The daily star-mirror. (Moscow, Idaho) 1911-1939, 1920-08-19

however, that there are many factors
in the present world situation for
which the Federal Reserve Board is
not responsible and which are entire
ly beyond it's control. 1t seems to me
that however unfavorable certain con-
ditions may appear at the moment,
the best policy is for a everybody to
remain as cheerful as possible in the
circumstances and avoid talk of calam-
ity and ruin. Talk Of this kind in
evitably initiates against those who
have things to sell and tends to bring
about conditions which ought to be
avoided and which can be avoided if
we will all keep cool and exercise
reasonable discretion and common
sense.
The Boards information is that
the officers of the Federal Reserve
Bank of San Francisco are handling
the situation with wisdom and pru-
dence, and if in your opinion any of
your constituents have real grounds
for complaint, | would suggest that
you have them communicate, or that
you communicate in their behalf, with
Mr.. John Perrin, chairman of the
Board Of Directors, or Mr.. j. U. Cal
kins, Governor of the Federal Re-
serve Bank of San Francisco. AS you
know, the Federal Reserve Board
cen only define eligible paper; the
actual discount transactions being
made by the officers and directors of
the respective Federal Reserve Banks.
Very truly yours,
fSignedD HARDING,
Governor.
Strong Resolution Passed
c111
duced by the committee appointed by
unanimously after Congressman
French had finished speaking Copies
of the resolutions will be sent to fed
eral reserve banks, congressman and
senators with request that they
take action on Congressman French's
proposal. The resolutions follow:
The Moscow Chamber of Com
merce, in regular meeting, on We'd
nesday, August 18th, 1920, after due
and careful consideration, adopts the
following resolution;
WHEREAS, the welfare of the far
mers of the United States depends
upon adequate prices for commodities
raised upon the farm and as we'll the
welfare of community centers thru
out the United States depends upon
the highest interests of the farmers,
and the Moscow Chamber of Com
merce desires to place itself at the I
complete service of the farmers of the |
Inland Empire to the end that the in
terests of producers of agricultural
products may be protected in highest
degree; and
WHEREAS, the grain farmer is
called upon to bear heavy expenses
from the period of the last preceding
harvest turnout the following spring
and summer and until another har-
vestcan bring returns without real
zing any profits whatever from the
sale of the products of his labor; and
oeraised by the farmers of the wheat
sections to handle the
wheat business aggregates to large
an amount that the banks located
within such sections find it either
or impossible to advance suf-
icient credit to wheat farmers to en-
able them to care for costs of pro-
lucing the crop, and forced sales of
wheat in sections where banks are
Unable to extend credit to meet farm
wheat below it's economic value in all
sections of the country; and
WHEREAS, this condition places
he wheat farmers at the mercy of
hose purchases of wheat within the
United States who by means of i'm
nense wealth are able to establish
redit and raise money with which to
andle the wheat crop; and
WHEREAS, the practice of specu-
ating in futures should be eliminated
n account of the effect in pressing
own the normal price of farm com
lodities; and
WHEREAS, thisvery situation
ecessarily drives down the price of
7heat to the farmers without due
egard to the economic value of
heat. This is evidenced by the fact
nat on a world crop estimated at
pwards Of 10O,000,000 bushels
horter in 1920 than in 1919, less
rice is offered; and
WHEREAS, it is estimated that rs