The Sauk Centre herald. (Sauk Centre, Stearns County, Minn.) 1886-current, 1939-03-09
Public Opinion
COOPERATIVE CREDIT
Unions

COOPERATIVE CREDIT
UNIONS
Their Origin, History, and Place in
TOday's Economic Structure
(By Ferdinand Wiener)
PART VII
The credit union is not merely
organized for credits sake alone.
There is a difference in credit, de-
pending how it is used. Sound bor-
rowing is distinguished from blind
rushing into debt. For members
who never have occasion to borrow,
the credit union still constitutes a
convenient savings agency, often
rendering a substantial dividend re-
turn after the first year.
There is, and has been for some
time a growing social discomfort
with modern economic conditions.
The reaction to this state of affairs
on the part of a great many people
has been fundamental loss of
faith in private industry and it's
ability to meet our social and in
dustrial needs. In their search for
relief, many have followed strange
paths which has landed in the fan
tastes of State Socialism, or in
radical syndicalism, Communism,
or other extremes. Others still
clamor for relief from our state and
national government, which in time
may also lead to state socialism; it
fact it has been generally accepted
that we are now on the way to
socialism in our national govern
ment.
The golden mean between all
these extremes is in the co-opera-
ton by the people among them
selves. The credit union movement
is a true cooperative movement.
While it does not pretend to be a
panacea for all ills, it does offer and
prove to be wise, constructive act
ion in solving certain serious econ
omic problems. When group have
once grasped the true spirit of the
movement, one cannot help but APP
preciate the enthusiastic warmth
and fellowship such groups work
with, making the brotherhood OF
man a practically. The credit un-
ion movement is a form of coop
Grafton which in giving certain SER
vices to the masses, forms another
bulwark against socialism, COM
munism, and the dull, bureaucratic
operation of industry or short
sighted capitalistic monopolies.
Few years ago, some bankers
were opposed to the credit union
which are uniformly successful fin
ancial co-operatives, lest they take
away some share of the credit bus
mess from their hands. Intelligent
bankers know better now. They
now cooperate and for good rea-
son with the credit union for they
know that the masses initiated and
trained in sound administration OF
money and credit will not be led
into such movements as "share-the-
wealth." thirty dollars every Thurs
day." etc. Let the masses under
stand and practice sound principles
of distribution, and they can be
and losses to all legitimate bust
ness which result from inefficlency
and graft. In the meantime, they
will not take business away from
private enterprises who can give
better service than they.
The credit union movement helps
people to buy more, and buy care
fully, which helps production, in
! creases employment, and increased
opportunities for business in every
way. Whea the movement is fully
understood, it will receive heart!
cooperation and the real menace te
legitimate business will at least be
| partly removed.
It has been said that Education
| in thrift is the secret of social hap
| piness for rich and poor alike Ber
| Franklin said that "the first thins
a man should learn to do is to save
his money" and that is the begin
ming for economic salvation fol
many. That is one reason for the
ninety year success of the credi
unions, and the only reason why
greater good has not be obtained
in a general way, is because people
are usually slow to accept anything
that does not follow the beaten
path.
1t is my honest conviction that
the logical solution to good man.
of our problems, is not to look t.
the government for everything, no
to politicians and parties. At best
the human element must be con
sidered when looking for reform
through government and through
political parties, and although W
should not by any means lose GU
interest in government and in poll
tics, we must get together, stud