Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1917-03-12
NORRIS FORESEES
ECONOMICR RELIEF
Says Rural Credits Will
Break Backbone of High
Cost Of Living
BANK AIDS AGRICULTURE
Greatest Piece of Constructive
Legislation, Asserts Chairman
of Farm Loan Board

Inc Federal farm loan system whereby
banking aids agriculture under the direction
OF the Government, contains the formula
that Will break the backbone Of the high
Cost or living, according to George w Nor
ris' chairman Of the Federal Farm Loan
Board. who today outlined the benefits Of
the system before members of the Phadel-
phia Chamber Of Commerce at luncheon
at the Bellevue -Stratford.
A new era in the economic development
OF the nation is opened by the rural credits
Dill declared Mr. Norris. His hearers lis
tened attentively TO his enthusiastic first
hand exposition Of the merits of the act.
which he termed one Of the greatest pieces
or constructive legislation in q generation,
founded on peace and not on war.
The social justice and financial sound
ness OF the system make 1t rise superior
TO politics and parties, TO wars and dynas-
ties said Mr.. Norris contrasting the con
structive investment" 1t offers with the
destructive investment" OF war loans,
We should all thank God" he declared,
that at time when great a part of
the world has gone mad it should be our
fortunate privilege TO show that we are
still alive to the arts of peace. still ready
to perform the full measure Of our duty
to humanity and civilization"
This duty he described as trust given
this nation to act as the "granary of the
world" in addition to its duty to itself to
be self-sustaining as a nation oven in time
OF peace. This duty, said Mr., Norris. Is
made largely possible by tho stimulation
of agriculture and all industry by the rural
credits bill, which. he said, would lift S60,-
900, 900 annually of the shoulders OF farm
ers paying interest on loans.
I'm 1913 tho national banking system was
greatly improved by tho passage Of the
Federal Reserve act. which marshaled OF
| assembled the previously scattered re-
sources of the national banks. Prior to
| In qt howaver Federal nrONiSiDn
| had ever been made for meeting the credit
| requirements of the farming class, notwith-
| standing the fact that agriculture is the
| basic industry of every country, and par
| ticularly of our own country.
VAST VALUE OF THE FARM
"The total value of the farm lands OF
! this country is estimated to be over $40.
| 900 .000, 900. or nearly one-fourth OF our
| whole national wealth, and the total value
| Of the farm products of last year was, In
round figures, s13,50O, 900 900. That Is a
| figure so vast that it really conveys little
| meaning TO the mind but you will perhaps
| grasp some idea of its relative Significance
| IL remind you that it represents an annua
| return of about seven per cent on our whole
| national wealth that it is nearly five times
| as great as our whole mineral production
| including gold. silver. copper, zinc. iron
artificial gas, petroleum, hard and soft coal
| as well as the other items of that long list
| and that IL is more than half the value o
| our total manufactures.
| And let me remind you that while tn,
| mineral production represents the gradua
| exhaustion of our natural resources, the ag
| ricultural production eXhausts nothing. anC
| If properly ,conducted-is capable of inf
| mite and annually in creasing expansion.
HIGH PRICE OF FOOD AND THE CAUSI
THE scarcity and consequent high pric
| Of foodstuffs is serious industrial menace
"why il the food-producing population
diminishing? Why is the yield per acre o
| our farms so much below the yield per acr
| of lands in other countries whose soil is n
| richer? / am perfectly willing to admi
| that 1t is in part due to scarcity OF labor
| In part to the lack of science in cultivation
| but II is due principally to the fact that tn
| American farmer has heretofore been un
| able to satisfy his credit requirements
| unable to buy the equipment that he need
unable to command the capital that h
needs in his business All over the coun
| try in our trips OF last fall the count
agents employed by the Department of Agr
culture told us that time and again the
would say to a farmer, You ought to vi
derdrain that field. YOU need moro farr
equipment You ought to have better stool
You ought to use more fertilizer And 1
nine cases out OF ten his reply would b,
L know that you are right. but how can
| get the money!