Norwich bulletin., 1920-12-03

Harrsburg Pa, Dec. 2.-The govern ors' conference today adopted commit tee report urging the federal governmsht to create a finance corporation Whien through loans to foreign countries VII permit export of American foodstufs ana other products to relieve the critical sit uation confronting the nations farmers The report further urged the federal rs- server board to advise all banks to .ado0. a liberal policy of renewals on farmers indebtedness.
 The action vas taken on the recon- incubation of a committee of five govern ors appointed yesterday who presented the following report:
 The financial situation in the whole country is cause for the gravest. con cern but not for despair. An lines Of business are realizing heavy losses but the swift decline of prices of farm com modities to far below the cost of produc- tion threatens a national disaster. The situation demands infinite patience and forebearance and supreme wisdom and courage. Nothing but evil can result from anger or fear.
 We believe that the tenseness of the situation can be relieved in several ways: "l-Let every individual do all he can ! to help and encourage his neighbor. Lei | a N-tN ] financial and spiritual assets of every community. Neither God nor the govern ment ought, to be asked to help those who do not first make every effort pos i sible to help themselves. There ought to | be a united effort in every community tc keep any good man from being destroy ed because he cannot immediately meet | his obligations Under existing condi i tions it would be the acme of inhuman' ity and of unwisdom to force any debtol into bankruptcy if by the most libera i indulgence he would be ultimately abl' to pay. Business failures do more thar wreck business; they ofttimes destro, men.
 Liberal indulgences and renewal should be granted by the manufacturer to the jobbers. by the jobbers to the mer chants, by the merchants to the indiNI d uals It is no time for creditor to seiz' his debtor by the throat and savagel, say: Pay me what thou owest'
 "2-Let the federal government ere ate a finance corporation of some sor that will enable the people of othe lands obtain from us the commoditie they so greatly need but for which the are not able to make immediate pay ment We believe such a corporation,t t
 bc entirely feasible and that it's mere crt alton would substantially sielf lfs the sisaa tion.
 ''3-The federal reserve board .shoul
 be urged and authorized to advise a
 banks to adopt a liberal policy of renew
 als. The law authorizing six month
 credit on foreign paper should be hbei ally constructed and renewals for lik period should be freely granted whereve
 consistent with other solvency. Tn real wealth of the country is unimpaire'
 It would be suicidal policy to destro
 this wealth by a peremptory call (
 loans.
 If necessary the congress should .
 once amend the federal reserve law s as to temporarily supply additional cul
 rency and afford more time in which
 nay to debtors in distress. We believe that the general adout!o
 by individuals and by the government ( the policies herein suggested would nS only afford material aid but would 8 once supplant the gloom and the fear ( the present with that confidence whic is so vital to wholesome and successfl
 business"
 Governor Goodrich of Indiana, member of the committee, said he did nc l entirely approve it's phraseology. thoug he was heartily in accord with it's pun
 poses.
 Other members of the committee wel
 Governors Pickett of North Carolins Harding of Iowa Holcomb of Connect cut. and Parker of Louisiana