Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-01-23
HARDING, IN PLEA
FOR FARMER, ASKS
FOR BETTER CREDIT.
PRESIDENT ADDRESSES OPEN
ING SESSION OF NATIc NAL
AGRICULTURAL CONFERENCE
WANTS BETTER FACILITIES
FOR FlNANc CLING UNITED
STATES GREATEST INDUSTRY.

Washington. Jan. 23-Developmen'
CT thorough code Of law and bus;
ness procedure, with the proper ma
chinery OF finance, 10 assure the farm
| er as generous a supply of working
| capital on as reasonable terms as /,
granted to other industries. was adyo
Gated here today by President Hard
ing in opening the national agricul
tural conference.
AN industry the President said
more vital than any ether, in which
near half the nations wealth Is invest
ed, can be relied upon for good secur
ity and certain returns
Declaring hat On the matter o.
what may be called fixed investment
capital the disadvantage Of the farmer
so impressed public opinion that the
federal farm loan board was estaD.
li5hed to meet the need, the Presiden.
said the farmer still needed some pro.
vision for supplying him with work.
ing capital.
Has Done Well.
Compared with other industries, ''
he continued, the wonder Is that agri-
10 both Investment and accOmmOda
ton capital, has prospered even so
we'll"
Lines on which financial support Of
agriculture may be organized, Mr..
Harding said, are suggested in the
plan of the federal farm loan board
and in these rural finance societies
which have been so effective in some
European countries.
The cooperative lOaning aasOcia.
tions Of Europe have been effective
incentives to united action by farm.
ers,' he continued and have led
them directly into cooperation in beth
production and marketing which have
contributed greatly to the stabili.a
ton and prosperity of agriculture"
Whether these organizations ore
considered as means to buying tho
farmers requirements in a cheaper
market, the President ass serted, or to
selling his products in more re-
muneratiye one, the onclusion 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, Mr.. Harding
said, whose turnover is rapid, finds
he can borrow money from the bank
| on short time notes when he needs
working capital and his money viii
come back to him in time to meet
his short term obligation. On the
ether hand he continued, the farm
ers turnover IL a long one, from a
I.Jears in most crops to sometime.
three years in the cattle industry.
Forced to Make Short Loans.
Yet the farmer is compelled he
| declared, If he borTows his working
capital, to borrow for short periods
10 renew his paper several times be
fore his turnover is possible, and to
/ take the chance that if he is called
upon untimely to pay off his notes h.
may be compelled to sacrifice growing
crops or unfinished live stock Oh
yiCusly, the farmer needs to have pro
Visions adapted to his requirements
for extension Of credit to produce his
working capital"
The President told the conference
that concerning the grim reality o
the present crisis in agriculture there
can be no differences of opinion among
informed people"
The depressions and discourage
ments,' he continued, are not pecu
liar to agriculture, and ! think it fai,
to say there could have been no avoid
anCe of a great slump from war time
eXCeSses to the hardships of readjust
ment We can have no helpful un
Outstanding by assuming that agricul
ture suffers alone. but we may fairly
recognize the fundamental difficulties
which accentuate the agricultural dis
| couragements and menace the health
full life of this basic and absolutely
necessary industry
l. ts,rIt Il