Bisbee daily review., 1920-12-03
GOVE VERN0RS URGE. FEDERAL HELP
 FORFARMERS
Finance Corporation to Aid Exportation of Products
 Is Executives Plan

HARRISBURG. Pa. Dec. ?. - The governors' conference today adopted 9 committee report urging the feder- T government Co create a finance corporation which through loans to foreign countries. will permit export Cf American foQdstuffs and other products to relieve the critical situ- ati1n confronting the nations farm CTS. The report further urged the federal reserve board to advise all banks to adopt a liberal policy of renewals on farmers indebtedness
 The action was taken on the rec omuelGetion Of Q committee of five governors appointed yesterday who presented the following report:
 The financial situation in the whole country is cause for the gray est concern but not for despair. All lines of business are realizing heavy losses but the swift decline Of prices of farm commodities to lar below the cost of production threatens a national disaster The situation de mands infinite patience and fore bearance and supreme wisdom and courage. Nothing but evil can result from anger or fear.
 Relief Ideas Given
 We believe that the tenseness Of the situation can be relieved in sey- eral ways:
 "O) Let every individual do all he can to help and encourage his neiehbor Let there be a complete mobilization of the financial and spiritual assets Of every community N r,st ought to be asked to help those who do not first make every effort possi- ble to help themselves. There ought tC he united effort in every com munity to keep any good men from being destroyed because he cannot immediately meet his obligations. Under existing conditions it would be the acme O. inhumanity and Of unwislo to force any debtor into bankruptcy if by the most liberal in- dulgeIrce he would be ultimately able to pay Business failures do more than wreck businesses; they oft times destroy man
 Liberal iudulgences and renewals should be granted by the mauUfac- turers to the jObbers. by the jobbers to the merchants and by the meTch- ants Co the individuals. l. is no time for creditor to seize his debtor by the throat and savagely say pay me what thou Owest.
 "(2) Let the federal government create a finance corporation Of some sort that will enable the people of other lands to obtain from us the commodities they so gTeatly need but for which they are not able to make immediate payment. We be- lieve such a corporation to be en- tirely feasible and that it's mere ere ation would substantially help the situation
 Wealth Is Unimpaired "(3) The federal reserve board . should be urged and authorized to advise all banks to adopt q liberal policy of renewals. The law author izing six months credit on foreign paper should be Hberally construed and renewals for a like period should be freely granted wherever consist ent with other sOlvency. The real wealth of the country is unimpaired II would be a suicidal policy to des- ! troy this wealth by a preemptory call of loans
 If necessary the congress should act at once to amend the federal re serve law SO as Co temporarily sup ply additional currency and afford more time in which to pay to debtors in distress.
 We believe that the general adop ton by individuals and by the gov, ernment of the policies herein sug geStPd WOul1 not only afford mai ar ial aid but would at once supplement the gloom and the fear of the pres ent with that confidence so vital to wholesome and successful business
 Governor Goodrich of Indiana, a