The Elk Mountain pilot., 1921-01-06
CANADA VS.. WALL STREET

relief in the markets. They have
been fighting just as earnestly for
relief in the rates of interest and in
the volume of credits. They have
been asking for the services of trans
portation, manufacture and storage
at reasonable rates. They have been
insisting that they should be placed
in position where they, like other
business people, would have some
thing to say about the prices at
which their products are sold.
Organizations have been created,
petitions have been presented, lobbies
have been organized and supported at
Washington, begging for these things
at the hands of the general Govern
ment, and every such petition has
been denied.
Credits are granted through the
Federal Reserve Bank to its member
banks on warehouse certificates COW
ering farm products, but these pro-
ducts must be out of the hands of
the farmers and beyond their control
before such credits can be obtained
This situation, created for the ex-
press purpose of robbing the farmers,
makes it possible for the gamblers in
farmers products to secure credits
based on these products, credits
which are refused to the producers
themselves.
In the springtime when the farmer
has no grain on which warehouse GER
tificates could be issued, he is able to
obtain bank credit in order to pro-
duce crop. In the fall when his
harvests have been gathered and are
ready for the market and the actual
products upon which credits are ask
ed are in the warehouses, the same
banks which granted credit before
the harvest was produced. refused
credit when the grain itself is al
ready in storage.
The farmers think that this grain
is just as good basis for credit to
be extended to the farmers them
selves, while in their own possession.
as it is after it goes into the hands
of the gamblers. But the gamblers
know that the only way by which
they can push down the prices which
the farmers get and push up the
prices which the consumers pay is
through the monopoly of these cred
its. The gamblers petition that
credits be granted to themselves only.
At the Federal Reserve Bank the
gamblers petition is granted; the
farmers petition is denied.
The American Congress is in ses-
sion. 1t has decided to do something
Immediately to relieve the farmers
Legislation is to be rushed. The sit
uation is critical. American farmers
must be protected. A prohibitive
tariff is to defend the American
wheat growers against the products
of the Canadian farmers. What the
farmers had asked for has been de-
MED. The thing that has never been
asked for in their platforms, and has
never been sought for by any organ
lied movement among them, has been
granted. They asked for protection
against Wall Street; they are to be
protected against the farmers of
Canada.
Secretary Meredith of the Presi-
dents cabinet recently stated that
the drop in farmers prices had cost
the farmers two and one-half billions.
At the time this statement was made
it was estimated that only one quar-
ter of the crop had been sold. That
means total loss of ten billion on
this years harvest.
Ten billion is to be taken out of
the pockets of the farmers by the
Wall Street gamblers, and in order
that they may not complain at this
process of plunder they are to be
given tariff law, not credits, not
markets, not storage, not anything
that they have ever asked for. The
situation is critical. The markets
are broken. Labor is being displaced.
The army of the unemployed is null
tiplying. If the farmers could be
saved the ten billions taken from
them by Wall Street, they could buy
as we'll as sell. They could revive a
failing market for the products of
others. No tariff can bring as great
a deliverance as would instantly come
were the farmers to be given the
same consideration as is given to the
Wall Street gamblers in this matter
of credit.
1t was proposed in Congress that
this should be done, but Congress de-