216 Missouri Agricultural Report. 



At Boston, where was held the American Bankers' Asso- 

 ciation convention, where 4,100 delegates registered, at the close 

 of their agricultural session a committee was appointed on 

 agriculture in that gigantic organization. It becomes a business 

 proposition for the banks of this country to make the farms a 

 little more productive and the owners a little happier and a little 

 better fixed than they have been in the past. It becomes a 

 business proposition as well as a social proposition, because in 

 1910 the census tells me that in this country we grew a crop 

 worth approximately $8,000,000,000, and on this $8,000,000,000 

 crop the farmers of this country borrowed $6,000,000,000, or 

 seventy-five cents on every dollar of our product, and on which 

 we pay $500,000,000 interest. When the rate of interest, the 

 commission, transfers and other trimmings that they take on 

 approximate eight and one-half per cent, the farmers of this 

 country cannot endure that rate. The bankers are well aware 

 of the fact that this country cannot endure that rate. They are 

 ready and willing to do their part, but the great difficulty in the 

 past has been that the farmer is not ready and willing to perform 

 his part. We make objections to practically every new idea 

 that could be promulgated, whether by farmers, merchants, 

 lawyers, doctors or bankers. At that great convention in 

 Boston a man made a speech condemning the currency bill that 

 has passed the House and he received great applause. Other 

 men seconded what he said; they passed a resolution condemn- 

 ing the currency bill as it has passed the House. One lone man 

 from Arkansas was the only man that had the backbone and the 

 nerve and the courage to stand before that great audience and 

 tell them that the most important piece of legislation that has 

 been before the American Congress for many years was that 

 currency bill. They "cat-called" him and hissed him, but today 

 the bankers are saying that the lone individual from Arkansas 

 was the man who understood his business. 



We are trying to work out a new problem in Pettis county 

 with reference to the bank. I am not going to tell you the 

 machinery, however, that we are trying to put into motion, but 

 we are endeavoring to have the Pettis county banks stop the 

 practice of paying interest on time deposits. If you have money 

 put on time deposit, maybe you will say that is not right, but 

 if you say so I would like to take issue with you. 



Our banks pay the people three per cent on time deposits 

 over in Pettis county. You know that you can often buy cir- 



