The Cook County news-herald. [volume] (Grand Marais, Cook County, Minn.) 1909-current, 1922-01-12
FARM BLOC SERVING s,>, : z%
= WHOLE, NATION, SAYS s.5
) + - ~ BUREAUS PRESIDENT
Howard Defends Agricultural Group
In Opening Session Of State =. :
Federation Convention

st. Paul. Jan. 9.-The agricultural
bloc in congress is working for the
best interest of all citizens, without
selfish motives or secret dealings,
James R. Howard, president of the
American Farm Bureau federation,
said in his address at the opening
session of the Minnesota Farm Bu-
reau federation's third annual state
convention here
For the first time, Mr., Howard dis
closed that the agricultural bloc was
organized in the Washington office
Of the, farm bureau federation, in an
effort to force the passage Of con-
structive legislation Ito save not only
the farmer but the industries of the
whole nation" The farm bloc is rest
ponsible for practically every piece
of constructive legislation enacted in
the last six months, he declared.
Mr.. Howard's address was devoted
to vigorous defense of the agricul-
tural bloc. Insisting that the bloc is
mot menace, but natural asset"
he said that there have been "blocs
galore without selfish motives and
in the interests of all citizens'
The American Farm Bureau asso-
citation deplores conditions that make
bloc legislation necessary, he said. No
organization he said has been more
pronounced in it's opposition to class
legislation or development Of class
consciousness. The federation never
has advocated and rever will advo-
cate a policy that is not for the we'll
being of all Americans" he declared
|. With Mr.. Howard on the program
of the first day Of the convention
were Congressman Sydney Anderson
chairman of the joint congressional
commission investigating agricultural
conditions; Mrs. Ellsworth, an Iowa
farmers wife; Governor J. A. O..
Preus and w. C. Coffee, dean of the
college Of agriculture. The first days
sessions were at University farm,
where the day was. Get. aside as Min
nesota Farm Bureau Federation Day"
Of Farmers and Home Makers Week.
Sessions during the remaining two
days of the meeting were scheduled
for the state capitol.
! Present banking machinery is not
adapted tothe farmers requirements, y
!. Congressman Anderson told the farm
!, bureau delegates, summarizing the
finding of the congressional commits
sion. #.
''The fundamental requirement of
agricultural credit is that the note or
obligation must be CT such maturity
that when it becomes due it can be
paid, not by making another note, but
out of the proceeds of the farm. That
requires. longer period of maturity
than the six months which is now
allowed in; the case of paper discoun-
ted with the Federal Reserve bank
We must find some means to make it
possible for the farmer to get pro-
! duction credit Of a sufficient. length
of maturity that he can pay the note
when it becomes due out of the pro-
ceeds, Of the farm. That means paper
running from six months to perhaps
three years! The principal reason
which prevents bankers from taking
paper of such maturity now is that
there@is no way by which the banker
can get the money from paper. if it
becomes necessary for him to get it
bfore the paper. comes due. So long
as the bnkers finds it impossible to
get money ION the paper before ma
turity if he needs It, he is going to
be unwilling to make loans for that
lengt Of time, g. 4 a5 = Il. III:
ITO meet this situation it is neces-
essary TO provide . facility through
which this paper Of longer maturity
sary; to provide a facility through
can be discounted SO that the banker
can raise the necessary cash if he
can aise the necessary cash if he
needs it. There are three ways BY,
which that can be dome One is to:
create III the Federal Land banks
la Farm Credit depar rttnent. Another
rs to create an entirely new agency,
and another way IS to mod the
War finance orporation il such q
way as to enable u to do that sort
Iof busines N own jltl nnent about
fIitt it is that the fairestt plaI, isI tos create
ia the Federal 81 and banks . Farm
Credits departlnen having authority
% discount for bal md na4
tionaI incorpor ated livestock assoeia-
tions all banking instit,1t ions paper
Of tfhiis charactter This paper could
| be made the basis IS an Issue of
/ short me 81, sllelbent lures just 81 farm
Il i NOR tgages are now raasle tbs basis