The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1920-12-09
URGES FARMERS
TO BRACE Up
RESERVE BOARD HEAD SAYS
CONDITIONS WILL IMPROVE.

hhofohoPOa4cs Anu., ltC. J. -DR-
claring his attitude unchanged to-
wards extension of conditions to en-
able the Withholding of staple crops
from market, w P. Harding. COVER
nor of the federal reserve board. to-
night urged delegates to the Ameri-
can Farm Bureau federation conven-
tion here to take to heart the old
saying that things are never as
good, or as bad, as they seem" The
federal reserve board governor told
the farmers the country was passing
through its after the war readiust-
ment, and said that 1T is most de-
sirable that there be no feeling of
undue depression or despair"
Expressing the desire of the fed
eral reserve board to do everything
it properly can to help the farmers
in their present predicament. Cover
nor Harding declared 1t was impos-
sible for any banking system to pro-
vide funds for withholding all stable
crops entirely from the market for
any length of time. Some agricul-
tural products, Mr.. Harding said,
may not be salable at any price. and
as they must be carried over for ac-
count of someone "they had better
be carried for the account of the pro-
ducer."
The federal reserve board head
suggested that the federation con-
slider cooperative marketing great
er diversification of crops, and the
maturing of farmers obligations ov-
er periods extending from October
to March as n means of averting
repetition of present conditions
Discussing apprehension ON the
part of farmers as to their current
Indebtedness, 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 orderly sales of
he would be able to make arrange
ments for present pressing needs and
for the requirements of another sea-
son.
II shall not undertake to predict
the course of PRICES. but / will say
that prices are relative and that.
barring shortages, prices of all COM
modities 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 reason to believe that with
in short time inequalities will adj
just tIemselves--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 certain
that the cost of producing next years
crops will be greatly reduced
Warning against advocating meas
ure Cor ten prra'y .lirf without
considering their ultimate results,
Mr. Harding said:
..One of the most effective utter
ances of the president-elect during
| the recent campaign was his state
ment that he favored more business
in government and less government
| in business We must remember
that war time measures are gener-
ally adapted to peace conditions. but
no matter what the course of legis-
lation may be. the solution of our
economic and financial problems
will donaud mainly rsnon individual
effort, and calls for good judgment
and forbearance, self-reliance and
cooperation, and display of cour-
age and optimism, which after ali is
really justified by fundamental con-
ditions."