The Rock Island Argus and daily union. (Rock Island, Ill.) 1920-1923, 1920-10-19
PRODUCERS
OF LUXURY
PREFERRED
~ -
Meredith Charges Bank
ers With Denying Need
ed Credit to Farmers. :

= 20 -ls-fTT ~
ed Credit to Farmers
Washington, Oct, ,1s.-United
Press. )-Secret4ry Of Agriculture
Meredith today charged farmsfs
are being denied needed credit by
bankers in favor Of luxury produc-
ers. He made the charge In ,
speech at the opening session Of
the annual sconyention Of the Amer
ican Bankers association. More
than 1000 bankefs from all Sec
tons of the United States heard
Meredith.
Farmers of the country will lose
81, ,500. 100000 II forced to market
their crops at present prices. Mer-
edith warned.
"The only point at ISSUE" he
said. rs this: Shall the farmer,
whose primary interests are in
volved, be afforded such credit by
local banks Is will enable him to
market his crop in an orderly
fashion," NJ
Meredith declared the average of
all crops on Oct. was IA per cent
lower than the same day, 1919.
I'm the spring Of 1920. when they
were planning their operation for
the present season. the farmers
were confronted with a very difA-
cult situation" he said.
There is a shortage Of farm Ia
Dor estimated at 80 per cent. The
cost Of everything the farmer had
i to, buy was exceedingly high and
there was uncertainty as to the
future price Of farm products. All
these things added to the hazard
OF the undertaking. but the farmers
did not hesitate. They realized the
responsibilities resting on them to
meet the future food requirements
Of the nation. and in spite of din
/ culties they succeeded IN produc-
! ing one Of the largest crops in his
! tory" = s
i, High Prices RHIed.
High prices ruled while farmers
were planting and cultivatins the
bumper crops they were asked tc
produce, Meredith recalled.
"The farmers Of the United Ststes
this year have produced 3,218, ~
900 bushels Of corn" he said. Al
present prices they would receive
for their crop approximately one.
half billion dollars less than il
would bring on the basis OF prices
prevailing on Oct. /, 1919. The
+, cotton crop this year totals H..
900, 900 bales. At existing. prices il
would lack more than one-third o.
a billion dollars bringing as much
as it would have brought a veal
ago.
"Cottonseed, which sold a veal
ago for $50 a ton. on Sept. sold
for $40 q ton. The wool clip thi.
] year aggregates 259, ,307 900 pounds
At prices prevailing in September
last year 1t would have brought
$133 900 900, but this year it would
bring only $73,O00,000.
Well.Founded Complaints.
Apparently well-founded com
plants have reached the agricul
tural department from farmers WHIT
| have been denied credit for essen
tial productive purposes. while thu
producers of expensive luxurie.
and the dealers in them have beer
accommodated. I do not intend t
imply that these bankers have ma
liciously chosen to handicap agri
culture by the refusal Of credi
which they might have extended
but rather that they yielded to thu
temptation OF a large immediate
income from loans for less funda
mental purposes. 1t is more thar
probable that the bankers who fol
lowed q short-sighted policy will
in the long run be the losers"
Must Have Credit
"The American people must SCI
Ito It that farmers secure credi
sufficient for their needs. MI
Meredith continued. "Only thus cal
.lthey continue to supply the ma
jtion's need for food. l think 70,
I gentlemen fully realize that II th'
| farmer is to continue to produces
and to meet the food requirement.
OF the nation. he must have ade
ouate prices for his products. Th'
farmer is not the only one Wit
vould he adversely affected II b.
fSils to secure . reasonable returl
for his efforts. do not think yo'
can fail to see that the farmers
problems are your problems. AM
that your ultimate prosperity de
pends upon = right solution OF tn
ldimculties confronting the farm
er."
The marketing problem. Mr.. Mer
edith said, Is he greatest one fac
ling the agricultural interests. H
urged that bankers assist coopera
| tive farmers enterprises. and &C
knowledged that bankers alread
had given very great ad" to as
riculture.
| STEAMSHIP ROUTE HEARING.
| New York. Oct. 19.-HeaFtngs o
1.-THE project Of establishing . direc
steamship route from the Gres
Lakes to Europe by improving tn