The Washington herald., 1921-02-06
FINANCIAL RELIEF
FOR FARMERS TO
COMBAT LEAGUE
Demand of Nonpartisan
Forces to Be Issued
At Conference.

ST. PAUL, Mimi. Feb. 5.-Bank-
ing interests of the United States
nave found an unexpected ally in
thelr battle against Nonpartisan
league forces, which hope to estab-
Hsn great central bank for far
mers
Such a bank is one of the sub
Iects to be discussed at the meeting
OF the Committee OF Seventeen in
Kansas City February IA. Active
with propaganda favorable to II is
Ut. e F. Ladd. elected to the United
states Senate last November on the
republican ticket after having gone
before the voters of North Dakota
with the NOnpartisan League in
dOrSement
But 1t is also a Nonpartisan
League who is opposed to the idea
OF a farmers central hank. He is
! J. NJ. Anderson, president of the
Z Equity Cooperative Exchange, with
headquarters here but with a mem
oership Of farmers embracing most
OF the northwestern tier of States.
Aid Under Present system.
In my opinion" said he today
when asked what he thought of SEN
Aror-eleCt Ladd's idea, there will be
ascertained what assistance can be
obtained from the banking facilities
OF te country. I have confidence
that e great deal OF financial as
ststance can be obtained under the
present banking system"
It is SenatOr-elect Ladd's idea
that a farmers" bank should be the
front door entrance to the banking
system of America.
1t is not unlikely" he says,
that, as in the case of most big
industries, such as large-scale
manufacturers, the farmers will find
it necessary to establish a great
central bank to cooperate with
other farmers banks. thus making
the farmers bank the front door
entrance to the banking system Of
America"
Consider Some Form of Relief.
Whether such a great central
farmers bank will come out of the
Kansas City conference cannot. of
course, be foretold, but it is safe to
tsay that some method of financial
relief for farmers of the Northwest
is contemplated.
Farmers have been greatly dis
turbed by the functiOning of the
ministratOrs of which some months
ago called for a contraction of cred
it. Demands for reform have ema-
mated from all sorts of farmers
ErOUps-frOm radicals and COnser-
Natives alike, from the NOnpartisan
League as well as from its Canser-
vative opponent, the Farm Bureau
Federation; from dirt farmers" as
well as from the dudes who own
and operate large tracts Of farm
land but live in the city.
The various farmer groups have
been reinforced by the merchants
in the small towns, who cannot meet
their own financial obligations un-
less credit facilities are expanded
for the farmer so that farmers and
merchants can maintain normal bus
mess relations
North Dakota Bank Under Fire.
Of course. the advocates for the
central farmers bank will point, as
rInChinE their argument. to the
Bank of North Dakota owned, con-
troIIed and operated by the State
hut functioning in the interests of
the borrower because the State the
tCrrtiCaIly is the director Of the loan
ing system. The bank has been
under fire, and opponents of the
Ncnpartisan League. under whose
protecting wing it has developed,
at the November election managed
to have the electorate recommend
an audit of the banks books.
Inability to set sufficient credit is
one of the prime factors in push
ing the farmer into radical move
ments SenatOr-eIeCt Ladd repre-
sents a group which believes the
present banking system holds out
no hope for the creditor farmer
Anderson's voice. on the other hand,
is that Of the conservative farmer
who still has faith in the present
system and stdnls n dread of innO-
vatiOns.