The Glasgow courier. [volume] (Glasgow, Mont.) 1913-current, 1921-01-14
What Will
CONGRESS DO?
Little Hope Extended for Imme-
diate Relief Coming From
Washington.
CONGRESS DOING ITS BEST
Passage of Bill Reviving War Finance
Corporation Will Help Some, But
Farmers Who Expect Con-
gress to Perform Magic
ImpOssibilities Will Be
Disappointed.

Just how much direct benefit the
farmers of the Northwest are going
to get out of the tremendous s%plurge
of activity congress is displaying in
their behalf is problematical in the
opinion of many in Washington, in
Guiding some of the members of con-
gress who are voting for the farmer
lief legislation now before the ma
tion's law-making body.
There isn't a question but that con-
gress has shown a keen appreciation
of the hardships the average grain
1t has stripped down to suspendors
given them an extra hitch and got to
consideration of the measures pur-
porting to help the western situation
more quickly than to any other prob
lem tackled in years.
But if any farmer is nourishing the
delusion that out of all this activity
there will be a return to $3.50 wheat
or even "middlin'" high cattle and
hog prices, for the present, they are
apt to have a cruel disappointment
ahead.
Rightfully or wrongfully the gen.
eral feeling, ever of warmest advo-
Gates of the various farm bills, is that
they may be of some benefit; that they
represent expedients worth trying,
but that is about all.
This opinion has been expressed
over and over again in debate when
members have been pressed down to
"brass tacks" as to just what they
hope to accomplish. And the western
farmer should understand it and not
rest under the delusion that by some
legislative wand his troubles are 60
ing to be waved away.
In we'll informed quarters at Wash
ington more real faith is entertained in
the now prevailing view of both
the treasury and agricultural depart
ments that the worst has passed for
the farmer and while his economic fix
may not improve fast, at least things
should get better, not harder for him,
in the way of prices for what he sells,
in credit and in the cost of producing
next years crops.
Thus far the only concrete thing ac-
complished for the farmer aside from
the beneficial publicity that has been
given to the hardship confronting
the agricultural regions, has been the
. passage by both houses of the resolu-
. ton direction that the war finance
corporation be revived.
. The house took from the resolution
. the portion in which congress express
. ed the hope that the federal reserve
board would lift the Gid" on farm
. crops. Many regarded this as the
. most important phase of the resolu-
. ton. 1t could not be passed in that
. form as so many thought congress
. shouldn't be in the business of ex-
. pressing opinions. So it went.
: 1t will take several weeks for
:. the war finance corporation to
get into action in ever a small way
. The psychological effect of having
such a body on the job to push sales
of farm products abroad will be good
-. but as to volume of export credits
. more real hope is felt in the 10C
. million dollar export corporation OF
bankers recently formed at Chicago
under the edge" act.
. The most concrete thing ahead tc
= benefit the farmer is the emergency
= tariff. 1t will get by the house. I'M
e ~duestionably. 1t is believed it will
= have an immediate effect on wheat
and cattle prices. But it has a stormy
y time ahead in the senate, despite the
"West-South' block or combination
e that has been effected to press it
: Even some Democrats from farm
states will fail to support it as estab-
: fishing a had Democratic precedent or
high tariff.
OF the various proposals to give
II direct financial aid in agricultural dis
tricts through government agencies tc
= take up farm paper, many hurdles are
rising in the way. The best advertis-
$ ed plan-that to have the surplus
d earnings of the federal reserve sys-
TEN turned over to the federal land
e banks and used to absorb DAMNED
q up" farm paper in the big grain and
!. cattle sections-is opposed by the fed
n eral land bank itself.
II If anything is done on this line, it
= likely will be through the Tincher.
Sterling bill which would set up nc
new system of farm credits through
y the land banks but rather would have
the federal reserve deposit its surplus
earnings in the small banks in the ag-
r%icultural sections, most tightly pinch
s ed on credit. The federal reserve will
have some 60 million to 70 million
; dollars. which if so distributed might
do much to ease the credit situation
:, for the farmer.
f The Misunderstanding bill has a bet
ter chance of passage during this SEES
@ sion than the other proposals to ex-
+ tend direct aid.
r Most of the legislation will have to
S go over to the new administration and
President Harding's regime and that
v doesn't begin until March.