Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1920-10-21
BANKERS URGED
TO AID FARMERS
Should Help to Establish Co.
operative Warehouses,
Says Hirsch
AGAINST M'FADDEN BILL

Washington. Oct. 81 BANKERS can
and should aid farmers by assisting IN
the establishment OF co operative ware
housing and selling organizations
Chairman Joseph Hirsch. Of the Agri-
cultural Commission Of the American
Bankers Association. declared today IN
presenting the report of the commE-
sion to the convention.
MANY Of us have been fearful OF
entering the field Of marketing oecauSe
In doing this we have been afraid we
would come in conflict with our own
customers. the middlemen. who are
buying the farmers product" the re-
port said. but it is high time. for the
bankers of the country to realize tnat
a more economical method of distributing
our food products Is absolutely essen
tial to the success Of American agrlCul-
ture; that unless farmers can produce
and sell their crops with some reason
able assurance Of fair profits there VIII
be an Increasing tide of men drifting
from the farms to the cities.
NIcFadden Bill Adversely Reported
"A
association to study the MCFadden Dill.
proposing tax on gold used in industry
and the arts. to be paid in turn to the
mining companies to stimulate produc-
ton, submitted report vigorously op-
posing the measure as an attack on
"a basic element of the gold standard.
The committee Contrnded that gold
miners were only one of the many IN
dustrial sufferers from the war and
might we'll look forward to return of
an industrial situation which would
more than compensate for their pres
ent stringency.
Representative MCFadden. author of
the bill, defended it, declaring that the
addition of new gold to the nation $ re-
serve would assist dchation and stimu-
late q healthy return to normal He de-
clared the average cost of raw materials
In all industries during the war period
had increased 112 per cent. while the
users of gold in the Industries continued
to obtain their raw material at the pre-
war price fixed by the government. This,
said Mr.. McFadden. made gold unique
In that il was the only material which
was prevented by the government from
being affected by the natural law of
supply and demand.
Mr.. McFadden denied the committees :
contention that the proposed bill was
blow at the gold standard, maintain
Ing that its enactment would be ac-
cepted abroad as evidence OF the deter
mination of the United States to
strengthen its gold reserve:
A motion that Mr.. McFadden $ re-
marks be received with thanks and filed
with the reports Of the convention was
defeated. The convention then adopted
a motion that the entire question be
referred to the economic policy COM
mittee.
Deier right on Shech 'ohectloh
Final action by the association on the
controversy over charges for the col
lectjng of checks was deferred again,
and an expected bitter fight avoided.
The question of par clearance was re .
ferred back to the special committee
which has had il under consideration for
more than a year.
The state banks section adopted reso-
lutions Yesterday attacking the Fed
eral Reserve Board for enforcing the
handling of checks without charge for
collection and onnonents and nronon .