Rensselaer Republican, Volume 20, Number 22, Rensselaer, Jasper County, 2 February 1888 — The Farmers and Banks. [ARTICLE]

The Farmers and Banks.

Pittiburg Dispatch An old farmer of this county, who has never had occasion to borrow money in his life, was in town this week, and although he had no particular need for cash, thought, he would get a loan, «im ply because he had read in the papers that there was more money in the hanks than could be conveniently lent As luck would have it, he applied first of all at four commercial banks in succession. He was personally introduced at two of these institutions, and at the others he bore letters of identification from prominent dealers in farm machinery in this city. He was astonished >o find that not one of these banks cared ibout lending him a paltry SI,OOO. In >he end he went home without borrowing a cent. This story was told to an authority on financial matters and he said: , “The commercial banks do not care about lending money to farmers ai all. Farmershave the reputation of being very careless about attending to the dates on their paper. A farmer wifi borrow SI,OOO for three months, and will j ust as likely as not keep renewing the note for a year or two. He doesn’t bother himself about paying the principal at any given time, and the pretesting of a note doesn’t dist"'"’* soul a particle. At the same time principal and interest will be paid sure enough, when the farmer is good and ready to discharge the debt. Thaks why commercial banks who deal in short time loans and prefer to turn their money over rapidly, do not have any time to spend on farmers. Tbe savings banks monopolise the farmers’ business entirely as far as loans are concerned.”