The Beaver herald. [volume] (Beaver, O.T. [Okla.]) 1895-1923, 1921-01-13

order be rescinded. But the presi-
dent was too absorbed in noting
whether Governor Cox Of lamented
memory had slipped up In his al
legiance to the league to pay at
tention 10 agricultural values.
SO when the senate met. the Re
publican leaders determined to COM
pei by Law the Secretary OF the
Treasury TO do the one thing which
would give immediate relief to the
farming communities A bill was
passed reyiying the War Finance
Corporation And in the same bill
the Federal Reserve Board is d.
rected to permit the member banks
OF the Federal Reserve System to
grant liberal extensions OF credit
to the farmers OF the country upon
the security OF the agricultural
products now held by them. By the
re-discounting Of such notes OF ex-
tension at the lowest possible rate
OF interest.
Last year" said Senator Capper.
OF Kansas. we we're all alarmed
lest the farmers could not produce
food for Us. The farmers we're
short on capital They needed credit
urgently. The financial powers
saw to u that credit was trans
ferred 10 the producing country.
for they feared that otherwise there
might be a scarcity OF food and that
terror and anarchy would breed
from hunger. The farmers took
this credit TO run their business.
They accepted the steadily declining
markets as inevitable. asking only
that the decline be kept in just
Hg.aa 81
commodities. But with the gath
ering In Of the greatest harvest the
country has ever known, the finan-
cial powers inaugurated an entirely
different policy. The country bank
ers began hammering the farmers.
These banks could not help H.
Further up the city banks were
hammering them. Further up the
reserve banks were hammering. and
further up the powers that control
credit were hammering. From June
to December 1. No. mixed corn.
the grade on which corn trading
IS based. slumped 20 per cent. or
from sl.9O a bushel TO go cents
bushel in Kansas City and 30
cents a bushel at country shipping
points"
hh~Nf ND tAih.
With It's accustomed celebrity the |
Republican Congress has continued |
TO prove its determination to waste |
no time in talk. but meet every
need of the country as quickly as |
il may arise. Thus in the last few
days II has
Passed in the House an emerg- /
ency tariff bill for the benefit of |
70 o. hn
so that their crops may be freed |
from foreign competition.
The tariff benefits meted out to |
the farmers are included in a bill
reported by Representative Fordney
chairman Of the committee on ways
and means. which for ten months
places upon foreign staples that
might bring competition the follow
ing duties:
Wheat. 80 cents per bushel
Wheat flonr. 20 cents ad, valorem.
Corn. Is cents per bushel.
Beans. 2 cents per pound.
Peanuts. 3 cents per pound.
Potatoes. 25 cents per bushel.
Onions, 40 cents per bushel.
Rice. cents per pound.
Lemons. / Il cents per pound.
Cottonseed, cocoanut and soya
lils. 30 cents per gallon.
Cattle, 80 per cent ad yalorem.
Sheep, 50 per head.
Fresh mutton and lamb, 2i2
'ents per pound.
Unwashed wool, IS cents per
,ound
Washed wool, 80 cents per pound. !
Protection Is for All
npurprT N the hnmaa nm .
he old contention that protection
means high prices. They were ans {
gered by the Republican statement !
hat the lack of protection means
die industries. unemployment and
ack of money to pay for either
abor or goods. Representative S
lainey. of Illinois, ranking Demo- S
rat on the ways and means COM
littee. recalled the controversy oy-
r the passage of the Payne-Aldrich C
lw He did not refer to the .
romises of price reduction which
rought on Republican defeat. or l
hat prices are now three times
that they were when he and his
elbow Democrats in the house y
romised to bring them down. a
II was also pointed out by the a
that our allies in the a
'ar would be unable to pay the :
10000, 100000 they owe us un-
sss we permitted them to find e
eady market for their goods here h
o this Mick" Longworth, of Ohio,
etorted that he would sacrifice
very cent OF that sum rather than
acrifice our industrial independ- g
nee. The Republican majority
,ok the view that IL was much =
etter that the farmers of the ma Il
on be protected in their prosperity v
ian that Europe be looked after a
rst a