146 QUEENSLAND AGRICULTURAL JOURNAL. [1 Ava., 1899. 
On the conclusion of Mr. Peek’s paper, the following was read— 
AGRICULTURAL CREDIT; OR, CHEAP MONEY FOR FARMERS. 
; [By Dr. THomATIS, of Caravonica Park, Cairns.] 
Mr. Cuarrman and GENTLEMEN,—You will agree with me, I am sure, that the 
subject I have taken for my paper is highly important, and as it has been almost my 
lifelong study I have chosen it for this occasion before the representatives of the white 
agriculturists of whole Queensland. Electricity and magnetism are said to bind 
together the world —in fact, the whole creation; to wit, electric telegraphy and telephony — 
and being inherent with the matter, it transmits its action from molecule to molecule, 
from one pole to the other of the earth even without wires. Now, gentlemen, what 
electricity is to the material world, credit is to the human world or society. Credit 
has already proved itself to be not only the tie that binds society together, but also the 
quickening spirit or principle, so to say, that animates all actions of man. Credit has 
already been applied to almost all branches of business, and money or currency has 
been from the earliest ages till recently the visible, tangible, and outward sign of 
credit, be it in shells amongst the ancient Greeks and Egyptians, salt or tobacco by 
the Nubians, or cattle and sheep by the old Romans (hence the origin of our words 
pecunia and pecuniary), or at last be it gold and silver as in our present more advanced 
circulation. But recently even the latest improvement in the said outward sign in the 
shape of gold and silver coin has been again improved in the shape of bills of exchange, 
promissory-notes, circular-letters of credit, bank-notes, and, latest of all, State Treasury 
notes. All this is sneeringly styled paper money, but should be, in my opinion, 
sublimely called Human or Rational money. The time will come, and very soon, 
when gold and silver will be completely abandoned as the outward sign of money 
and wealth, just as shells, salt, tobaceo, and cattle have been abandoned. Silver 
is, in fact, already almost discarded, and with the spread of the economic science 
old will also be given up as coin. The mercantile class has already 
ank-notes ; it is now time that also the agricultural class should have their agricultural 
notes. In fact, this was nearly done thirty years ago, and for the first time in Italy 
and France—the two countries from which the English people received knowledge of 
banks, bills of exchange, five or six centuries ago. Now, gentlemen, I shall briefly 
state how agricultural credit has originated and developed itself on the continent of 
Europe, for 1 am sorry to say it has not yet been introduced in Great Britain, 
although it would be one of the most effective measures to economically liberate 
Treland, and also to relieve the present agricultural depression in England, as I had 
the honour to suggest to the late W. EH. Gladstone twenty-tive years ago. It is said 
necessity is the mother of all invention, so it has been in regard to the agricultural 
credit. In 1851, after the terrible political and financial strifes, which for a while 
aralysed the territorial resources, the farmers of France appealed to their new 
imperor, Napoleon IIT., to assist them, which was done by the Government supplying 
them with sums of money on very easy terms under the name of “ credit’ foncier,” 
which brought about wonderful penettts: Still it was as yet merely a State loan of 
money to be repaid, and such loan, as all loans, was subject to many conditions, and 
propted TARY for that occasion. This, however, set economists athinking ; and after 
the gigantic fights of the people of Italy and Germany to become free, independent, 
and united, their territorial reforms were greatly paralysed, and metallic money had 
become so scarce in these two countries, and indeed in France, and I may say in 
Austria also, owing to its exportation in order to purchase the materials of war, 
that I well remember a coin, not only of gold or silver, but even of copper, was a rare 
sight. ‘The monetary crisis was so intense that not only merchants, but butchers, 
bakers, barbers, cabmen, and all sorts and conditions of men had to resort to print 
and issue currency notes of their own of the value of from £1 to 1s., and even 6d.! 
The Government did not interfere, adopting the maxim of “ Laissez faire, laissez 
passer !”’—or, “Do as you please,” simply because it was not then a necessity. Then 
landowners and farmers, in order to be able to carry on their daily transactions, I am 
glad to say, did the same. In less than a year not thousands but millions of these 
notes were issued and circulated, and got intermixed, and it was a common occurrence 
to see sixpenny notes issued from one corner of the State in the hands of people at the 
other extremity, and, wonderful to relate, they were accepted without comment, murmur 
fear, or distrust. This, however, could not be called a satisfactory state of things, and 
so all the farmers of a district clubbed together, formed an agricultural circle or com- 
mittee, which, on behalf and with the security of the farmers so leagued, issued district 
agricultural notes. ‘Then larger circles were formed in each province, and finally one 
national association was organised for the whole nation, and at last,'ten years ago, the 
