Arizona republican., 1920-12-08
Harding Refuses To Change Stand
 On Farm Credits
IRenuhllcan A. p. Leased Wirel

INDIANAPOLIS, Dec. 7-Declar1ng his attitude unchanged toward exten- sion of credit to enable the withhold ing of staple crops from markets, Gov ernor Harding of the federal reserve board advised delegates to the Amer ican Farm Bureau Federation conven- tion here to take to heart the old say ing that things are never as good, or as bad as they seem The federal reserve board governor told the farm CTS the country was passing through its after -the-war adjustment and said that 1t is most desirable that there be no feeling of undue depression or despair"
 Expressing the desire of the federal reserve board to do everything it prop, erly can to help the farmers in their present predicament, Governor Hard ing declared it was impossible for any banking system to provide funds for withholding all staple crops entirely from the market for any length of time. Some agricultural products, MT. Hard ing said may not be salable at any price and as they must be carried over for account of some one, they had better be carried for the account of the producer"
 The federal reserve board head sug- gested that the federation consider CO., l OptTdIIN6 IIldIhellLSy SItdlSI QlNSISill- l cation of crops, and the maturing of farmers obligations over periods ex- tending from October to March as a means of preventing a repetition of present conditions.
 1 Discussing apprehension on the part
 of farmers as to their current indebt- l edness, Governor Harding said that ih
 his opinion if the farmer would go to his banker and make a frank statement
 of his condition, agreeing to make or
 derly sales of his products as the mar
 ket develops. he would be able to make arrangements for present needs and for I the requirements of another season.
 'T shall not undertake to predict the course of prices, but I will say tha1 prices are relative and that barring shortages, prices of all commodities
 rise and fall together" he added While the decline in prices of the goods the farmer has to buy has not
 been commensurate with the slumr
 which has taken place with respect tC , his own products, there is every reason
 to believe that within a short time in.
 equalities will adjust themselves , either the price of farm products vii
 advance or the price of other good! will decline. Thus in the event tha there is no substantial improvement il the price of farm products, it seem certain that the cost of producing nex years crops will be greatly reduced" !" Warning against advocating meas ures for temporary relief without con
 sidering ultimate results, Governo
 Harding said
 One of the most effective utterance
 of the president -eleet during the recen
 campaign was his statement that h
 favored more business in governmen
 and less government in business W must remember that wartime meaJ; \ ures are not generally adapted to peac Q conditions, but no matter what tn l course of legislation may be, the solu p tion of our economic and financis D jroblems will depend mainly upon in : dividual effort, and calls for good judg I ment and forbearance. self-reliance an 8 cooperation and display of courag and optimism, which after all is reall t justified by fundamental conditions