Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1922-07-24
EpIsoN's LATEST SCHEME

EOISON'S Ia ES SChEmE
Thomas A. Edison has professed
that the federal Government should
build warehouses for storing farm
ers' crops and issue receipts, to be
used as a basis of credit.
Mr.. Edison presented the plan to
the Senate Agricultural Committee,
This committee recommended it.
The plan has since been submitted to
Andrew w. Mellon, Secretary Of the
Treasury, and to w. p. G.. Harding,
governor of the Federal Reserve
Board, both of whom concurred in
their approval.
One authority describes his plan as
follows:
His proposal provides for the Gre
alton Of federal warehouses, where
farmers products will be received
and graded, and receipts issued in
dicating commodity. quantity and
grade. Against these receipts. GER
tificates representing a substantial
part of the current market value are
TO be issued. These are to be dis
counted or handled like Government
currency. When the farmers acting
upon statistical information, sup
piled by the Government, decide to
sell their products, the receipts will
be withdrawn or transferred Upon the
removal Of the products and the GER
tifcates issued against them there
upon paid off or withdrawn
Herschel S. Jones of the New York
State Department Of Foods distinctly
favors the plan. Mr.. Jones adds that
the warehouses should be established
only near production districts and
also near large marketing areas" He
further says. which is perfectly true,
that following present established
customs. both wheat and cotton
quickly pass out of the hands of the
farmers after the harvest. Of course
the market goes to the lowest level.
After a few weeks the market rises
and speculation starts full swing"
The increased price is passed ON to
the consumer. Mr.. Jones also says
there is a great lack Of storage facil-
tiles in New York City. For instance,
there are not sufficient warehouses for
hay. II hay is shipped there to a
large amount, it has to be thrown on
the market at low price because
stora sc is exhausted.
John ]. Dillon. formerl. director Of
foods and markets CT the State Of
New York. now editor of the Rural
New Yorker. says that if the Gov
eminent adopts Edison's scheme it
should provide publicity Of details as
to amount in storage and amount
withdrawn. Properly informed,
public opinion would help promote
the scheme.
Others think that the initiative in
regard to adopting the warehouse
scheme should come from the farmers
and not from the Government. Dur
ing the war the Government was con-
tinually saying to the farmer DO
this. Do that" Now that the war is
over there is no necessity for Gov
eminent interference in the agricul-
tural industry. Farmers are perfect
ly capable Of standing on their own
feet and deciding for themselves what
they want to do. No doubt literature
ito the point" distributed among the
Oranges would be gladly received and
intelligently discussed. Uncle Sam
and the farmer ought to be the the
best Of friends; they have many in
terests in common.
W. H. Bullock. editor Of the Amer
lean Agriculturist. says that the best
part Of the scheme is the provision
whereby the farmer may acquire
loans on periods from six to ten
months.
Asher Hobson, professor Of market
ing. Of the School Of Business, CO.
lumbia University expresses the fol-
lowing opinion:
"There Is now a United States
Warehouse Act. What should be done
is to bring all the men now operat-
ing warehouses under this act. The