The Richmond palladium and sun-telegram., 1922-03-30
REPUBLICANS
CONTINUED from Page One,

In price has been estimated in the bill
mons. The result has been a recession
OF the emotion of panic.
Much of this result is attributed tc
the activities of the War Finarce
corporation. Congress in August last
year passed an act making half a bill
non dollars available for the Wa,
f1nance corporation to loan on agricul
tural commodities.
The management of the corporation
happened to be in the hands of a man
OF unusual energy He travelled IN
and down the country and established
53 branch agencies in the agricultural
dlstrlcts to receive applications for
loans and to pass upon the security
offered
These agencies were composed of
pubic spirited bankers and business
men IN the various communities, who
served without compensation.
Made Heavy Loans.
Through these agencies upward to
S200,OGO,OO0 has been loaned on farr,
commodities. The result is that in a
state like Nebraska, which, in the rlI-
raj districts, was one of the most
pan1cky in the country, the state sen
ate passed a resolution reciting that
we recognize and appreciate the
helpful assistance rendered to the
farming and financial interests of the
state of Nebraska by the Hon. Eugene
Meyer, Jr., chairman of the War FL
nance Corporation of the United
States, also the untiring efforts of the
state committee, through whom mil
lions of dollars have been loaned in
Nebraska on liberal terms to the great
benefit of our farms, livestock dealers
and financial institutions"
The home state of William Jennings
Bryan expressing contentment and
gratitude to the United States treas
ury and to the bankers for averting
conditions that promised to duplicate
the early nineties is an extraord.-
narily novel performance
Reversal of Conditions.
There can be no doubt of the re-
versal of conditions, and no doubt that
the loaning of money by the govern
ment enabled hard-pressed owners of
commodities to hold their commodities
off the market.
This in turn resulted in the cessa-
ton of panicky prices, what now re-
LudlHS lU De seen Is whether lno ln1QS
that has taken place has been merely
the saving of owners of commodities
for being compelled to part with their
goods at low prices throrth the pres
sure of banks holding their notes.
Whether this is all that has hap
pened or whether we are to have a re
sumption of business activity does not
matter greatly in a political sense.
The panic has been averted and that
he state of mind has been changed
admits of no doubt. The Republicans
aiken the credit for this and hope,
with much justification, that it will
help them in the elections
Due to Farm Bloc.
In point of fact, however, some of
he party managers who now exult
,ver this performance were among
hose who were most dismayed when
I was first proposed by the farm
bloc. 1t is the larm bloc members
'ather than the more orthodox Repub-
lean managers who have really pre-
rented what would otherwise surely
lave been a debacle for the Repub-
lean party in the farming districts.
To what extent the change in the
arming districts will be duplicated in
he manufacturing districts is the
hing that is now, with good reason.
worrying the Republican leaders.
Copyright 1922 by the New York
Evening Post. Inc.)