Evening star., 1922-04-02

The principal speeches of the even
, ing were made by Secretary of Ag-
riculture Wallace and Eliot Wads-
worth, assistant secretary of the
Treasury.
Wallace Pleads for Farmers.
Secretary of Agriculture Wallace
told of the need for better credit ia
cilities for farmers and outlined the
following "truisms," which he said
would be to the national interest to
, advance:
First. production of such agricul-
turaI products as can be grown sue
| cessfully in this country should be
large enough, one year with another,
to meet home needs.
Second, SO far as possible produ2-
ton should be by land owners or
| those who are in the way of becom-
ing land owners, and that ouri sys-
/ tenn of renting land should be such
| as to enable the tenants to practice
[ dlVersihcation of crops and store and
market surplus grain and forage
crops in the form of live stock.
| Third, inasmuch as almost one
nalr of all our people live on the
| land, and the surplus population from
| the country goes to make up very
i important part of urban life. stand
ards of living on the farm should be
| maintained and improved, rather
than lowered.
| Fourth, farms should yield a fur
rate of return on the money invest
ed in land and equipment. ani a
wage to those who work thcr1, which
| is fairly Comparable, everything con-
sidered. with the wage return in the
/ cities and industrial centers.
| Fifth, inasmuch as profits from
the rapid advance in the value of
land. which heretofore have been
| very much larger than the profits
from yearly farm operations. are fast
| disappearing, conditions should be
| such that in the future our farmers
, can reasonably count on an adequate
| return from their farm operations.
Sixth. hazards, risks and condi-
tions over which the farmer has no
control, but which profoundly in
| fuence his returns. one year with
| another-Such, for example, as
/ changes in the price level, which
| throw agricultural prices out of their
| normal relationship to other prices
weather conditions. and insect pests,
which greatly affect crop Yields
! should, so far as possible, be carried
by the community at large rather
than by the individual farmer.
| Seventh, every proper means
| should be used to establish agricul-
| ture upon a basis, which will yield
| adequate returns for productive ef-
fort, rather than put premium on
speculative enterprises
| Mr.. Wadsworth's Address.
| Declaring the financial stability of
| the United States is of primary in
iterest to every citizen. Mr.. Wads-
worth cited the example of nations
who have operated with unbalanced
| budgets and inflated their currency.
The investors of those countries
have seen their savings steadily lose
in buying power until practically
wiped out" he said. AN Austrian in
1 bn h
/ chased a bond or a mortgage of TO-
| 900 kronen in 1913. had the equiva-
lent Of $4,000. Today he has the equiv
| alent of about SIPS. That investor
has lost his money from imitation and
| the imitation was due to the neces-
/ stiles of a government which did not
| have sufficient income to pay its
monthly bills and printed paper cur
rency to meet the deficit.
| Our people have faith in dollars
! The Austrian has exactly the op-
| posite feeling. He wants anything
| tangible-goods, shoes, clothing-but
| not an investment payable in kronen.
| The result is just the opposite from
| a buyers strike. Every one buys and
process goes on underneath that false
prosperity which is wiping out the
liquid, saved-up capital of the nation.
Our federal budget this year will
practically balance, next year the
| carrying interest charges and other
expenses. resulting directly from the
| war, which cannot be reduced We
tare meeting a debt of honor to our
disabled soldiers and sailors at a
| cost of over $450,000,000 year. No
one grudges a cent of what we may
wisely spend to make life possible
and happy for these men.
| THE point I wish to make in the
| strongest possible way is the neces-
sity IA 'pay-as-we-go' policy, no