The Sisseton weekly standard. (Sisseton, Roberts County, S.D.) 1892-1929, 1921-07-22
By Walter w. Liggett
Special Correspondent

wv 0SnlA6t O1A, As w Outy AV. "A o.
culture is facing bankruptcy and ruin
u1less Congress speedily passes re-
lief measures, according to testl-
mony before the joint congressional
commission appointed to investigate
the condition of the farmers which
started hearings last week. Blame
for depressed prices of farm products
was laid at the door OF the Federal
reserve banking system by practical
lv all the witnesses, several of whom
charged the manipulation of credits
in behalf Of great speculative inter-
ests. Demand was made that the
committee subpoena heads of great
corporations and compel them to eA-
plain why farm credits we're cor
tracted under the pressure OF the
Federal reserve.
"It will be necessary for you to
examine the Federal Reserve Boa.d
and other agencies and bureaus o.
the government G. S. Barrett
chairman of the National Board OF
Farm Organizations and president OF
the National Farmers Union, told
the committee.
..If you will arrive at the whole
truth. you must make big business
yield what it knows. The Chamber
Of Commerce Of the United States,
the great trusts such as the steel
trust, the coal trust, the credit thurts
and the money trusts should be CON-
PEELED to give you the facts concern
ing their operations. Unless this is
done it will be impossible for you to
ind out what is wrong with agricul-
ture today.
.All these great aggregations OF
capital are engaged in some way In
operations which affect agricultural
interests. Let these men and their
systems lay their cards on the table.
II they do this 1t will be entirely pos
sible for you to reach the truth and
propose constructive remedies.
Parasitic Interests Take Toll
"Agriculture has been forced to
yield q very large percentage OF its
legitimate earnings to interests
which toll not neither do they spin.
In penalizing agriculture men and
systems have handed additional bur-
dens down to the consumers. Tho
results have been unhappy In the
extreme. Excessive prices to the
consumer for agricultural products
and ruinous returns to agriculture
for its services to society have been
the rule for years past"
Farmers Lost Seven Billion
Similar charges were voiced by
Charles A. Lyman, secretary Of the
National Board of Farm Organiza-
lions. s'Today," said Mr.. Lyman.
'the farmer is receiving pre-war
prices for farm commodities, or less
than pre-war prices, and with the
difference from the conditions he
was in before the war that now hts
ability to sell, to find suitable mar
kets, to secure credits, to borrow at
reasonable rates Of interest, to buy
his farm requirements at fairly reas-
onable prices and to pay his taxes,
IL most seriously impaired.
ION top Of this is the fact that
suddenly and without warning pol
Icy Of deflation Of the currency. a re-
striction Of credit, was instituted by
agencies created by the government.
This policy drastically carried out
has resulted In a loss to farmers dur
Ing the past year Of $1,000. 100000 -
Mr.. Lyman demanded that the
commission investigate the financial
institutions and the railroads.
After hearing representatives Of
various farm organizations. the
joint committee will recommend les.
islatton to Congress. Chairman
Anderson Of Minnesota refuses tc
say whether he will summon wit
nesses and probe into the constric.
tion Of credits.
President Hooks Bonus Bill
Harding's statement to the Senate
& that enactment Of the bonus bill! al
this time would greatly imperil the
Anancial stability Of our country