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Co-operative Banking For Farmers

Co-operative Banking For Farmers image
Parent Issue
Day
19
Month
May
Year
1897
Copyright
Public Domain
OCR Text

The American Agriculturist of April 4 again discusses editorially the "entire feasibility of co-operative banking among farmers." "This can be done," it saya, "by slight modifications of the system of co-operative savings fund and building associations or co-operative banks, which has proved so remarkably successful in American cities. These institutions now hold over 500,000,000 of deposita and are a thoronghly demonstrated practical success. The Saxon Land Credit association (a report upon â– which be obtained by writing to the secretary of state, Washington) is a modification of the Raiffeiseu system, which in Prussia and Germany has achieved the same success among the working farmers of those countries that the co-operative banks have achieved in onr American cities. The people's banks of Italy and neighboring countries, based upon nmch the same plan, have had marvelous success. A report giving further particulars upon the Saxon Land Credit association has been published by the department of state for free distribution.in which Consular Agent Peters says with a truth that can never be questioned: What American farmers require to relieve them of the present financial strain under which they are living is the power to borrow at the lowest possible interest consistent with their securities and the financial conditions in the great centers of the world. So long as they must borrow f rom the local money lender they must pay a high rate of interest for aecommodation. It is this high rate of interest under which our farmers are now striving and falling that is responsible for the general unrest and dissatisfaction. Remove the high rate of interest, give them the same opportunity to use their credit as men engaged in other business, exckange the present mortgage on the farm for one with a reasonable interest, which the farmer oan pay and have something left for the savings bank, and we will restore happiness and prosperity. This question has been solved by the farmer3 and landliol iers of Europe, and the solution of the problem did not consist in the issue by the government of a mass of debased currency circulated among the people at a netitious value. The end was reached by the farmers and lanclholders by their own force and cooperation, by the founding of associations which in time became a power in the land, and whose financial strength was measured by millions of undoubted seeurities which the public was only too glad to invest in.

Article

Subjects
Old News
Ann Arbor Courier