The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1920-12-07

agricultural money, deposited by or
Tor farmers. because he. doesn't lass
ify the deposits that way. But 1 did
a little sledthipg on ny own hook.
and By putting this and that to-
Rethcr. / take II that the deposits by
farmers amount TO between twelve
and thirtcen biiltqn dollars. t"
That approSlnIpics $1,000 TO the
farm for money IN bsnk-and II cm-
phasizes an fhcldehtal remark of the
comptroller to this oifect:
I'm the very nature OF things the
farmer mast look after his pros
perity. The rest OF the world n
pretty busy with MS problems and II
Is up 10 the farmer 70 protect him
self" '
II, this $4,000, OOO, OOe IN farmers
money on deposit in local banks. and
snndetimca rc-depositcd in metropoli-
dan banks. could be used as a mar
keung FUND. there would he no nee
easity FOR bcsfesing the treasury. or
asking FOR legislation 10 increase
farm credits.
There has been a ciAmor IA WASH
lngton for government aid, especially
from certain cotton districts, aud by
some Of the western wheat growers.
The petitioners were turned down
with n good deal OF firmness, The
treasury had no fund for this purpose
and the federal reserve board claimed
no power to compel the banking
world to make farm credits preferred.
And probably It had 10 particular In
clination In that direction.
Position or Federal Reserve BOard.
| had u long talk with MIR. William
l.. G.. Harding, governor of the fed
eral reserve hoard (and not to be
confused with Warren. g.. Harding,
our prcsident-clccD. He assured me
that every member Of the board was
in sympathy with agriculture, and
that he, as governor, had done what
re- could 10 relieye the financial strain
felt In certain agricultural districts at
present A.,
The federal reserve was not or
ganizcd us n farm measure, said
Governor Harding. why do not the
farmers exert pressure on congress to
enlarge the scope of h farm loan
banks, so that they may. In certain
cases. make direst loans on farm
warehouse receipts, In competitiOn
with the country banks?"
l told him that such an amend
ment was being offered through the
Furm Bureau, and that an afnend-
ment also would probably be offered
hmiuRg tho Interest charge 20 BIO
made by federal reserve banks who
had access to reserve FUNDS.
lie shook his head al this suggcs-
ton. and declared that banks DO not
like government compulsion, but that
q little competition sometimes wakes
them up.
Governor Harding, like everybody
else IN Washington. and out, says
that the present Idea OF Il farmers
aaaNs 81 a. .wI.AaHaI d nut Nha glAlIn Ia
general that farmers should hold
back their products partially, az least,
and not break the market by dump
ing wheat, or corn. or cotton, Or live
stock into tho terminals more tapidly
than these products can he handled.
II Is uuc that the foreign situation
Is bad. II ~ true that some farm
products arc not fetching the cost of
production. hut the fatfleltt calamity
bowler, who want To hold lack for
ffty-cont cotton aud rfhree-dollar
doing farmers more barn thau good,
He is imperilllng the Constructive
work for cooperative markets being
carried on by the farm bureaus, the
Grange. and the uniou. And he IL
hurting the credit Of ~atficutture and
endangering Its future by his dema-
gogic wall. A.t
You know the old story Of the Dos
who kept crying wolf Finally the
wolf came, The wolf always Is likely
10 come " you Keep calling FOR Il,
Even now IL II said thst In the bis
money ccgtera some OF the financies
have began to be aUBpicions OF cattle
paper and other agriculture securi-
ties onored for ~redAscouni 2
II iH u~assurinE to know that tho
bankers and live stock mon arc even
now holding a conference 10 Chicago
for tho purpcae of forming % 4a0. 600.
600 banking pool for the express pur-