Bisbee daily review., 1922-01-24
ABSTRACT OF HARDLNG'S tsADDRESS TO FARMERS

WASHINGTON, Jan. 23.-Develop- ment of thorough code of law and business procedure, with the proper machinery of finance, to assure the farmer as generous supply of work ing capital on as reasonable terms as is granted other industries, was adTo- cated here today by President Hard ing in opening the national agricul- tural conference.
 "An industry he said, more vital than any other, in. which near half the nations wealth is invested, can be relied on for good security and certain returns"
 Declaring that on the matter of what may be called fixed investment capital, the disadvantage of the for mer so impressed public opinion that the federal farm loan board vas es- tablished to meet the need, the pres ident said that the farmer still needei some provision for supplying him with working capital.
 Need For Cooperation Compared with other industries.' he continued, "the wonder is that agriculture, thus deprived of easy ac- cess to both investment and accom- mediation capital, has prospered even so we'll"
 hines on which financial support of agriculture may be organized, he said, are suggested in the plan of the federal farm loan board and in these rural finance societies which have 1 been so effective in some European countries.
 "The cooperative loaning assncia. tions of Europe have been effective c 1 incentives to united action by farm ers," he continued, ''and have led them directly into cooperation nboth production and marketing, which have contributed greatly to the sta bilization and prosperity of agricul ture.'
 Whether these organizations are considered as means to buying the farmers requirements in cheaper market, he asserted, or to selling his products in a more remunerative one
 'the conclusion in all cases is the same; it is that the farmer is as goot business man as any other if he has the chance
 The manufacturer, he said, whose turnover is rapid, finds he can bor row money. from the bank on shor time notes when he needs workinl | capital and his money will come bacl to him in time to meet his short tern obligation. On the other hand, h, continued, the farmers turnover is long one, from a year in most crop' I to sometimes three years in the cattl, industry.
 Admits Farmers Hard Hit "Yet the farmer is comDelled," h.
 declared, If he borrows his workin
 capital to borrow for short periods
 to renew this several times befor
 his turnover is possible, and to talk
 the chance that if he is called upo
 untimely to pay off his notes, he ma be compelled to sacrifice growth
 crops or unfinished livestocN Obv + ously, the farmer needs to have pro
 visions. adapted to his requirement!
 for extension of credit to produce hi 5 working. capital"
 The President said that "concerl D ing the grim reality of the preser E crisis in agriculture. there can be n differences of opinion among inform ; ed people,"
 "The Impressions and discourag
 ments," he continued, "are not pee, Her to agriculture, and I think it fa
 to say there could have been no avo
 ance of d great slump from war tim
 excesses to the hardships of readjus l.I ment. We can have no helpful unde , standing by assuming agriculture gu
 fers alone, put we may fairly reco ' 0ize Jne fundamental difficult,
 which accentuate the agricultural di
 arrangements and menace the healt