
other In an hour credit union had respecta
BILE membership and capital Of several hundred dol
lars Furthermore, these men. having decided would
undoubtedly act They had spent long days alone in
the fields They had learned how to think in situa-
ton which would have merely provoked city man to
talk - F
Farmers credit unions in the United States are
too new to have proved their worth North Carolina is
but the fourth state such law has been passed.
and in Texas Massachusetts and New York the expert
ment comparatively young. Germany Is the original
home of credit union, and there 1900 such
organizations in that country which rs no larger than
Texas st, ....- ,..t -
In Germany conditions are Of very different
from those in the United States The country is much
more thcy populated and the farmers often live to-
gether little villages. Cooperation Is much sim
pier matter credit unions have also proved sue
cess Canada, which is more tniHiy populated
than in the United States.
It would at first glance that the credit union
would attract only those who are unable to get
credit hank, and not the substantial men OF the
community. This however has not been the case Men
of large property quick to join these organ
cations both in Canada, and IN the being or
ganized in this country Furthermore the credit unions
have usually grown strength with great rapidity
tarough the small savings of all their members 80