Cavalier County farmers press. (Langdon, N.D.) 1920-1921, 1920-09-16
ARE
TW|xT Devil
and Deep SEA

grain gamblers OF rnlS u nave
shown their hands. Their close asso-
citation is q matter Of common knowl-
edge, but probably for the first time
the bankers have admitted 1t through
the press.
Early in August news dispatches
from Minneapolis and st. Paul carried
information from the Ninth Federal
Reserve district governor that is Of
vital Importance to every farmer, as
we'll as every consumer, in the entire
northwest.
August 4, the Grand Forks Ameri-
can carried a despatch from st. Paul,
which said that the farmers in the
Ninth Federal Reserve district this
year will be called upon to meet their
obligations Immediately after the
grain is harvested instead Of waiting
until fall as has been the custom.
This ruling was made on that day
by George A. Young, Ninth Federal
Reserve bank, Minneapolis, MINI.
The reason given for the requesting
of the farmers for early payment of
| their obligations is the strained credit
! situation which is general. Federal
| Reserve officials believe early pay
| ments Of the loans will cause little in
| convenience for the farmers and at
| the same time make the funds avail
| able for other uses at a time much in
advance of that which has been GUS
tOmary. ....., -,~.,.a~,~ 80
The loans include those made by
member banks.
In a letter sent to all member banks
of the Ninth Federal Reserve district,
parts of which were published in the
Duluth Herald of August 6, it is stat
ed that only under unusual circum-
stances will member banks be war
ranted in making applications for re-
discount during the period between
crop movement and spring planting.
This can only be interpreted as a
most drastic demand for credit reduc-
ton and guarded financing that has
beer issued since the northwest con-
ditions indicated a good crop yield.
The period of restriction indicated is
from October to April.
Only recently at Il conference in
Fargo, n. D., on the box car shortage
and the movement of grain this fall,
Mr.. Mosher, Il representative of the
timated in yelled language that there
would be a demand for the payment Of
all loans Immediately after harvest.
His statement was in turn confirmed
by the one issued by George A. Young,
governor of the Ninth Federal Reserve
district, quoted above.
1t takes no shrewd mind to see what
this means to the farmers of the north
west. 1t means low wheat prices this
fall-at least lower than the demand
should warrant.
The interests who control the bank
ing system for years have exploited
the grain growers and producers of
the northwest this same way. Their
method is simple. They have forced
the farmers to dispose of their crops
in order to meet their debts. That
means, and always has meant, that the
farmers must take hhe prices offered
for their grain at q time when prices
are naturally lowest, in order that
they may meet their obligations, which
the bankers insist must be taken care
. Of Immediately after harvest.
. The interests that own and control
fhn honlinr Svctnro of thu co,1r+p1
! control Tin fact OWN the grain com
bines, SO skillfully manipulated by the
i grain gamblers Of Minneapolis, Duluth
and Chicago.
!. These combines set the price on
grain, and whether the farmers like it
Or not, they are forced to sell because
of the pressure brought to bear by the
. banking interests. SO the farmers get
: it in the neck whichever way they may
turn.
Farmers Of the northwest are going
to be forced to sell their wheat anG
other grains Immediately after harvest
in order to meet the demands Of the
banking barOns. Because Of these de
| mands they will be forced to sell theiI
products at a low figure. Do YOU sup
pose for any minute that the grair
gamblers are not going to take advan,
: tage of this situation and offer low
+ prices, knowing that the farmers mus
a sell to meet their obligations.
Always the farmer is the goat
: From time immemorial he has beer
shorn. And the money grabbers anG
e the grain gamblers are but two of the
many shearers.
Surely there must be some solution
to his situation which is constantly
growing worse every year. We may
: differ in our methods of solving this
4 problem, but the main thing before u.
: today is to eliminate the graft and d.
Z it before it has gone too far.
The farmers must develop their co
> operative marketing facilities to eve1
greater capacity SO that they may b
able to store their grain until sucl
time as the prices become reasonable