The daily star-mirror. (Moscow, Idaho) 1911-1939, 1922-01-23
FARMING MOST
VITAL INDUSTRY
ADDRESS BY PRESIDENT HARD
ING AT OPENING OF NATIONAL
AGRICULTURAL CONFERENCE.

ADDRESS BY PRESIDENT HARI
ING AT OPENING OF NATIONAL
AGRICULTURAL CONFERENCE.
WaShingtOn-(A. P.)-Attended b
approximately 300 delegates, repre-
senting agriculture in all phases an
the related Industries, the nationa
agricultural conference, convene
here today by Secretary Wallace, i'm
mediately heard from President Hard
ing, declaration of interest in tn
present plight of the nations farm
ers, with suggestions for remedyins
the conditions.
The president, touching on the ag
ricultural situation, outlined a hal
dozen broad questions, including the
development of code of law an(
business procedure, with proper ii
nancial machinery to insure that capi-
tai will be supplied the farmer on as
reasonable terms as other industries
formation of cooperative associations
creation of instrumentalities to pre-
vent violent fluctuations of the mar
kets; and methods for the extension
of the agricultural area
WaShingtOn-(A P.)-Development
of thorough code of law and busi-
ness procedure, with the proper ma
chinery of finance to assure the farm
er as generous a supply OF working
capital on as reasonable terms as is
granted other industries, was advo-
Gated here today by President Hard
ing in opening the National Agricul-
tural Conference
"An industry" he said, more vital
than any other, in which nearly half
the nations wealth is invested can be
relied on for good security and GER
tain returns"
Declaring that on the matter of
what may be called fixed investment
capital, the disadvantage of the far
mer so impressed public opinion that
the federal farm loan board was es-
tablished to meet the need the presi-
dent said, that the farmer still needed
some provision for supplying him
with working capital.
"Compard with other industries" he
continued, "the wonder is that agri-
culture, thus deprived of easy access
to both investment and accommoda
ton capital has prospered even so
we'll"
Lines on which financial support of
agriculture may be organized, he said,
eral farm loan board and in these
rural finance societies which have
been so effective in some European
countries.
sThe cooperative loaning associa-
tions of Europe have been effective
incentives to united action by farm
ers," he continued, "and have led them
directly into cooperation in both pro-
duction and marketing which have
contributed greatly to the stabiliza-
ton and prosperity of agriculture"
Whether these organizations are
considered as means to buying the
farmers requirements in a cheaper
market, he asserted, or tc selling his
products in a more renumerative
one, "the conclusion in all cases is the
same; it is that the farmer is as good
a business man as any other if he has
the chance"
The manufacturer, he said, whose
turnover is rapid, finds he can bor-
row money from the bank on short ;
time notes when he needs working {
capital and his money will come back !
to him in time to meet his short term
obligations. On the other hand, he
continued, the farmers turnover is I
a long one, from year in most crops :
to sometimes three years in the cat :
lie industry. !
"Yet the farmer is compelled" he !
declared, "if he borrows his. working
"a pital to borrow for short periods. to !
'enet his several times before his :
turnover is possible and to take the
change that if he is called upon ulti- s
nately to pay off his notes, he may
,e compelled to sacrifice growing
f{,,;c
riously, the farmer needs to have pro-
'fsions, adapted to his requirements, T
or extension Of credit to produce his e
working capital"
The president said that "concerning \
he grim reality of the present crisis J
n agriculture there can be no differ v
noes of opinion among informed b
eople." is
''The depressiOns and discourage v
1ents," he continued, "are not pecu-
lar to agriculture and I think it fair Z
D say there have been no avoidance
a great slump from wartime ex-
esses to the hardships of readjust-
lent We can have no helpful under c
landing by assuming agriculture A
uffers alone, but we may fairly p
the fundamental difficulties Iii
'hfch accentuate the agricultural d.
iscouragements and menace the o1
ealthful life of this basic and abso ri
lte1y necessary industry" az
The farmer, he declared, from the CO
cry mode Of his life is individualistic fir
nd. therefore, because he buys and ne
Ills as an individual it is his bate to
ly in the dearest and sell in the
leapest markets" He contrasted
ith this the corporation, he said, tn
hich, could effect economies and ac- tn
lire power in the markets by com OF
nations ch
The president said there was mis- ST
inception regarding the financial pr
atus of agriculture. su
"It cannot be too strongly urged fet
at the farmer must be ready to help st:
mself," he added This conference
ould do most lasting good If it would
Id ways to impress the great mass
farmers to avail themselves of the aft
st ways to impress the great mass ths
farmers to avail themselves of the uu
st methods. BY this, I mean that, dir
the last ANALYSIS, legislation can eel