The Glasgow courier. [volume] (Glasgow, Mont.) 1913-current, 1920-12-10
EXPRESSES WISH
TO AID FARMERS
Governor of Federal Reserve
Board Talks to indianapolis
Convention on Finances.
ISSUES A FRANK STATEMENT
Says 1t is Impossible to Provide Funds
for Withholding All Staple Crops
Entirely from Markets, for
any Length of Time.
Funds Shy.

Indianapolis, Ind, Dec, 7.-Declar-
ing his attitude unchanged toward ex-
tension of credit to enable the with
holding of staple crops from market.
Governor Harding of the federal re-
serve board Tuesday night urged dele
gates to the American Farm Bureau
federation convention here to take to
heart the old saying that "things are
never as good, or as bad, as they
SEEM" The federal reserve board gov
ernor told the farmers the country
was passing through its after-the-war
readjustment, and said chat it is
most desirable that there is no feeling
of undue depression or despair"
Expressing the desire of the federal
reserve board to do everything it prop
erly can to help the farmers in their
present predicament, Governor Hard
ing declared it was impossible for any
banking system to provide funds for
withholding all staple crops entirely
from the market for any length of
time" Some agricultural products,
Mr.. Harding said, may not be saleable
at any price, and as they must be car
ried over for account of one, "they
had better be carried for the account of
the producer"
diversified crops Suggested.
He suggested that the federation
consider cooperative marketing, great
err Investigation of crops, and the
maturing of farmers obligations over
periods extending from October to
March as a mean of preventing a re-
petition of present conditions.
Discussing apprehension on the part
of farmers as to their current indebt-
ness Governor Harding said that in his
opinion, if the farmer would go to his
banker and make a frank statement
OF his condition, agreeing to make or
derby sales of his products as the mar
ket develops, he would be able to make
arrangements for present pressing
needs and for the requirements of an
other season.
Law of Supply and Demand
II shall not undertake to predict the
course of prices, but l will say that
prices are relative and that barring
the shortages prices Of all commodi-
--es will rise and fall together" he
added. While the decline in prices OF
the goods the farmer has to buy has
not been commensurate with the slump
which has taken place with respect to
his own products, there is every rea-
son 10 belleve that within a short time
inequalities will adjust themselves
either the price of farm products will
advance or the price of other goods will
decline. Thus in the event that there is
no substantial improvement in the
price of farm products it seems GER
tain that the cost of producing next
years crops will be greatly reduced"
Warns of Makeshift Relief.
Warning against advocating meas
ures for temporary relief without con-
sidering their ultimate results, Gov
ernor Harding declared:
"One of the most effective utteran-
ces of the pre%sident-elect during the
recent campaign was his statement
that he favored more business in gov
eminent and less government in bust
ness" We must remember that wartime
measures are not generally adopted
to peace conditions, but no matter
what the urs of legislation may be,
the solution of our economic and fin
ancial problems will depend mainly
upon individual efforts, and calls for
good judgment and f~orebearance, self
reliance and cooperation, and a dis
play of courage and optimism, which
after all is really justified by funda-
mental conditions"