Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-01-21
WOULD HAVE BANKS MEET
FARMERS REQUIREMENTS
Joint Board of Agricultural
Inquiry Submits Report
to Congress.
CONDITIONS ARE REVIEWED
Statement Il Coupled with Criticism
of Federal Reserve Board's Policy
During Months Following Armis-
tice Regarding Credits.
tBy Associated Prcss.l

(By Associated Press.l
WASHING TON. Jan. e0.--Critlc;sm
OF the Federal Reserve Boards poll
icy during the months following the
armistice is coupled with recommen-
dations that existing banking ageu-
cies be adapted TO eet the credl, re-
quirements OF farmers in repor;
submitted to Congress today by the
joint commission OF agricultural in
quiry.
The report. the second OF series
from The commission OF which Repre-
sentative Anderson. Republican,
Minnesota. Is chairman. deals with
abnkinE and financial resources OF
the country. especially as affecting
agricultural Interests. It stresses the
Importance OF filling the gap be-
tween short and lang time terms.
and concludes that the present" gap
can be "encctivciy and safely"
hridged without the necessity OF es-
tablishinG any new or untried ma
chinery and without sacrificing any
ofthe fundamental principles upon
which both the farm loan system and
the Federal reserve system must
rest"
Rcncws tnnultfonS.
Reviewing conditions that have
confronted farmers since the war.
the report declares:
TT is the opinion OF the commits
sion that n policy of restriction Of
loans and discounts by advances IN
tho discount rates OF the Fedora! re-
serve banks could and should have
becn adopted in the early part %
1919. Notwithstanding the difficulty
which the Treasury Department an
ticipatcd in floating tho Victory loan
II suhc n policy were adopted.
1T is also the opinion of the COM
mission that. had this policy been
adopted in the early part OF 1919,
much OF the expansion. speculation
and extravaganza which character
tied tho postwar period could have
been avoided.
The commission also believes that.
had such a policy been adopted in
1919. tho difficulties. hardshins and
losses which occurred in 1?20-ol as
n result OF the process OF dehation
and liquidation would have been
diminished"
Want Credits Bcttcred.
The report summaries the commits
sions recommendations as to better
credit facilities for agricultural in
tcrests thus:
The commission believes that the
credit problem of the farmer can
best be met my adapting existing
banking agencies To his credit re-
duiremcnts. In meeting these re-
lie
without destroying their utility -.
;he purposes to- which they were
originally created. al. Q: the banking
agencies .: the Country c4aaa, ..
Used ~ adapting ;htra 70 re .A-u-
e.s' Requirements -A--e rsQul,.
:ueats E-e ~ c-sdi: .: suElcs.I.: uaa-
tu.!ty - make ;Ey-re-; possible >:
&: me ;i:1.seas %: re tsrm This
rrsras c-eGI; running :-um 81
-uor-:.s - :r.es y.p-s depending
G3ur ~ Is.l.-ac-.- q: -a4 coIumDdl-
LES - - I'-oducer and marketed.
= - rtEs us Grips a-z months NAV
- u su::. instances sufficient bu:
i, - ,fE. " NV. s.ucE .nr=e yea:s
-lr "a ,e.-,z.et
gtp1d i-.Gis-urut Paper.
80 u,!:-:;-.agIuu proposes 3. Ioss,
= a.. :nrI-4, sinsr-s py lr:np- 1.:-
E-y y.sn.-.- .u,G pttr -1..uE1 /.
ss:z-ar. .,.,i.l-...-.,..si.. .-.el-.c -
t.- ...,-.,,-a,-.r -,..t-,t.., -
-r -..r- ...y,-, i, s-..-.
y-. "a, 49, r. ..~,.-.
-D'
S-fsf-s-f -A'Is "a
t;.T 80 80 i-s- * .asa;r.s
- SEQ -;-+: g+@-E q: rates
g 1is---- 81 - Sf.. u .a+ Fa-l-.
A@'.as. .a.;.i1'.'H, or