The Farmington times. (Farmington, St. Francois County, Mo.) 1905-1926, 1921-01-07
oUR FARM WORK
AT WASHINGTON
Continued from Page II

GRAFTON Of constructive measures to.
relieve the present depression in the
market for farm products.
The statement of Gov. w. p. G.
Harding of the Federal Reserve Bank
that while he believes in the orderly
marketing Of farm products, the Fed
eral Reserve Banks cannot help farm
ers hold their crops for better mar
kets, was not received with much fav-
VI by the convention.
President J. R., Howard expressed
the sentiments Of the delegates per-
fecting when he said: "Our banking
system has followed the lines Of least
resistance and greatest profit. Bank
ers have loaned farmers money to
produce crop and called it in as soon
as the crop is harvested. So the crop
has had to be dumped on a low mar
ket and the banker sends the money
to the cities for the spectators to
use in holding the grain until the con-
sumner is ready for it, when it is sold
at much higher price. Farmers
must have credit that 3 will extend
through the consumptiye as well as the
productive year SO that crops can be
marketed in an orderly way without
depressing the markets unduly. We
ask this not as privilege but as a
right.
"The Federal Reserve Bank is not
farmers institution. 1t is operated
by bankers and admirably serves the
purpose for which it was created. Ac-
cording to reports / have received
from sources which believe to be re-
liable, in normal times less than one
tenth of one per cent of the redis-
counts of the federal reserve is farm
ers' paper. Even now the Chicago
Federal Reserve Bank, in the heart of
the crop producing section, is report
ed to have but seven per cent Of its
|rediscounts in farmers paper,
"The Federal Reserve law must be
amended so as to give the farmer
| equal opportunity and equal benefit
with the business man. If we cannot
get adequate service from the exist
ing financial institutions there is but
one thing left to do--organize our own
agricultural banking system"
A nationwide system or pooling
grain in bonded state or federal ware
houses, with short time certificates of
Indebtedness issued against the ware
mouse receipts, was recommended by
! ex-C Congressman A. F. Lever, of South
Carolina, as the most practical means
of financing the farmers marketing
program. His plan would include the
following figures;
/. Collecting grain in licensed state
or federal warehouse with official
grading, inspection and regulation.
2. Issuing uniform warehouse re-
eeipts Against this stored grain.
5. Pooling these warehouse receipts
in the hands of government APP
pointee. 44~
! A. Issuing certificates of indebted-
ness against these reeeipts. such cer-
tifcates to run for periods of from
three to is months. Such certificates
will sell readily TO the investing nub-
| lie. according to Mr.. Lever. and will
provide ample CAPITAL for financing.
the grain until II can be sold 10 the
consumer.
"Can YOU find anv better security
than so million bushels of something
to eat 2" he asked. at is surely much
sourider than Pennsylvania railroad
bond based on locomotive or tool
no us:i,. II 80 c
Wins n. Doo1il, oi tne Guarantee
rirust company Oh New 1opk, OUT,
i,ileu 2 pan " tiie american pam bankers
Assoelatloh ior nunureu nliiiion aoi-
rar eApere corporaIioh, when VIII u
liallee i9relgh traue Dy issuing ue-
oei'ure .pohus against lorelgh eoilat-
erai oteck N ths company VIII pc
soll 70 farmers, business men ana
"a oaiiAeesi FARMERS WIZ pe repre sent
ca OH tile Doard OF oirestcrs. Uur
pau Is an auapCion OF the Engiisn
traGe acceptance system, winch mas
l Lllaae England tne gfeatest exporting
Ia lla'ion IN tng woIiu, ne salo' Uhly
10y some such system can we restore
tne INDUSTRY anu prosperley OF Eu-
r2pe, Willc,i Is essential 10 our own
pr ts
lne grea.est neeo oI me farmers
Is noe 20 MAINTAIN an arTlIielally nlgn
1eVei ol prices; saln Dean Eeg Im:
DaVehpUT1, OIL the University Oh III
nols; What we 40 want IS a sGaDle
market Win the violent nuctuatlons
lroheo OUT
Optimistic of Future