Omaha daily bee., 1920-12-16
Liquidation
In 90 DAYS
Farm Need
U. S. Land Bank Attorney
Tells Farm Congress Grad
ual Unloading Will Save
Farmers Interests.
Situation Is Full Of Peril

"A partial and general liquidation of
farmers debts will save the busi-
ness and agricultural interests of this
country" M. L. Corey, general at
torney for the Federal Land bank of
Omaha told the Nebraska Farmers
congress in session at the Hotel
Rome yesterday in an address in
which he discussed at length meas
ures for relief of the present finan-
cial situation confronting agricul-
turists.
After outlining several plans which
if adopted he said would eventually
avoid the danger of the farmer being
compelled to market his crop "at a
loss so great as almost to ruin him"
Mr.. Corey declared that to secure
immediate relief the farmer and the
banker and the merchant should
get together upon fair liquidation
mpshe debt
Owes a Duty.
1--WE had just as we'll bring our
minds" he said, whether we are
bankers, business men or farmers, to
the realization that we are all to
suffer some losses. / quite agree
with you that the farmer is being
called upon to bear more than his
share of this, loss. He has raised the
most expensive crop of his expert
ence. 1t is not fair to expect that
he should market this crop at loss
so great as almost to ruin him.
But for the immediate situation,
the farmer owes duty to Ills mer-
! chant and to his banker just as truly
as does the merchant and the banker
nave an obligation to him. The time
has come when the farmer should
meet the banker and the merchant
upon fair and common ground.
Demanding Payment.
ii "The merchant and the banker ex-
tended credit, relying upon the
promise of the farmer to pay, He
rediscounted this paper through the
federal reserve system. The city
banker is demanding payment of the
country bank. The city wholesaler
is demanding payment of the eoun-
try bank.
"a
condition spells disaster not only
for the banker and the merchant
who dealt with the farmer, brit for
the farmer himself. 1t would be
unrea enable for the banker and
the merchant to demand that the
farmer pay his debts in full. But
l4sA farmer, the banker and the
merchant should get together i'm.
niediately upon a fair liquidation OF
the debt. The farmer should sell a
small part of his products now, pay
a small part of the debt; he should
do the same the next month and the
succeeding months. A partial and
general liquidation during the next
three months will save the business
and agricultural interests of the
Eountry.
Most Fortunate People.
II plead for mutual understanding
and cooperation. This nation can
do wonderful things when we Sub
merge the interests of class for the
benefit of the public at large. The
crying need is for every class to
ioin with the other classes in tiding
America ever this crisis as it did
over the war crisis.
"While we may be discouraged
about conditions as they are, by conf
parison we are the most fortunate
people in all the world. Ruin
s,ares many European nations in
the face. We have a sound political
and social structure. We have
tremendous fundamental resources
and only unwise leadership and
thoughtless clashing. of class against
class, could bring ruin to this coun-
try. The situation calls for courage,
tolerance and good will. | have no
fear for my country's future, because
/ believe in the fundamental good
sense of Americans"
Plans for relief of the farmer and
Turn to Page Two, Column OneA