Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1919-06-25
GEORGE e. ROBERTS SEES DAN.
cER IN SPECULATIVE CRAZE
NOW ON IN IOWA.
PEOPLE WILL NOT STAND
FOR HIGHER FOOD PRICED
Political Suicide For Any Party 20
Encourage Speculation and Shift
Protective Tariff Laws to Meet
Prices Which High Priced Land Win
oemsnd-cresttns Heavy Mortgage

Roberts doesn't want Iowa land pllvcS
to so higher.
And he Is against restoration OF 'fc
tariff TO some OF the agricultural pro
ducts which now come in free OF d-t3.
MIR. Roberts formerly published the
Fort Dodge Messenger, attracted n"-
ton wide attention as a student Of f.
nance, Was made director OF the mint
and Is now engaged in banking in Ne"
York City.
Addressing the bankers today he
eaid, in part.
n am an owner OF Iowa lands my
self. but 1 question whether II - I'm the
public interest 10 have these lands go
higher. The rising price for land docs
not add anything to the wealth Of the
state unless they increase the product,
for the value all comes ont in the pro-
duct. What is the effect upon pronUc
ton? What is the effect upon ten
antry? What is the effect OF tenantry
upon production7
Il don't look to soc land prices low
er provided the fertility Is maintatncI
But will fertility be maintained with
tcnantry increasing?
Il MINK IIllE Is one Of me most So
rious questions In thess western states
and one TO which bankers should give
serious attention. The whole fabric OF
credit and business in these states IS
based not merely upon the area o.
these lands. but the productive quail
ties in them. Henry Wallace used 10
say that the lands were being mined.
Is that mining still goin- on
The Tariff.
There is a question coming up in
this connection upon which, as l re-
member opinion in The past YOU prob
ably will not agree with me but ! am
sure you will allow me the privilege OF
giving my own views and I speak for
myself only.
Many agricultural products. includ-
Ing meats. hides. wool and some Of the
grains. are now admitted into this
country free Of duty Probably here
will be a movement to restore import
taxes on these things. and naturally Il
will be supported by the chief farming
states.
Y am sure that from the national
standpoint 1t will be a mistake 70 re-
store these duties and | 90 not believe
II Will be any advantage to you.
In the first place I do not believe
that the Importance will be large or
that 1t makes much difference in the
long run whether Argentina or Can
adam products are sold in this coun-
try or in London. because the markets
will keep in close relations to each
other.
In the second place I give il as my
judgment and prediction that no pol
itical party will remain long in power
In this country which deliberately in
creases the price OF food.
Il don't believe the voters Of TIE
great industrial centers will support
duties upon fO0dstufts with farm lands
In Iowa mounting from 5000 10 $50
and $500 per acre and do not think it
will be advantageous or prudent 20
have your land values built up higher
on any artificial! support of hat kind.
The situation would not be SO
rious II land sales We're usually for
cash, but you are building up a great
body of mortgage Indebtedness and II
for any reason prices Of farm products
should naturally decline. this indeb ted-
ness would be a heavy burden. Specu-
lation on narrow margins is jlst 80
dangerous in Iowa as in Wall street
This question Of land values, Of
course. is related 70 The larger yes.
ton OF the future level nf general
prices if the present general level az
prices is maintained. Theo y is IagI,t-
mate and evjtable thai land limos
should rise
"Some oeon1e think the nau. Iera} Of
wages and prices turnout industry is
permanent 7 do NOT want n reIieve
that il is. am reIuct nj 70 believe il.
because I think II will work grave in
Justice to thousands of Deonre
..If the present level = rrIces Is oar.
manent the value Of monev and Of ali
obligations 10 nav. riyad Sums Of money
will, be Deprecated aoproxinstaIy one
half.
1T means that al the s:,,r-ys If the
people which are in ,1.. form Of hank
deposits, contracts. promIssor,. notes
or life fnsuran are in large mar. nos
sibIv one-h9Ir D-inad ont a. VI. >
sponge.
THE farmer or bus,Dsss man uro
in The declining yeors of nfe h,e r,n =
yerteG his nronart,, int ho,,l. ~, ,,,c,,- -
RACES will find the interest a.. he re-
calves il and Tho nr,ncioaI whon il ia
Maid of only about ore.half ,h. ,,,r.
ch.sina rouJ.r that hs h,,,ay..i,...,I Ear
"A great MANY saIar;ed neonla and
wage earners are unahIa n got :.
rror,nt ,d,rutuar+ ~ ,ba,r nov .rd
indeed nobody GAINS anvthinp Nv tho
higher scale excent ar tho axnensa ~
So so,,,e ono eIsa"
rur 49,.