The Glasgow courier. [volume] (Glasgow, Mont.) 1913-current, 1921-05-27

started by complimentlng the Montana
bankers and the work of the Federal
reserve bank. He claimed that the
mistake made by the Federal reserve
bank was not in the recent curtailment
of credit, but in previously being too
generous with credit, stating that
many banks had obtained much more
help in the way of re-discounts, than
they were entitled to; that this credit
had been extended and the only course
now was to see it through, until time
arrived when the loans counld be Ii
quidated. He claimed also that much
of our price troubles was caused by
the bankers having loaned money to
permit the storing of raw products
that should have been marketed, using
hides and the abnormal prices of shoes
as an illustration.
The speaker accounted for interest
rates by international conditions, say
ing that for the first time in the his
tory of the American business man
must think upon an international plane
and do business on an international
pla.
Condemns Extravaganza.
He condemned the riot of extrava-
gance, and asserted that two or three
years of comparative economy would
bring the times back to normal. In
Iowa more money was spent in
automobiles and gasoline than the en-
tire corr crop of the state would pay
for; the matter of reckless indebted
ness by public corporation was also
condemned, the issue of the immense
amount of road, and other municipal,
ocInfv orI cfo%o hands hoinr oo11nl n
%demoralizing practice.
Questions Cooperation.
General cooperation in the indus
tries, was questioned and the farm
bureau criticised, such movement tend
ed towards socialism and it was doubt
full if they could be made successful,
though cooperation was necessary to
some extent, he did not know where
to draw the line between it and in
dividual effort.
The speakers condemnation of the
practice of issuing taX-exempt securi-
ties was not agreed to by George Ram
sey, of Helena, who followed him on
the program and spoke on the "Joint
Stock Land Bank and Federal Farm
Loan Situation" Mr.. Ramsey explain
ed at length the condition of the liti-
cation and legislative opposition to
the movement; all of this was now
substantially dissipated but loans
could not be made now on account of
the condition of the bond market;
| ninety-four was the highest he could
get for S1,000,0OO of bonds which he
could not dispose of for less than SO.
Farmers Are Dominant.
Th,, ,x,.1 ~l@ &c -, N,-, {lN
farmers demanded by the great farm
ing interests, that dominated in this
country, and was a great piece of
legislation, which would be a boon to
farmers, on account of its economical
features and the amortization plan.
In cases of this kind where a great
good to our largest producing indus
try could be accomplished, the basic
bonds should be exempt from taxa
ton; taxation would increase interest
rates and would thus come out of the
farmer rather than the bondholder.
Hard Times Result of Mental
Condition.
This speaker claimed that hard times
were the result of a mental condition,
pessimism and gloom talk were more
damaging that actual conditions. He
preferred to look at the rosy side; our
experience was little different from
that of other young states and there
was a compensation in history show
ing that other states had triumphant
ly passed through panics and local
hard times, all the better for the ex-
perience; he predicted a bright future
for the great Treasure state.
According to MI. Ramsey, economy
meant buying at home, it did not mean
to stop buying, but keeping the money
in circulation in the community; he
took both Mr.. Wheeler and Prof. Lin
field to task for their calling atten-
ton to gloomy" facts. He referred
~elequently to the movement from the
farm and demanded that the bankers
help to render the farm more %attrac-
tive both from a financial and social
standpoint. Concluded his remarks
with the greatest applause given to
any speaker at the session.
TruscOtt Has Confidence in Future.
The afternoon session concluded
with a short speech by j. L. Truscott,
of Glasgow, who is one of the direct
ors of the Montana Development AS
ISOLATION. He told briefly of the trials,
aims and hopes of the association and
outlined the program for the help of
the small retailer, in which the bank
ers of the state might play an import