The Hayti herald. (Hayti, Mo.) 1908-1922, 1921-02-03

money and getting it getting offers
for more than they ask, at time
such as this when the most vital in
dustry of all is in distress for legiti-
mate credit and has not credit to
carry on the work of feeding and
clothing the Nation.
If this Government would make it
possible for the farmer to get that
credit, market stagnation would give
place to activity, for the world needs
every bushel of his wheat, every
pound of his cotton and all the live
stock he can spar e. In a few weeks
or months he could take up these
notes, and in the meantime there
would be business, work and wages
for everybody. Prosperity could
catch up.
If a Government can finance war
emergency, why can't it do some
thing to finance a peace emergency? /?
Didn't the present administration do
just that VIII en- last spring it ad-
vanced the railroads 500 million
dollars, besides increasing rates
to insure profitable operation?
l am accused by New Yorker
of desiring to allow farmers to specu-
late thru loans on warehouse re-
ceipts and by means of more lib
eral rediscount policy of farmers
paper by the Federal Reserve Board.
If trying to save American far
mers from bankruptcy and American
business from the consequences of
such a collapse, is considered specu-
lating, l plead guilty. In that case
I am speculatOr and like some 9TH
ers | know about, | do not own a
bushel of wheat nor pound of cot
ton.
This picture of the effect of the
Federal Reserve boards 'defation'
policy in the Middle West, comes
from wholesome dealer in oils and
gasoline He writes:
We deliver oils and gasoline di-
rect to farmers, buying from reiin-
ers, selling at wholesale prices. Our
bills nominally are due in, 10 days
and must be paid in 80 days. We
now have accounts, many of them
carried from before last harvest and
a few from the season of 1919, for
goods used to put out the crop har-
vested in 1920. This crop if sold
at present prices, is not sufficient to
pay the bills.
Farmers are wanting more goods
but are not paying for what have
been used We have to replace stocks
sold and that takes cash. The banks
have shut down on all loans, and for
what renewals they are forced to
make to certain customers to pro-
tect themselves, they are demanding
and getting 10 per cent
The spirit of resentment against
these conditions Is daily growing
stronger. l am hearing many things
in my journeyings among folks that
show more than strong determina-
tion that all manipulation and all
must be stopped. Relief
must be brought about some way, es-
pecially relief from those who are
on this depression.
A wideawake Southern merchant
who writes me 4-page letter, writ
ing bankrupt" across the letterhead
of each page, says our Federal Re-
serve board by it's drastic and sweep
ing restriction Of credit has played
into the hands of the foreign buyers
this year and made them a present
of the entire years work of the
farmer.
We can lend money to any foreign
government on earth, to Standard
Oil or to any other big business, but
we will not raise SO million dollars
to tide the cattle industry over this
crisis.
Statisticians say there are from 25
to 80 percent fewer cattle on foot
this winter. with the greatest forage
crop we have on hand in years. But
while our beef export business is
by another short sized
policy we are assisting to bring
about shortage of American beef at
home. Foreign countries are max
Ing the United States a dumping