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(By couri??y of 8?nator Cunningham of Ohio > Modest Home of the 8ecretary*Trea6urer of a Rclffason Bank. iAAAA A ft ^ ^ ^ A A A- ?* A A A * A A * * Co-Operative Farm Products Marketing How It Is Done in Europe and May Be Done in America to the Profit of Both 1 Farmer and Consumer By MATTHEW 8. DUDGEON. ( Copy right. 1#14. We?twn Newspaper Union.) WERICAN BANKER HAS SOMETHING TO LEARN irlin, Germany. ? "Somo of us 8 are laughing a little at the [era." said a successful farmer to ?efore we left the states. "We i actually farmed successfully for b. have studied farming in agri iral colleges. We think we know business fairly well. It's certaln unny to read speeches by bank telling us how to farm. I have b to the conclusion that the bank know ? so little about farm loans they would do better to study discuBs their own business than ry to teach us ours." And we i concluded that there Is some > in what the farmer says. e American Bankers' associa and thirty state bank asBocia i are actively promoting agricul advancement. The work under ti by them includes soil surveys, rimeuCs with fertilizers, hiring. ex } to make practical demonstration i the farm, education in road mat ; and bo on indefinitely. The bank Eire duplicating what the federal lultural department is doing, [ every agricultural college is do ftnd what every l'arxner's institute ping. They aro going into the tat' production which is important kvli icli after all is one in which fanner remarked, "one is led to t that the bankers of the country unanimously concluded that they r their own business so thor ly that their elevating educa 1 instincts can get opportunity xprevBion only by doing mlssion vork among us lowly farmers and iting this Ignorant class to their high plane of Intelligence." Worst Banking for Farmer?. b have been going through Eur accompanied by agricultural ex I. We have talked with leaders griculture in several countries, lave read bulletins and books ga on agricultural methods abroad, consulted government specialists, have seen and heard and studied t all the most scientific up-to farming methods. But neither Bxports with us nor we ourselves i been able to recall a single idea gricultural production that is not g more or less widely worked out America by these lowly farmers n the bankers are so benevolent nd condescendingly instructing. :he other hand so far as we can >ver tho United States is the only try in the civilized world where ting methods have not been in degree adjusted to tho needB of farmer. Sometimes over here in >po the Joint stock bank does the t. More often it is a co-operative It bank that loans to farmers. it some bank stands ready ^ to t tho farmers' needs everywhere, pt in the United States. In riea, as nowhere else, the banker B the terms calculated to^ccom ite the city merchant and flnan i and inflicts them upon the pro ng farmer. Sixty and ninety day i are just what are needed in the but they are of no possible use to farmer. A merchant' or commis 1 man gets his returns promptly can meet ninety day paper at Irlty. But the farmer cannot buy 6s or pigs and fatten them, mar them, and get returns short of a h longer period. The rural bor? >r who invests the borrowed By in needs or fertilizers cannot to realize upon his investment t of six or eight months. It is so much a question of interest f terms and methods. In many ities Interest rates are fair. In > nInceR Intnrpst oYi farm loans is high. But It is true everywhere imerlca that the bankers stub (y refuse to the farmer tho sort >ans which he needs. And the ?r who sits behind- the cashier's writing speeches about better Ing drops his facile pen long Rh to crowd dojvn the throat of farmer patron who should have ght months loan, a three months : which is as apt to cripple as Hp him. How the man on the farm can bor row money advantageously^ and eco nomically is an Important question. It may not be bo important as good marketing but It is important enough. His loan should be on terms which meet his occupation and his financial Resources. If he cannot get these terms from his banker he will nhturally try to got them elsewhere. The question is will the banker force him to seek loans elsewhere, or will he meet the needs of the farmer. There is little doubt that the banker could give longer time on safe per sonal paper. There is little doubt that he could arrange for loiig time real estate mortgages. When a farmer borrows to buy a farm and gives a mortgage for the loan there Is no rea son why it should not be a long time amortization mortgage permitting re payment in annual or semi-annual payments extending over ten, twelve or twenty years. Gilt Edge Security. A good first mortgago on real estate running for a considerable period ol time is recognized the world over ai a gilt edged loan. Financiers are ac customed to advise it as the safest in vestment for trustees, widows am others who are not able to pass upoi the character of miscellaneous invest ments. The president o t one of the great life insurance companies makes th? statement that his company in its his tory of forty-six years has loanec $133,838,049.44 to 75,102 farmers, se cured by mortgago on 11,462,363 acres the average loan being $1,782. The net loss after paying all costs, fees assessments and penalty Interest rates was fourteen-hundredths of one per cent. This Is substantially the history of all properly organized farm land mortgage business. Some $600,-s 000,000 in farm mortgages are carried by our life insurance companies ? an amount equal to 36 per cent, of the total farm mortgages shown by the census. If a farm loan for three years la a good loan, one for ten or fifteen or twenty years la good, too, but no American bank makes these long loana. Why? We have never been able to get any adequate answer to thla question. The general responae la an unsatisfactory one, "It lan't good banking to -make such long farm loana," which la another way of Bay* ing what we have said before, that the city banker will not meet the needs of the farmer borrower. There 8eema to be therefore no rea son why thla fact that a long time farm loan is a gilt edged loan should not be taken into account In fixing the interest. It is not possible that the Interest on these loans should be near the rate which is received upon bonds, either municipal or industrial. The city banker will investigate fully the Integrity and earning capacity of every factory that wanta a loan. la there any reason why the American banker should not put himself In a position to investigate the honesty and earning capacity of the farmer who needs money, thus permitting him to J capitalize his character as do bankers 4 abroad? On the whole after looking over the situation at homo and abroad It Is not surprising that the farmer sometimes suggests that bankers : might well study their own activities | rather than to be butting In upon the farmer's business. Over here In Germany the bankers were formerly as slow as those of ! America are now to meet this demand j for rural credit-. So 4 co-operative , credit came and it came to stay. It does the work and It does it well. The question that la up in America is simply a question as to whether or : not the American banker Is going to j insist that the American farmer soWe j his own difficulties or whether he, , the banker is going to solve It for him ! and be his financial backer. Mortgage Loans In Germany. A co-operative loan on long mort gagee U no new experiment. Ofte j hundred and forty years ago the Landschaften were Organised In Pros *!?. A war like peri >d culminating It tho Beven Years' War had reduced the greater part of Fruaala 10 a pitl ablo mate of devastation. The own era of large estate* which bad born? the brunt of the war charges) wert poverty stricken. Hence . In 176U Frederick 11 issued a royal decree en abllng these owner# of largo landed estates to- secure capital necessary to revive their agricultural interest# by joining together in aectirfbg a co-op erative loan. While at first these loans were granted to only the own era of the large estate this system wan afterwards adapted a t> that the smaller land owner could profit by It The owner who wishes to secure a loan gives a mortgage to the assooiQ tion. Ho I,h required to pay interest at the rale of from throe and a half to four per cent. und may Jjorrow up to two-thirds of the value Cf his farm. This valuation in arrived at by capitalizing the income which he can get off from It. It lb characteristic of European finance that the farm values are fixed largely. by consideration of the actual earning capacity of each farm. Appar ently the price which a neighboring farm may brinjl has little to do with the value which is placed upon any particular farm. The theory Ik and it Beeins to he sound, that the value of the farm is not so much whore it lies ah H is what will it earn. When the association baa a group of these mortgagee it pledges them by a trust deed, and issues a serine of bonds Becured by the pledge ol the mortgages. Those bonds are then sold and usually bear an interest of from three to three and one-half per cent. The association not only pledget* the association itself so that In o Renso every member of thfe associa tlon is back of the bonds. These bonds have always brought a good price even in the most difficult timet financially. The mortgage given by tho lane owner is not due at the end of a cer tain number of years, at which time the entire principal must be paid ,ap jire American farm mortgages. In stead they run for from twenty to sixty years with an agreement incor porated into the mortgage that pach year the farmer shall pay a certain sum of money which shall include lu terest and a small installment upoi, the principal. In this way the mort gagor gradually pays off his mortgage paying little more than tho amount which would In America be required as interest alone. The chief advantage to the farmer is in this fact that lie is allowed to pay off the loan by mak ing small annual or semi-annual pay ments. Other advantages are that he will never have to renew the mort gage which will continue to run until the payments have cleared the farm of the dobt; ho will never be com pelled to pay any renewal commis sion, and will never have to go to the expense of bringing down his title or having it examined every two years, as is done under our American sys tem. Reiffeson and Scl.ulze-Delitzsch. The Reiffeson and Schulze-Delitzsch banks are smaller community institu tions, organized upon the co-operative plan, and are not operated for profit to the investor. Reiffeson banks op erate more particularly in the coun try while the Schulze-Delitzsch banks operate largely in urban communities. The Reiffeson is the most purely co operative. While the Reiffeson banks loan money for a long period of time they do not generally loan for bo long a period of timtf as do the Land schaften. They receive deposits from their members, paying them Interest as do savings bankn. The one at Cassel, Germany, wftichcan be taken as a fair representative of. Its type eliarges 6*4 per cent, on short time loans. They pay 4% per cent, on de posits, which are left with them for an agreed long period of time, and 4 per cent, on deposits left for a shorter time. It is found, however, that the rate of Interest varies In dif ferent places. Since these banks must meet the .competition of the joint stock and savings banks in each com munity. They generally are able to compete successfully for the reason their expenses are very light, their officers usually serving without salary and since they do not wish to make any large profits to- pay off any In vestors as do the other banks. Go Slow. The best rural credit system In the world, if actually In operation would not prove a cureall for our present rural ailments. It would not get you anywhere. The farmer who has ne gotiated a loan upon the most favor able terms has made no actual ad vance. He is Just where he was be fore. If I am running a losing busi ness the more money I borrow the worse off I am. If I am not produc ing a good product which I can mar ket readily and profitably, the less 1 put Into my business tho better. Rural credit without good farming and good marketing is a delusion and a snare. Easily obtained loans are no substi tutes for brains and business sense and a marketing system. Rural credit can do just one thing. It can enable a man to get possession of a farm and the equipment with which to farm. If tho farming busi ness into which the loan launches him is not a paying business the loan has simply injured him by getting him into a losing venture. I said a loan will enable him to got possession of a farm and equipment. This posses sion is temporary and will be of no permanent advantage unless he makes the land and equipment his own by re paying the loan and of his honest and hard won earning. After ail it is rural earnings which spell success and good marketing conditions whether co-op erative or otherw'so are an absolat? esseAtlal. " % -? MALAYS NOT OF ONE RACE Common Error, But Travslsra Know That It Has No Foundation In Fact. Take the Java Malay, b? lie Java nese, Houndaneua or Madout^ae. Watch him climb a cocoa nut palm; In Iohh than no time ho la at the top of 'the smooth trunk, fifty or sixty feet In height Notice him In the street, squatting hla toea, like thoae Of u monkey, prominent ? on the edge of ? atop or pavement, note his ainuoua movement*! Is he not a man of nature all over? All the aboriginal Inhabi tants of the Malay archipelago are Malay*, but In Java atone you llnd the calm, quiet Snundanoso of West Java, the true.' Javanese of Middle Java a much liner race- and tho truaehoroue Madourese of Mudouru and Ktt&t Javu, It la therefore o-vldent that to talk about "Malaya" la really Incqrrect. Anthropologically only Is It really correct to term all these peoples Ma lays; one would not think of terming all white people Aryans. The term "Malay" merely refers to one of tho groat families of mankind. The Malay men folk taking them as u whole, do not make us near to good an impres sion as their women Contrary to what they really are. they look puny; they are al.-o shell, have shifty eyea, a broad in; so, perhaps a n uytaeho, boI dom a beard; they uro la'.y, untruat worthy, will harbor revenge for yeara, are usually ugly. Heing Moslems, they aU .vear a head covering, made of col ored linen. Tho lower clasBoa wear this carelessly, although the Malaya of higher standing are very careful in ar ranging it, which they do very Ingeni ously. It looks incongruous to see a Malay with a "topee,' or helmet, above his usual head covering; nevertheless, this is general. A pair of cotton pants, a shirt, and a girdle of printed cloth, called a "sarong," form the av erage Malay's garb, and he is seldom without his "kris,' or dagger-like knife. ? T. P.'s Weekly, London. WOULD BE OF GREAT VALUE Idea for a Laboratory of Safety De vices Has Been Put Forward by Employers of Labor. Why not have u laboratory of safe ty devices is the question asked by many manufacturers who havo been giving honest attention to tho subject of preserving the health and physical well-being of their employes. With tho many safety dovlces already offered, the average manufacturer is some what In the dark as to the appliances which host could beflt his business. With this idea in view, it Is pro posed that a staff of competent engi neers bo appointed whoso solo duty it Bhall- be to test the numerous appli ances ottered and decide whether they aro fitted to the various industries they represent. Fire prevention naturally would prove one of tho biggest subjects to be taken under consideration. Many inventions have to do with hoso, doors, shutters, etc., and under present con ditions tho only way for a factory owner to determine their value is to put them to A test ? those teBts oft times being mado under conditions where a groat loss in human life re sults. A Useful Dunce. During the CJ.vil war. General Sedg wick had on his staff a very dull lieu tenant, who seemed never to be able to do anything without making mls-^ takes. One day a friend asked the general: "Why do you keep Jones on your staff? He seems a perfect dunce." "Db you know," replied General Sedgwick, "Jones Is one of the most useful members of my staff? Before I issue an order, I always have Jones read it. If ho can tell what it means, I am sure there can be no chance that anyone will misunderstand 1L" ? Youth's Companion. Keats a Great Poet. One of the highest of authorities declares the "Odo to a Nightingale"" to be "one ot the llnal masterpieces of fliuman work In all time and for all ages." The same high authority re fers to the odes to "Autumn" and to the "Grecian Urn" as being unequalcd and unrivaled, tho "triumphant ac complishment of tho very utmost, ^beauty possible to human words." In Keats' larger poems aro passages that approach very near to poetic perfec tion. Keats died at twenty-six. And yet he lived long enough to have writ ten tome of the finest things in litera ture. Georgia Invasion. "It's been the dream of tho old man's lifo to see Wash'ton," said tho IMllville matron, "an' now he'B a-goln' thar, an' I'm a-goin' with him. 'I won't be unknown thar,' ho says, 'fer I've been a member of six Georgia legislatures, an' any one of 'em could beat congress a-raisin' of the place whar Satan lives at an" a-doln' of nuthin!' Hut what we want to Bee most is tho placo whar they make the money, an' find out how come an' why wo don't git our share of it " ? At lanta Constitution. Poets Put to Hard Labor. Tho sixth grade of a certain fchooi in a foreign settlement ln.Suui.u Da? kota was learning the uso of possess lves. The book required tho pupils to cor rect nnd expand into a complete sen tence the following expression: "Mil ton and Shtfkespeare's works." Joseph KlScodvna handed 1m this sentence: "Milton and Shakespeare work in a col! u.nW - -Youtfi'a Companion. 90 Funerals Directed We supply the beat of burial goods, con duct funerals and relieve families and friends of many unpleasant duties ince dent to death. We are always prepared to serve those who need our service. B. R. McCREIGHT, CAMDEN. S. C. MURCHISON Wholesale Supply Company There is a big concern in America advertising that "There is a Reason." We claim there are "Numerous Reasons" why you should buy from us. MURCHISON Wholesale Supply Company ' ' "? " : ? o "Our Terms Are Strictly Cash to Everybody" SEED POTATOES, UNION SETS And All Seeds For Your Garden Nasturtium, Sweet Peas and Other Flower Seed DON'T TRY to Raise Chicken s CONKEY'S STARTING FOOD Without Using 25c Package W. ROBIN ZEMP'iS DRUG STORE TELEPHONE NUMBER 30 Profit By The Experience of Others 1 Increase your yield by using the Fertilizers that gives best results. We are agents for Congareo Fertilizer Company, The many satisfied customers will attest to the merits of tho fer tilizers that we handle. We have told you in our former ad vertisements wherein tho superiority of these goods lie. Full stock on hand of Ammoniated goods, Acid Phosphate, Kainit, Potash and Nitrate of Soda. Seo us before placing your order. ? Now Is the time to plant your Garden. We have just re ceived a large shipment of S ed Potatoes: IRISH COBBLERS, EARLY ROSE and BLISS SEED POTA TOES. FULL STOCK OF GARDEN TOOLS. We want your business and can make you closo prices. Why? because we buy in large quantities, Wholesale and Retail Gro ceries and Heavy Goods. inspect our stock of farm implements, Disc Harrows, Subsoil Plows, Guano Distributors, Steel Ream Plows, Cotton and Corn Planters. We aro agents for the Wm. J.~ Oliver Plow Co. A full stock of Buggies, Wagons, Mules, Horses, and in fact any thing that a farmer noeds. Aficuiw for Arab Horse Feed, Larrow Cow Feed, also havo Just received a car load of Cotton Seed Hulls, car Oats, Cap Com and Car of Piedmont Flour. Get prices and save money. SPRINGS & SHANNON Camden, S. C.