Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-17
ELEVEN

to talk" he added. H"but that's 3uss
for the enlightenment OF the public,
and such speeches can be made any
Time" ~ & -
Senator Harris. Democrat. Georgia.
supported tho measure, declaring tho
wealth OF ths country was created
chiefly by tho farmers, and that re.
Gently IT had boon shown an way
TO mako any ono understand that
tho prosperity Of our country do
ponds upon tho prosperity OF tho
farmers"
Agriculture" he said, receives
less from tho government In propor-
ton to what 1t gives than any other
Industry" ;a
Attacking the "defation policy" OF
the Federal Rcserve Board, tho
Georgia Senator declared that ne
there had been on the board during
the past two years representative
or the agricultural interests Of this
country. do not think wo would
have had the defiation policy" which
he described as doing 80 much harm
to the farmers and business men Of
the South and West"
Charges Decentralization.
One of the principal reasons" he
said. FOR having twelve regional
banks instead OF one central bank
was to prevent any section being
Disseminated against. I believe In
having banks for each section. but.
under the policy of the Federal Re-
serve Board. they have Disseminated
against the agricultural sections by
charging higher discount rates to
the banks in those sections, one OF
tho Determinations which 1t was In
tended to avoid when the law was
passed"
The increase in discount rates, he
asserted. forced the banks to raise
their interest rates to point $50
much In excess of tho dividends on
bonds that large number Of Liber-
" bond holders had to sell them at
"S5 cents OH the dollar" The bonds,
he added, then were purchased by
the rich OF the country at this low
price, and within a few months the
Federal Reserve Board reduced tho
discount rate; interest on money was
reduced, and the value OF bonds went
up to about par"
Defending the agricultural bloc"
in the Senate. Mr.. Harris. who said
no was member, described It as
absolutely necessary for the farmers'
self Representations" He said politics
was not discussed at the meetings. OF
the bloc and that measures for tho
pcueHt Oh farmers ana livestock
producers formed tho CHIEF subjects
considered. Most of the criticism OF
the bloc, he added, comes from SEN
ators of the East. the 'manuractur-
ers' bloc which has dominated leg
islation OF Congress most OF the
timo in the past half century"
Mr.. Harris declared the bloc was
responsible for defeat of an nd.
journment motion last year and tho
subsequent passage OF tho Norris bill,
which placed $1,000 900 held
by the War Finance Corporation, at
the disposal OF the farmers, business
men and bankers
1t was tho Republican members
OF tho agricultural bloc in the Sem
ate" he continued, voting with the
Democrats. who passed the bill last
year to complete the development Of
Muscle Shoals. which project will,
mean cheaper fertilizers for All
farmers of the : country in peaco
times. 1t will furnish cheap nitrates
for tho manufacture OF munitions in
times OF war II we should ever again
engage in war.
III this plant should be deyelope,l
MS proposed, it would save the farm
ers Of Georgia moro than 10000 of,o
year on the cost OF fertilizers. which
Is equal to the total annual eSpsnses
or my state government"