114 The Bulletin. 



are tbof^e made to farmers. We have never lost a dollar by one of them. 

 'J'hey always pay. They are not large borrowers, because their wants are 

 moderate, and their inclinations are to live economically. Much has been 

 written lately about financing the farmer, and more than once have we been 

 asked if we would lend money on cotton. Of course, we have said yes! We 

 have been doing this for thirty years, and have always regretted we could 

 not do more of it. There is no collateral more desirable than the product of 

 the tield, and none so readily convertible into cash as our own white staple. 

 Tlie lack has been not in the ability to get the money, but in storage facilities. 

 We need strong, modern bonded warehouses, and I rejoice that a movement 

 to that end is now being developed. It should be heartily encouraged. 



The great West has its spacious elevators, and when the grain is harvested, 

 they are not forced to rush it on the market in three months time, as we have 

 been witli our cotton. On the contrary, the grain has been stored in the ele- 

 vators, receipts have been issued, and with these the farmer has gone to his 

 local bank and found all the money he needed. Under this system the farmer 

 li.-is been able to do business on a cash basis: he has built up his land, im- 

 proved his stock, beautified his home, l)uilt churches and schoolhouses, edu- 

 cated and made satisfied his children, and has become a valued customer of 

 the banks. 



At the same time the banks have prosiiered, for as the country prospers they 

 prosper. It is a mistaken idea that banks make most money when hard times 

 I)revail. or that they produce panics that they may take advantage of the 

 necessities of the people. It is the thrift and prosperity of those about them 

 that adds to the strength and usefulness of the banks. The banks have not 

 failed to recognize this fact, nor have they failed to recognize the further fact, 

 that the very basis of all prosperity lies in the soil. It is not long ago that 

 the farmer and the banker seemed to have but little in common, but the flood- 

 light of this new century has revealed the fact that their interests are so 

 closely interwoven as to be absolutely one. Indeed, this is true of all classes 

 of Innnan society. We are all as unavoidably liound together and are as 

 absolutely one as is the human frame, with its individual members of hands 

 and feet and eye and ear and nose. Touch one of these parts, and the sensa- 

 tion is communicated to the whole body. So, do good or evil to any member of 

 a connnunity. and to some degree it affects every part of that comnumity. 



Centuries have rolled by since utterance was first given to the truth that 

 no man liveth unto himself, and yet verification tliereof is found every day in 

 the life of every individual citizen. These are well recognized truths to-day. 

 Equally self-evident is it that some branches of human society are of more 

 importance than others. .Tust as in the human frame the eye is of more value 

 than the finger, so the farmer is of more value than perhaps any other 

 single class. It is through him that the earth yields her increase; through 

 him the soil is prepared, the seed selected and planted, the growing crop 

 cultivated, and the world supplied with food. The farmer has failed to recog- 

 nize his own commanding j)osition. and naturally enough the world has for- 

 gotten to accord to him the position he has not claimed for himself. I say 

 these things, gentlemen, not simply by way of idle compliment, but rather 

 to remind you of the responsibilities that come with large endowment. It 

 was the man that improved the ten talents that received the commendation 

 of the Master, and not the one-talent man wlio simply kept and brought back 

 luiused the gift which had been his portion. The world to-day bows down 

 before you as did his brethren to .loseph in Egypt. It is yours to assume 

 leadership, and you farmers of North Carolina must not fail to provide for 

 yourselves and your children the very best possible preparation for the great 

 tasks that lie liefore you, and for the proper performance of which you cannot 

 escape responsibility. 



There has been no time in your day and mine when there was a greater 

 awakening on the part of the people as to the possibilities of development of 

 this wonderful land which lias become our heritage : but so far we have only 

 skimmed the surface. My own life has been spent in other lines. From my 

 young manhood I have been in the banking business, but I have never failed 

 to recognize how utterly dependent banking was on agriculture. It is very 



