The New York herald. [volume] (New York, N.Y.) 1920-1924, 1920-10-13
FARMERS SEEK AID
OF CABINET TO-DAY
Pleas VIII Be Made Also to
Reserve Board for Credits
to Growers.
CANADA EMBARGO URGED
Conditions in Grain and Cot
ton Districts Will Be De-
piorable, 1t Is Said.
Special Despatch to THE HERALD.


WASHINGTON, Oct l2.-Farmers of
the nation, through their representa-
tives, will lay before the Cabinet and
the Treasury tomorrow a demand that
the Administration extend to the agra
rians more liberal treatment in the mat
ter of credits through the Reserve Board
or other operations. An attempt will be
made al the Same time to procure, pos
sibly under existing war powers, an
embargo on Canadian wheat.
Coincident with the announcement of
a new move by the farming interests
of the country for more liberal credit
John Shelton Williams, Comptroller OF
the Currency. issued figures on bank
loans indicating that banking credits
have been expanded rather than con-
tracted in recent months and that most
of this expansion was for business or
agricultural purposes. The Comptroller
showed there was an actual reduction
OF loans by nntional banks on stocks
and bonds and a big increase in bust
ness, individual and warehouse loans.
The figures strongly support the posi-
ton taken by Secretary of the Treasury
Houston in answering the demands of
agricultural interests for credit aid of
one kind or another. The Secretary
said the Government would not be a
party to price boosting or price holding
and was in no position either to lend
money or TO direct loans.
Arrangements Tor the representation
to the Department head, however. were
made to-day through j. s. Wanamaker,
president of the American Cotton Grow
ers Association, and also representing
a national association of farmers organ
izaLons, which convened here to-day
under authority of the National Board
Of Farm Organizations.
Arrange to Meet Cabinet.
Mr.. Wanamaker talked with Joseph
p. Tumulty, secretary to the President
and with Secretary of the Treasury
Houston and arranged that the repre-
sentatives of the agricultural interests
should meet members of the Cabinet and
the Federal Reserve Board,
Sessions of the farm bodies began to-
day, those present representing the
Southern cotton growers, the corn and
cattle raising farmers of the middle
West and the wheat growing farmers of
the Northwest. Several members OF the
Senate and eighteen members of Con-
gress attended
While there is a variety of opinion
relative to methods that should be used
N aVertlng what lS DelieVed to be e
threatened disaster to the agricultural
Interests of the country because of price
depressions IN food products. there was
uranimity that the Administration, WITH
special reference to the Treasury De-
partment and the Federal Reserve
Board. have been uniform in restricting
credits to farmers.
1t was pointed out that manufacturers
like Henry Ford and others turn out
their products daily and can afford to
buy on a falling market. The farmer
on the contrary. produces but one crop
a year, his product is marketed annually
and is produced on the basis of the high
prices that have preceded.
An alarming condition of affairs in
the Southern cotton growing States
where night riding episodes have re-
suited in riorism was related by Sena-
tors Overman of North Carolina, Smith
of South Carolina and IIoke Smith of
Georgia. Many Southern Representa-
.tlves brought the same message The
drop in cotton. it was contended. makes
ii impossible to produce without loss,
with result that the entire SV4th is
threatened with disaster