WORKING CREDIT FOR FARMERS. 249 



Let us look at the matter in detail ! 



These people all want the use of credit, or they would not 

 combine to obtain it. But their first care is to keep them- 

 selves safe, to lose nothing over the business. Accordingly 

 they will want to make sure that they have none but trust- 

 worthy fellow-members to work with, men faithful and 

 true. They will want to make sure also that their society 

 is administered by capable persons having security at heart. 

 They will want to make sure that no loans will be granted 

 except for employment in which they will repay themselves 

 with interest. And they will want to make sure also that 

 the purpose for which the loan is granted is adhered to, 

 and that the terms of the loan are scrupulously observed. 



Now, how are all these objects to be attained, among 

 more or less poor people, under limited liability ? People 

 will elect Tom, Dick and Harry as members, as a matter 

 of neighbourly courtesy ; they wiU be careless about the 

 election of their Committee men, wink at improper purposes, 

 and not want to be hard upon borrowers in the matter of 

 repayment. Should things go badly they will comfort 

 themselves with the reflection that they stand to lose only 

 their £1 or whatever the value of the share may be. It 

 may be below £1. That is not worth the trouble of serious 

 bother. A legal gentleman officially connected with the 

 supervision of societies in this country has ventured the 

 opinion that a liability of £200 would be fully as effective 

 as unlimited liability and answer all purposes. However, 

 what small holder will make himself liable for ;^200 ? The 

 figure will simply frighten him away. His whole possessions 

 may not be worth the £200. But they are extremel}^ valu- 

 able to himself. The collective unlimited liability of all 

 members will fully suffice a lender as security for the credit 

 likely to be demanded. And it may enable societies, if 

 they are so minded, to dispense altogether with shares and 

 even with entrance fees. That was the very object which 

 Raiffeisen, the founder of such societies, had warmly at 

 heart. He was not thinking of Agriculture proper. He 

 was thinking of the poor in the country. And he wanted 

 to help even the beggar upon the dunghill, if he could only 



