The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1920-12-23

Hold Conference at St. Cloud and Dis
cuss Rural Credits and Other
..., Farm Problems.
Farmers and bankers to the num-
Der of 500 met at the Elks' club in
St. Cloud last Friday to discuss the
rural credits situation and other prob
lens. The meeting was the last of a
series of four called by Senator L. E.
Potter, president of the Minnesota
Farm Bureau federation.
In opening the meeting Senator Pot
ter said he did not blame anyone in
particular, but everybody, for the pres
ent condition of credits and finances
that the bankers and farmers, as we'll
as the business men, must all do their
utmost to overcome the difficulties
which have been brought about by the
abnormal conditions of the past few
years. The country bankers have a
good understanding Of the farmers
needs, he declared, and their relations
with their farmer patrons have been
most cordial.
Colonel C. H. March of Litchfield,
told the meeting that he is lawyer
and banker as we'll as farmer, and
that he believes it requires es much
ability to succeed as a farmer as it
does to be a successful banker or
lawyer. But the difficulty is not so
much in producing and harvesting the
farm crop as it is in successfully mar
keting it after it has been harvested.
The farm bureau organization, said
Col. March, is the best medium that
the farmer has yet secured to aid him
in marketing his crops and deriving
all of the profits of his laber. The
farm bureau will help the farmer to
bridge the wide gap which now exists
between the price received by the
farmer and that which is paid by the
ultimate consumer
The financial situation was, how
ever, uppermost in the minds of those
present, and this was brought for
ward by the question, us the Federal
Reserve bank discriminating against
the farmer and forcing him to liqui-
date at the present timc?"
This query brought an emphatic de-
NAL by Curtis L. Mosher, assistant
foIaro1 roco,r,o oroo+ IS +bo N6;oro
apolis Federal Reserve bank, who
stated that fully rs per cent and often
as high as 80 and IS per cent of the
paper discounted by the Minneapolis
Federal Reserve bank consists of
farmers notes. Of the $83,154 900
worth of negotiable paper held by the
Minneapolis Federal Reserve bank,
said Mr.. Mosher, $61,151 900 is in
farmers notes, and only $22,OO3,OO0
in commercial paper. Not a cent Of
line elevator and milling company
loans is included in these figures, he
stated in response to question as to
whether the loans on farm products
were loans made to the farmer or to
those to whom the farmer shipped his
grain.
&. Harry N. Owen, publisher of Farm,
Stock and Home, of Minneapolis, ad-
vocated the passage by the Minnesota
legislature of an act similar to the
South Dakota loan act.
Farmers, bankers and others adj
dressed the meeting and clearer UNI
Outstanding Of the economic forces be-
hind the present situation and better
appreciation of the problems confront
ing the farmer on the one hand and
the banker on the other resulted from
the conference At the close of the
meeting the following resolutions were
passed.:
We, the members of the fourth
farmer-banker conference called by
the Minnesota Farm Bureau fedora
ton to establish better understand
ing between producers and bankers,
are convinced that while the rural
credit situation is not alarming it is
'CAy oCAAOuS, anu Calls lOT Cn0 earnest
cooperation of all concerned. We be-
ieve that the financial condition of
Minnesota agriculture, as whole, is
fundamentally sound, but we also be-
lieve that for the welfare of the com
munity at large no effort should be
spared to enable the farmer to avoid
any reduction in his operations as a
producer; to record the sentiment de-
veloped at these conferences, and to
inform Minnesota's congressman and
citizens generally as to the results of
the discussions between farmers and
bankers, be it
Resolved, that we ask that in the
event the supreme court does not up
hold the federal farm loan act such
legislation be passed as will permit the
operation Of the Federal Land bank
to make loans to farmers; and we
further urge the enactment of legis-
lation authorizing the Federal Land
bank or the Federal Reserve bank to
make long time loans to farmers on
liquid assets.
We urge upon the farmers and bank
ers Of Minnesota the utmost frankness