Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1921-01-08
Congress Orders Aid for Farm
Product EFFORTS
. HE action Of Congress in passing,
over the Presidential veto, joint

resolution directing resumption OF
seryice by the War Finance Corporation,
encourages the hope that substantial a1d
soon may be forthcoming for those branches
of agriculture and of otner proouction
which look largely to foreign commerce for
the recovery of their normal market
strength. 1t is generally believed that II
there had been adequate means OF fnanc-
ing sales of cotton to countries when stood
sorely in need of that staple but which
could not buy without 1ong-term credit &C
commodations, the South's chief money crop
would not have suffered SO sharp ana
unnatural decline in prices, certain IL Is
that with ample facilities for financing the
Transactions hundreds of thousands of
bales could have been sold to Europe last
autumn, and hundreds Of thousands could
be sold NOW.
It was with this fact in view that Con
gress some time ago empowered the. war
Finance Corporation\ to extend well ad-
yised export credits although the work for
which the Corporation originally had been
established was, in a strict sense, complet-
ed AS matters fell out, however, this
authorized service was not actually rem
dered: wherefore Congress has seen fit to
change it's "may" to ''shal1." Reasons for
and against the measure have been v1gor-
ously urged. But now that the House ana
Senate have spoken decislVely on the
question, it is to be hoped that there will
be no delay in executing as efficiently as
possible, both the spirit and the letter OF
the resolution. Not only cotton but also
wheat, copper, phosphate rock and other
commodities are concerned; first and last,
indeed. the entire country's interests are
concerned More than that, the readjust-
ment and rehabilitation of the whole
worlds economic welfare is involved, 1or
not until the war-broken countries OF Eu-
rope procure the raw material with which
TO resume and upbuild their industries,
will it be possible for them to regain that
stability and that productiveness on which
the full Towering and frultage or peace
depend. It would seem, then, that any
service which the War Finance CORPORA
ton may render in this connection, with
out doing violence to principles OF sound
business and sound government, will be as
well warranted as any which it rendered
in the midst of the military conflict
Eventually, of course, needs Of this ma
ture must be met by private capital
the sooner that can be done, the better
Southern interests, recognizing this fact,
have recently organized a OBSERVATION-DISCLOSURES
corporation for the express purpose OF n
nancing and generally facilitating the SAFE
of Southern products in foreign markets.
A similar institution has been established
in the East, and one having~a capital OF
one hundred millions is being formed IN
the Central West. In due time. 1t is to be
expected, these and others~like them. will
make special Government aid unnecessary.
But until the new institutions are< actually
functioning and are fairly equal to the
vast responsibilities which they are design
ed to bear, it will be highly reassuring to
know that the help of the War Finance
Corporation is available. ,1Tsa
This Government agency, as Senator
Hoke Smith points out, can be of great
value in co-ordinating the work OF the
smafIer corporations and Of the banks. eff
it is handled with proer vision," he adds,
"anu with real desire for its success we
can start quickly the export of large quan-
titles of cotton into middle Europe. 1t is
most important that the farmers should be
given credits that will enable them to hold
their cotton and market it orderly, but
finally they must have markets. They can
not afford to pile crop on crop, and the
war finance corporation can start
movement to markets, start consumption
at mills that are now idle, and its value
to the cotton-growing states and he
whole country can not be over-estimated. .
The fact that Congress has spoken so en-
phatically to this end is of itself reassur1ng
May the best hopes of the advocates OF
the resolution be realized!