The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1920-12-03
lAM0R TO
HOPELESS
l.rernment Will Not Au.
thoriye Loans to Farm
Organizations.
BY DAVID LAWRENCE.
lGnecial TO The ArguS.I


yx The government is warm but
4 X. hand on the government purse
| y cold.
tJnless some plan is evolved that
koIpe out every class-consumerS
\ = we'll as producers. manufactur-
q u we'll as farmers, wholesalers
I "a retailers. importers and ex-.
/ petsfs there will be no extension
6aid to the agriculturalists or any
1ler single group. And thus far
eebody in the government has
I6ard Of any plan SO all-embracing.
Mould anyone think OF a solution.
Z will be given careful considera-
/ tpa by the cabinet.
Il may be painful news and un-
Welcome tidings. but the clamor Of
lis senator's and representatives
/ nom farm states for relief to the
isrmer will get nowhere in the ex-
seutive branch of the government.
10 the suggestions that the war f.
sonce board be revived or to the
Hpeosals that exporting corpora
Tins be loaned money to finance
saycrts, most government officials
rake this answer:
First, the present laws permit
tAs extension Of credits for exports
saly when it is impossible for them
Eto be financed in any other way.
Ard the government asks how it
hppens that the exports Of the
United States, according to official
lgares, are running higher than
NV ever have before in American
IVORY, higher even than during
4 ~ war, namely in the neighbor-
leod Of eight billions Of dollars
Ei3 1890, and are increasing. Last
~ the exports were seven and
iAetenths billions and in 1918
ng we're six billions. as compared
VA . pre-war figure Of two and
tlfes-tenths billions. Certainly,
! n government isn't loaning any
ronsy to finance exports. Where
IN the exporters getting the mon,
Fg!
Banks Expand Credit.
Second. how is it that after all
Tie hue and cry about a tight mon
r market and contraction Of cred
10 and restrictions by the federal
Preserve board, that the banks oi
he United States have actually ex.
psnded their credit facilities in re.
cant months? II is true that loans
iot speculative purposes have beer
successfully frowned upon, but the
fsures to which the officials point
tAow that the accommodations Of
III onr banks whereby industry and
ommerce is financed have been in
tfeased by between three and fou:
alions OF dollars.
Third. American export trade
which is being financed privately
\ present, has shown phenomenal
increases in particular commOdi.
90 over pre-war conditions. Fol
nstance. where breadstuffs were
Worted to the amount Of only
u100O,0O0 and cotton 100000. .00C
= 1914, and meats and dairy prod
sm $l46,000,000 in the same year
nAking total agricultural export
q something over a billion dol.
~ out of the grand export total
Y two and three-tenths billions
y situation In 1919 was radically
saefent. Breadstuffs alone have
nynted to $920,000.00 out OF
Mich wheat is 1857, 100000. Cot.
N has reached the record total oi
- and one-tenth billions while
~ and dairy products have also
seed the billion mark, making
u total agricultural exports some
uMs like four billions out OF a
nd export total Of seven and
Ntenths billions. The statistics
1910 show that all these com.
ues are running about the
VmCRIS W0H0efs
20 omciAls naturally wonder why
~ sre asked to provide relief
-. .ete any certainty. they inquire
~ Europe can take any more oi
~ exports! Furthermore, the i'm.
\" OF goods bought BY Americs
ail other payments made tc
Upe show that We give Europe
~ lour billion dollars less thar
=. 'eceive. As long as the differ
- ~ oetween imports and exports
=! the tremendous total oi
o'i!ions. the balance OF trade
Sat favor, II is reasoned, will
ne rates Of exchange very
and European credit CORE.
a0insly in bad shape. Incident.
ns,,.h Without any suggestion OF
Ss.nship. some officials ash
now q tariff wall erected