Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1920-12-15
The Causes Of the Present
Hard Times.


The situation, so far as it regards
agriculture-and it is agriculture
which has been hit hardest-may be
summarized in few words:
1. The poverty of Europe has Sc
riously crippled the market for oul
goods. The latest figures we have on
the depreciation of foreign money
October 21) show that the English
pound, formerly worth $4.86, Amer
can money, is now worth only S3.46.
The French franc, with a pre-war val.
ue of 10 cents, is now worth only Z
cents. The Italian Ira has declined
from 10 cents to A cents, and the
German mark from "a cents to l 6
cents.
2. The Federal Reserve situation
we have already discussed. We need
men with 9 better understanding OF
agriculture on the Reserve Board.
We also need a more consistent Fed
eral Reserve policy, instead of an ex-
tremely lax policy one year followed
by a severely strict one the next
year.
8. For Secretary Houston's place
we need man less ultra-conserva-
tive. Able man that he is, he is bound
by ancient ,precedents. McAdoo knew
how to meet an unprecedented sit
uation in an unprecedented way.
Secretary Houston is precise, formal,
and regular in position where elas-
ticity and vision are absolutely 'es-
sential.
a. Agriculture has never had a
square deal in the management of
the country's finances. Money is ten
times more readily available for fl
nancing manufactures and commerce
than for financing agriculture. The
Federal Farm Loan Board must be
put to work again as soon as the SD
preme Court acts-put to work with
whatever adjustments may be requir-
ed to make it fit the courts decision.
But this is not enough. Some plan for
short time credit must be worked
out. Mr.. Levers plan to have the
Federal Farm Loan Board issue Sc
curities based on warehouse farm
products is the best idea yet present.
ed in this line. Every farmer in
America should help him work out
this plan. The war finance corpora
tions should also be revived.
5.Many merchants are not co-op-
Grating as they should in meeting the
situation. They were perfectly will
ing to mark up goods on their shelves
when war forced prices upward.
Many are not willing, however, TO
mark down goods on their shelves,
now that the wars ending has forced
prices downward. We heard day or
two ago of merchant who had shoes
ON hand when the war came in. he
had marked them up at a proht:
Shoe prices rose, and he marked
them up again. Shoe prices took an
other rise, and ne added another
profit. Yet while making three prohts
on the shoes then sold, we doubt
whether he is willing to lose one
profit on what he now has on hand.
Such action on the part of the retail
ers is delaying buying and is also
foolish because it is driving trade
from retail store to mail order
houses. The cotton farmer lost in
1914 when war began, and now in
1921 he. has seen crop values cut
&c 2-3 per cent. Retailers should
count up the extra profits they made
in war times and be willing to share
some losses with customers now.
6.Manufaetures who made such
enormous profits year or two ago
should also be willing to keep run
ming at some loss now rather than
throw employees out of work and
temporarily destroy the farmers
market for his crops. Unfortunately,
however, manufactures have been
tempted to shut down and thereby
both get cheaper cotton and also have
an excuse for heavier cut in wages
of employes.-Progressive Farmer.