The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1921-08-31

act Which senator n,fzan dcseribed in his addgts at Santa Eel
Ar The world This h the Agricultural Credits law, copies Of which
9xashed Albuquerque yesterday Chairman Meyer. Of the War ~
nance corporation charged with The administration Of the law, has
announced that he expects is provisions and benefits 10 be- fnnetion
fe within three or four weeks. Or as quickly al te machinery for lis
tarreaeIing operations can he perfected.
From a careful reading Of the law, portions Of which were pub
hshed in The Herald Yesterday. and from the opinions Of experienced
bankers who have studied its provisions IL may be said confidently
hat Senator Bnrsala did uost exsseesste when he dessiibedi q AZ the
greatest financial relief measure IN history.
This law will accomplish for the grain growing and livestock
growing industries If thc west what many had begun to despair o.
having accomplished The ecmrlesely adequate financing Of these IN
distrfes for 81 period Of two years Or Sc much thereof as may be nee
etsary. during which they can rcadiust themselves 70 the conditions
nznIing from The war and wisconsin. and sgrow oat' of their
losses and hack 10 selid financial fqundations and enduring pros
rerty.
That is big thing 10 have accomplished. Il is the final answer
10 those partisan critics Of the administration who are fond Of say
ing that President Hsrdne and the republican congress have not
Kept their promises 10 the people. IN this law. as will be seen when
i comes into operation, the Harding administration has kept its
pledge % the great west TO restore it to normal business and credit
conditions and 10 restore its wrecked prosperity.
The Agricultural Credits law Is the biggest thing that has been
done for the west since the building of the transconiinental railroads.
The railroads made il possible for the west to develop. This act will
permit its principal industries TO go on with their developments; for
i is not tooAnuth TO say that without some such broad relief measure
a This which has been enacted, no one could or cared TO forecast wat
the future might contain in depression, hardship and slow and toll
some progress back 20 prosperity
Every branch Of western business can rejoice with the farmers
and the livestock growers at an outlook suddenly changed from one
Of uncertainty and fear 70 one Of solid confidence. :.
some detail in yesterdays Herald. makes available for the War
Finance corporation a capital Of s,eo0oooeo and resources in bonds
Of $20000OOO00.a a total Of two and onehaf billion dollars which may
BE- employed in the form ofcredhs to banks for financing farmers and
i've %a. s,ass Z ,s and Il IN t .om r. in ns,iss,;o" and !, under 1DSiriS ssri.in nn sona1
IN those industries.
The Immediate effect win be to relieve banks Of what are some
times termed frozen loansi loans to perfectly responsible indiyid
umx who are unable TO take them up without sacrificing their capital
breeding stock and immature animals. All these growers need IS time
70 grow out r and under the bountiful range conditions that now
livestock men making vast strides in this growing out process
Banks have been carrying the loans Of the livestock industry to
a. arfautu a. THAR ability IA limit heNnnd which he aukSe omt
NOT go with safety, had been reached. Large banks, with large cap
ital had taken from smaller banks in their trade regions. a large vol
strcted capital stock and the wise legal restrictions limiting loans in
proportion 10 capital stock. The result was not only frozen loans, -
but frozen eredn. The banks, when they had reached the limit Of
safety. had no other course but to stop making more loans. Thus a
definite limit was drawn not only for livestock growers but on the
normal development of business IS well. The outlook was gloomy
The Agricultural Credits law has changed all this Banks may
pass on to the War Finance corporation those loans the makers Of
which m1st have time in which to pay out without taking losses. The
credit that has been tied mp in these loans will be released for the
normal requirements OF business The balance OF the vests two
great industries, grain growing and livestock, is restored, and with
IT the balance Of general business as Wen II was not oyersfatmg the
ease IN any respect when an Albuquerque banker referred to this law
YESTERDAY r. x. ' i.ee = y si his ", Of congress. secured BY western congress.
inl campaign who attempt TO assert the claim that the Harding ad.
%inlsi RAJ 2. has no, =. mad" Leg good I rs promise m to restore credit and nor
In the SAME connection, partisan critics who are disposed to dis
service IN Washington viii find ii difficult to explain away the fact
that during the first thirty day. he was in Washington Bursum pro
embodied the principal conditions of section p Of the agricultural
credits law and which initiated the activity resulting in the $4,000
900 livestock loan pool now functionng and which acted as an
emergency relief in stopping the disastrous flood of forced liquidation
in the livestock industry, or the enforced selling off Of all CLASSES OF
livestock at prices thai meant runous losses
There is the further fact that Bursum led the fight 10 include
livestock IN the benefits Of the agricultural credits bill; that he led in
The fight 10 extend the ultimate period Of the credit to three years and
actually secured is extension from one year 10 eighteen months and
finally TO two years.
Senator Bursnm knows this agricultural credits law and how it
will operate TO relieve and upbuid this state under efficient admin
istration because he helped to make H. The one thing that it is need
full for New Mexico 70 do, in order 10 secure the fullest and spcediest
benefits from the law, is 20 send BurSum back 20 Washington where
he can and will sec that this state gets fullest aud quickest consider
alton IN the administration Of the act.
Every farmer aud stoekman IN New Mexico may well afford Ia
sidetrack partsanship IN this election, and az a matter of plain, sound
business judgment la his own interest, vote 10 return Bnrsum 10 the
senate; because hs knowledge Of the livestock and farming indus
tries, his resoureefulness and tireless energy aud his position as a