Daily Kennebec journal., 1922-01-25
Farmer Conference
Committees Hold
Their First Meetings

| WASHINGTON, Jan. s7-1 lie
AGRICULTURAL conference, which was
opened here yesterday with an ad-
dress by President Harding got Gown
to work on details this afternoon
when the committees appointed at
! the first session held their first
meetings. The morning was given
over to an open session marked by
addresses by Eugene Meyer. Jr..
managing director of the war finance
corporation; G. F. Warren of Ithaca,
n. Y, who has Just completed a
study of European conditions; Wes-
ley c Mitchell, New York, economist
and Herbert Myrick of Springfield,
Mass, editor of Farm and Home. An
other open session is to be held to-
morrow morning.
| Some signs of differences in the
conference appeared after the defeat
today of a motion by J. S. Wanna
maker of South Carolina for appoint
ment of a committee on resolutions.
Mr.. Wannamaker issued a formal
statement later. attacking the confer
ence and declared: About all the
farmers and farm leaders have to do
in this conference is to shake hands
with the President, meet some of Of
fetal dignitaries, partake of a little
ice cream and cake and then go
home
He was confident, he said, that it
was the purpose of those responsible
for the conference to destroy the
farm bloc.
"The Presidents address in OPEN
ing the conference" he continued,
indicated very clearly that such was
the purpose"
A bloc has now formed within the
national agricultural conference
which is in session here. 1t is the
farm paper bloc" composed of edi-
tors of agricultural publications who
are attending the conference and was
organized at a meeting tonight ac-
cordng to Herbert Myrick Of Spring
field. Mass. The meeting it was said,
was attended by 60 editors.
The committees in organizing to-
day in many cases for distributing
tn subjects before them to sub
committees.
Probably one question in which the
delegates are as a whole interested is
that of commodity financing. One
momber of the committee on agricul--
tural credit and insurance which has
this subject under consideration sug-
cested today that plan probably
could be worked out to provide for
commodity loans running from SIX
months to three years. His proposl-
ton would provide for the warehous-
ing, grading and inspection of COM
modities. endorsement of commodity
paper presented by farmers by their
local banks and the handling of the
paper through the federal farm loan
bank system whicl: would either dis
count it through the federal reserve
system or issue debentures against
the loans in the form of certificates
of indebtedness to be sold on the open
market.
Tie committee also has at its dis
posal the report of the joint con-
Gressiona. agricultural inquiry COM
mission recommending an internedi-
ate form of credits which would give
the agricultural producers working
capital.
plan under consideration would pro-
vide their paper discounted by the
j local banks and rediscounted by the
i farm loan banks through the federal
reserve system. On other commodi-
ties one plan would have loan made.
direct to farmers through co-opera-
tive loan associations, the commodi-
ties being covered by proper ware
house receipts.
Proposals already put forward in
the conference to endorse Henry
Ford's offer for Muscle Shoals. and
completion of the ST. Lawrence
Great Lakes waterway project are
expected to be consido4E by a sub
committee of the transportation COM
mittee.
A movement to have the confer
ence endorse extention of the war
finance corporation by congress for
ANOTHER year was also already under
way.
Samuel Gompers, president of the
American federation of labor offered
resolution in the committee or ag-
ricultural and prices reductions to
declare that men engaged in the ag-
ricultural fields 'were entitled to
large reward for the services they
| give society"
Thomas Nelson Page. former am
bassador to Italy, told the committee
that farmers should not look to the
/ government for aid and adding that
all wars were followed by severe
agricultural depression.
Extensions of credit facilities to
foreign countries to enable them to
purchase surplus corn and oats was
recommended by Gov. McCray of
! Indiana, chairman of the sub-com-
mittec of the corn belt. A standard
warehousing system for the, tobacco
I belt was recommended by Leslie r.
Smith of Massachusetts,. a member
of the sub committee for the tobac-
co district Of the committee on
coss. prices and readjustments.