The county record. [volume] (Kingstree, S.C.) 1885-1975, 1921-07-14
HON. P. H. STOLL ON
FARM LOAN ACT
SOUTH CAROLINA CONGRESS.
MANS REMARKS IN HOUSE
ON JUNE 23RD.

Mr.. St0ll: Mr. Speaker, the oDJecG
of this bill is to make available $685.
100000 to the farmers of the country
by loans through the farm loan banks.
There are really only three ques-
tions before us in the consideration
Of this bill. First, is the condition of
the farmers such as to demand that
the congress provide additional funds
for the farm loan boards, so that they
may extend further loans; second,
what amount is necessary to i've the
farmers the relief that they are en-
titled to under the proper function
ing of the farm loan bank; and, third,
to what extent can the government,
through the farm loan banks, extend
aid at this time and keep within the
bounds Of safe and sane financing.
The debate on this bill discloses that
we are all agreed that the present con-
dition of the farms is such as to cause
gravest concern. It is alarming, when
we stop to consider, that in the defla-
ton of the prices Of farm products of
the last crop over the previous one
that the farmers of this country have
sustained loss of s7,0OO,O 100000, and
this despite the fact, that the demand
throughout the world has been great
er than the supply. 1t certainly is an
anomalous condition that with the
world demand greater than the sup
ply that there is no ready market for
many products of the farm, and that
the farmers should be forced to sell
their products at a price far less than
what he was able 20 realize year ago.
And to add to his discomfort, the
farmer had to produce his crop under
conditions that made it the most ex-
pensive crop ever grown. There are
several causes that brought about this
condition, but the two most pertinen.
if. the consideration of this bill, and
to which I desire to call attention, are
the failure of the Federal Reserve
Board to extend the necessary credits
for financing the crops by adopting
unwarranted, unnecessary, ard arbi-
trary restrictions of credit, and there
by making the farmer the victim of a
financial condition that was unexpect-
ed by him, and which could have been
avoided if the Federal reserve banks
through those who directed their poll
cies, had souht to help the farmer in
stead of running him.
Running hand in hand with the re-
striction of credits by the Federal re-
serve bank and bringing added dis
comfort to the farmer was the litiga-
ton which held up the operation Of the
farm loan banks and which caused
that agency to cease functioning. 1t
so happened that the two government
tai agencies which above all others
were capable of rendering assistance
tn the farmers of the country failed
them when most needed the Federal
reserve bank either through narrow
and intolerant opinions of finance or
deliberate purpose to lay the farmer
upon an altar of sacrifice, for unknown
selfish reasons, and the farm loan
bank, through it's inability to function
because of being enjoined by the
courts.
In considering the present financial
condition of the farmer, if we wish
to be fair to him, we must take cog
rizance of the fact that many have
their entire savings of many years OF
hard work invested in the land that
they cultivate. The crops raised by
our farmers are not natural products
of the soil, but must be planted, cul-
tivated, and harvested, entailing not
only much labor but the expenditure
Of much money. Tt is estimated that
the farmers of this country have $780,
OOO, 100000 invested on which they get
no return. The profits of farmer is
figured on what he gets out Of the
crop, stock, and so forth, on his farm.
There is no business in the world in
which 100000 represents the
capital invested and where the work
goes on every day in The year, and
hard and incessant labor of 10 hours
or more a day performed, that the re-
turns anywhere approximately the low
per cent. the farmers earn on their
investment and the labor performed.
And yet many do not appreciate the
farmer. He is appealed to during the
election, when his vote is needed, and
then he is allowed to return to his
plowhandles to feed and clothe the
world. In legislating for him it some
+;x,os saonoo that lawmakers are de-