Evening star., 1920-10-19
AID FOR FARMERS, LOWER
TAXES URGED BY BANKERS
Continued from First Page.)

! Continued from First Page.)
president Hawes recommended that
1.-The transportation act enacted by the
fCDngress at its last session be amend
led SO that bankers and business men
tcould become directors of railroads;
THAT agriculture and. foreign trace pc
encouraged, and that steps be taken
leo relieve the present industrial un-
trest
Mr.. Hawes Discusses Taxation.
I Taking up the tax question. MT
Halves said the need was not only Tor
Ia reduction Of federal taxes. but also
Ifor a most careful supervision OF the
Expenditures Of the proceeds OF the
"A slogan recently coined" he said
'Ys appealinE: More business IN gov
ernment: less government IN ous'
lness.'" &.-
Itself should interfere with tne .,,eI-
formulation OF wealth, or ,.n tne uey1 r.
nation. ,..,-~..
savings, which discounts accumuia-
ton Of capital, is to be depiorea ne
joyed primarily by society at large
and not particularly by the one IN n
lwhose legal title its ownership rests
Mr. Hawes hailed the enactment OF
the transportation act as q ui%incs
| financial victory" He declared tnat
the railroads and that this could be
made available only through the Co
toperation of the hnanciers OF the
! country, encouraging the investing
| public and guiding their judgment
"The passage Of the transportation
act" he said. has taken raalroao se-
| curities out Of the highly speculative
ield and stabilized conditions SO that
Just returns on investment may be re,
ceived and proper service rendered
Rankers and business men. he con-
ltinued. should be peEm1tted to serve
on the boards Of directors OF the
roads. regardless Of their dealings
with the railroads, but they should be
charged with full responsibility in
their dutfe6a 49, -
Wants Asrfculture Encouraged.
Mr.. Hawes sounded an optimistic
note regarding industrial unrest. He
iexpressed the opinion thai there was
needless alarm That America would
| see changes In It's. industrial society
sGmilar to those undertaken in some
with \ prospective decrease in
prices ana increase in the disposition
Of industrial and labor leaders to rec
oxnise their mutual obligations and
dntfes, both to each other and the
public," Mr.. HAwes contained. I'VE
may rsasonably look forward. without
alarm. 70 better sa1ustment sa,,n, OF inc
I Labor, by fomenting strikes and on
l couraEing disagreement with employers.
! Is. in fact, striking at the heart Of its
| own future progress. and impairing the
prosperity Of the country: Capital
! should recognize the results of the
] toilers and improve working conditions
| and wages in ratio to the production
| and investment Every man should
1 be free to work out his own salvation
! and not be bound by the shackles Of
] organizations to his detrfment.
Declaring that production in the
| country is now somewhat above the
| pre-war level and showing indications
| Of Improvement, Mr.. H2weS said the
real didiculty has been in unbalanced
production. The diversion Of pro-
ductive forces into certain restricted
| channels demanded by the war stu is
havinE its efect, he continued. and the
| nation has not yet been able TO re-
| alien these forces so that the supply
| and demand of goods are normally
| uniform.
| went on to say, 'is not nearly 50 much
| a cause for concern as is more econom-
| ical consumption. The ORGY Of foolish
extravagances, the speculative con-
| sumption which has prevailed in the
| United States and Is yet too largely
evident, must cease II We are to OBJ
tain a permanently strong position in
| world trade"
In recommending the encouragement
and development OF agriculture Mr..
tHawes declared that all bankers and
business men should know that less
- IH~s
the government last year was expend-
ed for the development Of Agriculture.
wants Agriculture EncouraseA.
ut Is the bankers duty 90 = citizen
and nnancier to realize and encourage
Icounsel and assistance and to regard
the farm In Its true Importance to our
economic existence"
4 Stressing tho importance Of tho ma
\ that without hampering the require
ments Of American industry and busi-
ness the bankers must dnd means
OF extending liberal credit for foreign
TRADE without further initiating the
American credit tS9t nc,a sv iassrss{ me sSg
ling the investing public In securities
'aour future foreign trade possibili.
|ties lie lsrgely with the saving Amer
/ or the operation Of the federal re.
aerve system, Mr. Hawes said: STEAD.
ily the process Of pushing out wa,
paper and substituting commercial
paper 10 going on, and shortly we may
ernect that the new circulation will
be placed as Intended. on live com.
mercial paper and gold"
Secretary Meredith Speaks.
Secretary Meredith's address. which
WAS listened to with keen interest by
tho bankers, said:
"The American people must see tt
It that farmers secure credit suftlcieni
: for their needs. Only thus can they
continue to supply the nations neec
for food. I think you gentlemen fully
realize that IL the farmer Is to con.
tinue to produce and to meet the foot
requirements Of the nation he mus,
have adequate prices for his products
The farmer 10 not the only one wh<
!. lwould be adversely affected II hi
, 4 - n aANuPA n ARonahlo raf,npvn 80,