The weekly times-record. (Valley City, N.D.) 1912-1922, 1922-09-21


the capital of the farms but yields a
return of about $40 900 100000. The
re-discounts of the Federal Reserve
Bank amounted to $4,000, 000, 900,
and of this agriculture received ID
percent; manufacturing Fl per cent,
merchandising 26 percent, speculation
and misc. 20 percent. When we real
ize that of the primary deposits in all
of the banks in the United States ag-
riculture furnishes approximately 80
percent, labor 20 percent, and all 9TH
err business 80 percent, it can be read
lily seen that agriculture is entitled to
more than merchandising and manu.
featuring combined and should have
received $1,000, 900, 900, but instead it
only got So: 900 100000. If the manu-
facturer or the merchant was entirely
unable to secure necessary loans, he
would be forced to sell his merchan-
disc about the same as the farmer is
and receive whatever the purchaser
would pay, Notwithstanding the farm
err has the best security of all that is
offered in the market. During the
past six years since the Farm Loan
Act was passed by the Federal Gov
eminent, there has been loaned to
farmers of the entire country only
$573, 668,713 which is an insignificant
amount compared with the needs and
the value of the security.
In this connection, it is absolutely
necessary that there be fixed a stand
ard grade for all grain recognized
everywhere in the United States. The
only effectual method Of fixing the
grades of grain is thru the Federal
Government. If state should at
tempt to fix a different standard than
that fixed by the Federal Govern
ment, it will be necessary to sell the
grain under the standards fixed by
the Federal Government and this COM
plication shows the impracticability
of such an effort.
1t is of the greatest Importance to
the farmers of this state that Federal
aid be invoked with reference to the
grading and inspection of potatoes
There should be North Dakota men
commissioned as federal agents at
different shipping points in the state
of North Dakota who would examine,
test and grade the different ship
ments of potatoes and the farmer
would know that this would be the
grade that would be received by him
wherever his potatoes were shipped
The potatoes produced in North Da-
kota have attracted the attention OF
{ the entire country and are sold IN
! many markets at a premium.
While considerable relief has come
to the farmers of North Dakota thru
the Federal Rural Credits Act as well
as from loans made by Farm Loan
Department of the Bank of North Da'
kota what has been done is only the
beginning. Agriculture should moi
be expected to pay higher rates Of in
! terest than other industries and, II
fact, considering the safety Of the Sc
curity, lower rate of interest shoulc
prevail. There is no security except
a government obligation that car
compare with the security of a farm
mortgage. The large industries pu
their paper on the market PRACTICAL!
unsecured and if large corporation
such as railroad secures it's bonds
by mortgage on the road or equip
ment, the numerous complicated fac
tors and the expense of a receiver
ship should the corporation be unable
to pay it's obligation, makes it diff
cult for the individual investor to fee
as secure with these investments a:
a farm mortgage.
Some progress has been made b!
the Federal Government with refer
ence to extending credit to farmer
on stock and produce. 1t has beer
the aim of those interested in Legls
lation to encourage diversified farm
ing and stock raising. While LOAF
of six months or year is of import
ance to holding the crop, the LOAF
must be two or three years to farm
err who is interested in getting start
ed in the dairying or stock raising. l
farmer is advanced money and buy
the stock on a loan Of one year, it viii
be necessary for him to sell the stoci
in order to pay the loan, but If ne
given several years, he will be able t.
get sufficient returns so as to pay nj
loan from the increase and retain nj
capital. :,
AS long as protection is the estab
Ished principle, the farmers is EMIT
led to the same consideration as tn
. o+bor oroat Industries of the natlO