ia8 The State and the Farmer 



people with whom they originated, giving to 

 the people in the localities the responsibility 

 of using them. The Land-Grant Act of 1862, 

 establishing the colleges of agriculture and 

 mechanic arts, is of this nature; so is the 

 Experiment Station Act of 1887, although the 

 state autonomy is less complete in this case. 



"Banks. 



We need carefully to consider the migration 

 of money. I have already indicated that money 

 tends always to pass out and away from the 

 place of its origin. It is multiplied as it goes ; 

 but a good part of it ought nevertheless to 

 describe an orbit and come back to its local- 

 ity. Better still, a good part of it ought to be 

 kept in the locality for local uses. Banking 

 institutions ought to be agencies for more 

 directly developing the region of which they 

 are, or ought to be, a part, by keeping suffi- 

 cient money moving in the region to supply 

 its needs freely. These institutions now exist, 

 in this country, for the stockholders, who are 

 usually not producers. I am always impressed 



