The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1916-07-29
CITIZENS AND FARMERS
MUST COOPERATE TO SECURE
FEDERAL FARM LOAN BANK
Editor Myck States Birmingham Logical Point for Bank
But Emphasizes the Necessity of Militant Action-Pres
dent Peyton Points Out Advantages of Muscle
Shoals Over Other Places Mentioned
Place for Government Plant

If Birmingham really desires to Sc
cure the location in this city of the
proposed farmers loan bank, the mem
bers of the Birmingham Chamber of
Commerce and the progressive citizens
of the Magic City must at once be-
come active in their efforts to secul e
the cooperation of the best informe ID
and most successful farmers of Jeffer-
son county and Alabama, according to
the opinion voiced yesterday afternoon
by Herbert Myricl1 editor of the
Orange Judd publications, in his ad-
dress to the called meeting of the Bir-
mingham Chamber of Commerce.
Mr.. Myrick was introduced by Oscar
Wells, president of the First National
bank, after short talk by Morris
Chamber of Commerce. Mr.. Wells, in
a few short remarks and in subsequent
questions, showed himself thoroughly
familiar with the new bank plan and
is considered to be reliable leader in
the fight Birmingham is making to
locate the bank in this city.
Mr.. Myrick spoke for about an hour
on the details of the farmers loan
bank, which, he said, will revolution
ize farming in Alabama and through
out the south The new banks Will
not only increase the terms of loans
available to farmers, but will decrease
the interest they have been forced to
pay heretofore and they will benefit
by the new project in many other ways,
according to Mr.. Myrick
INCREASE CONFIDENCE
oil i11Ct l.
after ALL" said Mr. Myrick, land nat
urally suspicious of one another. One
of the best features of the new bank
plan, however, is that it will tend to
increase the confidence a farmer has
in his fellow planter, thereby bring
ing about a spirit of cooperation,
which is the prime essential of success
in any undertaking."
This will result, he declared, from
the fact that the farmers local will
control all the regional boards, hav-
ing the majority in membership on the
board over the members of the re-
gional, or district, boards thai a. o
be appointed by the federal boar, u
this connection Mr.. Myrick explained
that the farmers of Alabama will not
only own the stock in the bank for
which Birmingham is fighting, but
that they will control it's operation and
the new banks were conceived and will
operate for the benefit of the farmer,
and not for the enrichment of specu-
lators in the cities.
Mr.. Myrick is considered one of the
best informed men in the country OH
rural credits, and when the President
of the United States signed the re-
Gently enacted rural credits bill en-
acted by the present Congress, Mr..
Myricl1 was presented one of the pens
with which Mr.. Wilson affixed his sig
nature to the measure. He stated in
the course of his address that his Sc
lection of Birmingham as the best site
for the location of one of the proposed
banks was made without any sugges-
ton from any citizen of Alabama, but
peculiarly by reason of the fitness of
the Magic City for the honor, empha-
sizing its strategic location and It's
Importance as an agricultural market