Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1921-09-09
FUNIs8NG TIE FARMER WITH
MARSET

Congress has been discussing var
ious means of restoring through
goVernmInt 1tlon tar balance Of
supply and demand that the war has
for the time being upset. Our farm
ers have quantities Of wheat and
corn and cotton for sale Europe,
having no gold, few available goods
10 exchange and more or less ex-
hauSted credit, cannot take what it
realIl requiseJ Un{er the pres
sure OF surplus crops domestic prices
have crumbled and the farmers has
lost money. Senator Norris propOs-
ed b Federal corporation supplied
with Sl00,000,O0O from the Treasury
as working capital and authorized
to issue Sl,O0O,OO0,OOO worth Of
bonds wherewith to extend credit to
the countries Of Europe that no long
er have the necessary resources of
their own.
There appeared at once divi-
sion Of opinion concerning the pre-
else effect that such an act would
have and concerning the wisdom Of
attacking the problem in that par
ticutar way. Some thought that it I
would stimulate large demand for
American products abroad. Others
thought that Europe is deliberately
restricting its purchases, or making
them in quarters where the price is
lower than in the United States, and
that not even the temptation of en-
larged credits would induce it to buy
freely in our markets Those people
do not deny that the tendency of the
legislation would be to raise the
prices Of iarm products, but they
say that that result would be ac-
by using the taxpayers
money to keep farm products out q
Of the market until circumstances
should permit the producer DO charge
the saine baxpsyer' more for the
graiTand 1the"cotton that he has to
use.
Other authorities, Of whom Secre-
-ary Hoover is one, objected to the
Norris plan because it would put
the government back into business.
and they foresav the same extravag- I
'nce and waste of the peoples money
that has attended government ad- $
among the always and :
in shipping. Mr. Hoover told the /
Senators that he knew as well as t
anyone that the economic plight of
he American is,rmer Was serious. I
'ut he felt that the government d
would act more wisely in encourage s
ng and directing tho employment /
If private capital to help the farm b
r to wait for his market than in at
empting itself to perform the func- Il
ions that private capital and pri q
'ste enterprise have hitherto per f
ormed. T
The bill that Secretary Hoover
rev rs a substitute for the Norris
iii svoiSs 'the organization of
'ew government ake1cy and does ,
lot authorize the government to buy
Iold or sell farm products of any )
ind. 1t puts the organize ton and Ii
esources Of the war Finance Cor C
orstlon at the disposal Of the sg- t,
icultuaI industry and permits that n
GARD TO lend money to concerns or =
ldividusls that are holding grain. :,
otton or sugar for sale, and that "
eed financial help if they are not
be driven to quick liquidation of II
lelr stocks This plan, though it in
lay not he so efftscious as the N
Their in leeping up the price of r
arm products, avoids some of the {,
rincipal objections to the Norris 8;
Ian, The Senate has already pass
the bill; it is now before the -
ouse Of Representatives. Ia