The New York herald., 1922-11-14
TUESDAY. NOVEMBER IA, 1922.
Money for the Farmer.

II ought not 10 De necessary 1Or
political leaders of the agricultural
bloc to threaten to bludgeon farm
credits out OF the shaken Congress
majority. Business sense admits and
common sense knows that if the
American farmer does not get ade-
Quate financial facilities to raise his
crops and get them on terms suitable
to the nature Of his industry the
American public cannot get its food
supply at reasonable prices.
The question is not whether the
country should stand behind the
farmer with legitimate banking sup
port; that is not debatable. Money
for the farmer means a square deal
for the farmer and wealth for the
nation. The question is what is the
sound method to give the American
farmer the credit he must have for
his own sake and for the sake of
the country.
The clear headed EUGENE MEYER,
Jr.,. directing for the national Gov
ernment the War Finance Corpora
tion, has repeatedly emphasized the
natural difference in the farmers
business from other business, thus
making it imperatively necessary for
the great banking machinery operat-
ing in the Federal Reserve system to
shape itself to those differences, not
to expect the farmers business, gov
erned as it is by the very laws OF ma
ture, to try to shape itself to banking
technicalities devised and maintained
for industry and commerce on their
very different bases from agriculture
and stock raising.
Because farmer must wait year
before he can turn over his goods
market his crops--while a merchant
may turn over his goods in thirty
days and because a stock raiser may
have to wait even longer than the
crop raiser to turn over his is no
reason, as Mr.. MEYER rightfully i'm
sists, why the farmer and the stock
raiser should be left high and dry in
their economic emergencies by the
regular banking operations of the
Federal Reserve system. Either
there must be some differentiation
within that system founded on the
inherent agricultural conditions and
agricultural necessities to take proper
care of the farmer as proper care is
taken of the manufacturer and of the
merchant, or some other banking
machinery, basically sound and wisely
governed, must be put to the task Of
solving the problem nationally and
doing what both agriculture and the
country require must be done to take
care OF the farmer.
But. as Mr.. MEYER contends, IL is
safer practice for the farmer and It
is sounder business for the Federal
Reserve system to erect the essen
tial machinery and provide the
needed service within the Federal
Reserve system than to have set up
and fostered rival financial institu-
tions or systems that will take away
from the Federal Reserve system
business that ought to belong to It's
banks, while not doing for the farmer
what he Is entitled TO have done for
him and is going to have done for
him.
Agriculture. in other words, does
not require dirt farmer" on the
Federal Reserve Board. IL does not
require special grants from the
United States Treasury. And II
should not require bloc bludgeons in
Congress TO protect its rights and
promote its interests in the financial
seats of the nation. IL does need
and IL must have, a recognized. estab-
lished place in the nations banking
field as bounded by the Federal Re.
serve system.