Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1920-12-03
Talk Means Of Saving Producers
From Financial Ruin as Wave of
Falling Prices Sweeps Country
Credit Extension
With Monetary Aid
Likely Procedure
TRep 4blIcan A. p. Leased WIrel

WASH 4NGTON, Dec 2.-The plight
Of farmers, due to faging prices, was
taken 20 congress today.
Agricultural committees of the SEN
ate and house, in joint session, began
hearings on conditions brought about
by falling prices preliminary to devils
ing relief measures. They decided to
ask Secretary Houston and Governor
Harding Of the federal reserve board
to come before them tomorrow after
Eugene Never, former head of the war
finance corporation. had declared that
rehabilitation of thax body would go
long step toward furnishing the de-
sired relief by financing exports Of sur
plus crops.
Would Loan Bank Profits
Senator Hitchcock of Nebraska told
the conference he planned to introduce
measures making available the profits
OF the federal reserve banks, amounting
to about $50, 0,000,000 for loans to agri-
cultural interests Governor Harding,
with whom the Nebraska senator con-
ferred, issued a statement saying that
neither he nor the board had taken
any stand on the proposition. He de-
clared he had criticised Senator Hitch
cocks plan, but that the matter was
one not within the province of the
IL
which the law required should be paid
into the treasury.
Legislation extending a billion
dollars credit TO Germany was ad
vocated before the joint committee
by j. j. Brauer of New York city,
who claimed to represent the Ger
man government, while Senator
Smoot of Utah announced he would
propose an embargo on imports of
wool for relief of the American
wool growers in bill he will offer
Monday.
Representative Campbell OF Kansas
suggested that profits of the grain cor
poration, about 800 000.0 600. be made
available for loans TO farmers.
Mr. Meyer told the joint COMMITTEES
that the act creating the war finance
corporation was passed four months
after the armistice and intended by
congress TO bridge over the situation
/ by financing exports until normal
/ economic conditions were restored. He
I said conditions now were those which
congress had In mind in enacting the
measure and that restoration OF the
| corporation would have a tremendou:
stabilizing effect.
Threaten to Burn Corn Crop
Farmers in some sections OF Ne.
t DfaSka nave SAID IDeN VIII uIEn lnell
corn because at current prices 1t woulC
not pay for coal. L. o. Scroyer, secre-
tary of the farmers union of that state
asserted. He urged further credits, i'm,
mediate financing to export the surplus
crops, a protective tariff and appoint
ment OF dirt farmer" as secretar!
of agriculture.
Opposition TO the revamping of
war time government agencies for
peace time operation was expressed
i in statement by Senator Edge,Re-
i publican, of New Jersey. He was
anxious, h. said, to help the farm
ers and other classes equally, but
added thaS consumers were tired of
. high prices.
"The only durable and infallibIe ba
rometer of business Is the law of sup
ply and demand" Senator Edge sait
land to set up an artificial unecon
omic and false structure for the main
tenance of prices, because some certai
industries are suffering, is only post
! poning the evil day when all bushes
! and industry, including the farmers, in
: evitably must face the music"
The joint committee hearings ma
continue through next Tuesday.