, 1922-10-24


ing from disaster. but this arrange
ment can be only temporary. Mr..
Meyer pointed out. and he reviewed
activities and suggestions which have
to do with permanent assistance for
the industry.
1T Is only a little more than a year
since I first rad the pleasure OF visit
ing Cheyenne" said the speaker. You
viii agree with me that never mad a
darker outlook confronted this inter
mountain country Your banks were
In danger; your farmers were in debt;
your labor was unemployed; your ag-
ricuitural products were unmarked
able; your breeding herds and flocks
were being sent to slaughter. Your
spirit alone remained unbroken- These
perils, confronted and overcome. are
now largely forgotten because Of the
very success with which they were
overcome. II the War Finance cor
poratior deserves even a email part
OF the credit which the people Of the
west have generously attributed to Il
for It's part In meeting their difficult
ties. then. indeed. every one OF US vino
has been connected with that public
service may Justly take satisfaction.
I'VE IN Washington have received
too large a portion OF praise. I ask
o now TO join with me in giving
praise where praise IS due. I mean
to the pu~blic-srirsted committee which
has made SUCCESS possible in this state.
I ask YOU TO give Just recognition 70
George y. Abbott. chairman or orr
bcAt copApittee: to John w. Hay. 4.
X. Marble. -. b. Brooks. members or
the committee, and to f. d. MfcAil.s.
ter. secretary OF the COMMITTEES.
I am here not only to take counsel
with local committee and to study
conditions, but also TO discuss With
you the adjustments that should be
made IL we are 10 adapt the machin-
cry OF finance 20 the needs of our
Agricultural and livestock Industries,
as II Is now adapted to the needs of
manufacture and commerce. With
the passing OF the disastrous conditions
of h CRISIS of 1sz0-21. let us not fail
TO CT pitalise our hard experience for
the benefit OF The future. When the
War Finance Corporation ceases 10
function, as / hope may DO possible
on July !, 1923. we should not fee,
satisfied unless. from our knowledge
and analysis OF the causes of tho col
lapse. we are enabled to bring about
better methods OF dealing with the
future.
Various Plans Proposed.
Many plans have been proposed.
These plans are of three general types.
One proposes TO provide Financing
through centralized government bank
ing Institutions. operating with large
government capital, and making loans.
somewhEt as the War Finance Corp
Grafton has cone. through branches
or agencies. Another bankruptcies
financing through q number OF finan-
cial corporations, each with moderate
capital furnished partly by the gov
eminent. operating within a limited
district. end relying upon Its ability to
sell bonds or rebentures to the invest
ing public in order to raise the neces-
sa. funds, Under this type of or
ganization 1t is proposed TO facilitate
4 sn IS of securities through tax
exemptions A third plans 10 take
care OF the financing of cooperative
marketing organizations through ex-
listing financial machinery by modify
ing the laws and regulations govern
ing the eligibility requirements OF the
Federal Reserve system, and the H.
nancing of h livestock industry by
amending the national banking act
sc as to authorize the creation OF
federa-iy chartered loan companies.
operating with private capital under
III supervision of THE comptroller
of the currency or the Fedora Reserve
system.
THE third PIN is based upon the
principle of utilizing existing machin-
cry to the fullest possible extef.t CON
sistent with sound policy and viii. /
believe. furnish the best solution.
Under this plan, with certain adjust
ments in the eligibility rules of the
Federal Reserve system there would
be available. through the system and
Its member banks, ample resources for
financing the orderly marketing OF
our great non-perlshabio staple COM
modities when properly warehoused.
inspected, and supervised. The live
problem, which is II vital inter,
=. Z people OF Wyoming anc Of
the whole west. presents some special
aspects n requires special consid-
Grafton. The reason is that the live
took industry involves a long turn
ver and has never been properly III
.nsnced.
livestock Industry Needs Reform.
During the past year the directors
of the War Finance Corporation have
y ad an unusual opportunity to study
4 listing methods OF conducting the
sstpck industry and of financing it's
IDS. To put the breeding end n
CONTINUED on Page Five