Albuquerque morning journal., 1922-10-15
Address Of Eugene Meyer, Jr.
ON livestock Situation lin State

the law 1t has become q sort
of personal relationship between
our organization. the stoclimen of
the west, and the farmers in the
middle west. You have in this
state difficult problem. A year
ago, when we began our work,
there were problems in many parts
of the country. One of the worst
situations reported to us was in
Iowa, where the low price of corn
and hogs and the over extended
condition of the banks, threatened
disaster not only to the entire
state but also to the banking sit
uation in the larger centers. What
was true of Iowa was true also of
Nebraska, and more or less of
Kansas, Missouri, Oklahoma, North
and South Dakota, Minnesota, Mon
tana, Wyoming, Utah, Colorado,
and Idaho. They had their diff
culties, difficulties due to the fact
that their industries were involved,
each in its own way, with problems
of finance, problems of marketing,
problems of confidence, and prob
lens of banking. But with the am
pie authority which the congress
gave the War Finance corpora
tion, with the large funds placed
at its disposal, with an attitude
OF helpfulness on the part of the
directors of the corporation and
of it's .33 agencies in the different
states, with the strong backing OF
the secretary of the treasury and
the secretary of agriculture, and
with the whole-hearted co-opera-
tion Of the president himself, we
have been able to accomplish re-
suits which, if we may judge by
the expressions that have come to
us from representative farmers,
stockmen, and bankers, are salts
factory to the people of the west.
Some Special Acute Problems.
II had hoped that, with good
luck on the weather, which prom
ised so well in the spring, we
could now look upon our recent
experiences as things of the past.
/ am glad to be able to say that,
throughout the great agricultural
territory west OF the Mississippi,
the major part of the difficulties
seem to have been met, although,
as might be expected, the after
math of the agricultural crisis of
last year still remains to cer-
tain extent. But here in New
Mexico, in Western Texas, and in
one or two other places, we still
have some special and acute prob
lens.
'"The congress, In August, 1921,
passed the agricultural credits act
and gave the War Finance corpor-
alton additional powers in order
that it might render emergency
assistance TO this great western
country. But 1t has been recog-
nized, and it has become progress
sively evident to all.of us, that we
need something in our agricultural
financial machinery of more per-
manent character than the War
Finance corporation. We have
been actively studying this vital
problem, not only in the light of
what has been done during the
emergency, but also in the light
of the policies that necessarily are
involved in financing the agricul-
tural and livestock industries under
normal conditions.
Two Points of View.
"When the question Of reviving
the activities of the War Finance
corporation was under discussion
in the fall OF 1920, there were two
points of view which were dia-
metrically opposed. The former
secretary of the treasury, David
+. Houston, held the view that the
war was over and that the gov
ernment should not continue its
interest in the business of the
country. He felt that nothing
could be done and that nothing
should be done. I opposed his
point of view before the commit
tee OF congress on the ground that,
while actual war operations had
Leased, the financial and economic
consequences of tho war were by
no means over, and that the abb
normal conditions then prevailing