THE FARMER AND THE BANKER 245 



He makes out his note for $487.50, payable July 1. 

 When he comes for his renewal in July the banker 

 agrees, provided a cold $75 interest is added. The 

 note now reads $562.50, containing 75 per cent, 

 compound interest. The poor farmer becomes 

 discouraged and loses hope of pajdng all he owes. 

 He tries desperately to borrow money from other 

 sources. He is now closely watched by the banker 

 for fear that he will try to "beat it." Now he must 

 bring practically all he gets for his crop to the bank 

 and fairly beg for enough to clothe and feed his 

 family, who, by the way, have all worked hard 

 gathering the crops and have received no reward 

 beyond their barest necessities. In desperation 

 he finally does try to "beat it," and steals out some 

 of his cotton to sell to people who are looking out 

 for just such opportunities. During all this time 

 the note has been reduced only to $300. He can 

 get no more credit at the bank, although he may 

 succeed in borrowing enough from friends to make 

 his next crop. Meantime, he has had to renew the 

 old note again at ruinous interest, which makes it 

 $466.50. In the fall the banker takes as much of 

 the proceeds of his crop as possible, and yet, after 

 the season's picking, the farmer still owes $400. 

 His chattels are now demanded, advertised, and 

 sold at public auction, and the farmer is ruined. 



Mr. McNabb says there are thousands of such 

 cases in Oklahoma alone. Those who fight against 



