Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1921-10-10
FARMERS SWAMP
BANKS IN THEIR
PLEAS FOR ND
Thousands Are Eager TO-
Take Advantage of the
Farm Credits Law Recent
iy Adopted BY Congress.
eBY RALPH BURToN1

Especial DtspatcH 10 "otn'hh .IN
copyright 1921 by Albuquerque Journap
Washington, Oct. S.---lh lne
period of something less than TWO
months since the president aftlNeo
his signature to the farm creurs
law, which enables the government
TO come to the rescue OF the some
what dilapidated agricultural IN
terests of the country by the extern
sion of credits up to $1,000 OO,oo0
il necessary, the farmers OF the
country have practically peeh
swapping the banks in the Appeals
for aid. according to officials IN
charge of the administration OF
farm loans. These officials Intend
10 make sure that the demands OF
the farmers do not become excess
siye, but those best acquainted
with the economic conditions con-
fronting agriculture in this coun-
try assert that no farmer would
add needlessly to his present bur-
dens and that the Indebtedness rep
resented by perhaps four to seven
billions of dollars is not going to
be largely increased except as a
matter of dire necessity. The first
actual loans will be made WITHIN a
few days. ,
There is little doubt that agri-
culture in the United states is
faced by about the most severe
crisis in its history. The war IL
Illustrated one thing, at least when
the nations of Europe have learn
ed by heart--namely that a nation
is strong in proportion as 1t is SELF
supporting. Moreover, the depre-
citation of foreign currency has
given an economic background for
the great national revivals of agri-
culture abroad; the nations of Eu-
rope no longer are willing to buy
supplies from the western hemt-
sphere If they can produce them,
because the peril is over and the
prospect of payment is steadiiy
growing nearer. Therefore. the
foreign markets for American
farm products are practically cut
off.
But meantime. the farmers must
be able to finance their growing
crops; dealers IN agricultural prod
ucts, if they cannot sell now at
profit must be able to hold their
stocks until profit is possible.
The situation is complicated much
in the south by the specialized ma
ture of the farming and the preya-
lence of tenacy, but the south mas
come to recognize the fact that
tenancy, cotton and tobacco
have an innate relation and
is now exerting its best efforts to
raise diversified farm crops at least
in amounts sufficient to satisfy It's
own advance wants.
A number of small loans have
already been approved, and ad-
yances will actually be made short
". The number of applications
for aid under this act has been
very large, but very little time mas
been allowed the war finance cor
poration, which has supervision
over the loans, to set up its ma
chinery for handling them. Local
agricultural loan agencies have
been appointed in the various ag-
ricultural and livestock districts
throughout the country to receive
applications for loans. This plan
saves a great deal of time for the
borrowers and enables the war
finance corporation to have the
benefit of the experience and local
knowledge of the bankers who
compose the agricultural loan
agencies.
Where cooperative organiza-
tons of farmers are in the market
for loans applications will be sent
direct to the war finance corpora
ton for action instead of through
the agencies. The reason for this
is not explained but it may be due
to the very general hostility of per-
sons engaged in private business to
cooperative enterprises. which
might induce bankers to pass un-
fayorably upon such application.