Albuquerque morning journal., 1922-12-09


ing at this moment of the problem
, in it's wider aspects of world re-
habjlitation or of international re-
lationships. The reference is to
our own social, financial and econ
omic problems at home. These
! things are lot to be considered
| solely as problems apart from all
| international relationship, but ev-
! cry nation must be able to carry
on for itself, else it's international
! relationship will have scant impor-
| tance.
Coal and Rail Strikes
/ doubtless our own people have
| emerged from the world war tu-
| multi less impaired than most bel
! ligerent powers; probably We have
made larger progress toward re-
! construction. Had we es-
capped the coal and railway strikes,
| which had no excuse for their be-
ginning and less justification for
their delayed settlement, we should
have done infinitely better But
| labor was insistent in holding to
the war heights and needless forces
of reaction sought the pre-war lev
els and both were wrong.
THE railway strike accentuated
/ the difficulty of the American
| farmer. The first distress of read
| justment came to the farmer, and
it will not be a readjustment fit to
abide until he is relieved. The dis.
] tress brought to the farmer does
not affect him alone. Agricultural
| i'll fortune is a national i'll fortune.
This congress already has taken
cognizance of the misfortune which
precipitate deflation brought to
American agriculture. Your meas
ure of relief and the reduction of
| the federal reserve discount rate
undoubtedly saved the country
from widespread disaster The
very proof OF helpfuIness already
! given is the strongest argument FOR
| the permanent establishment OF
widened credits, heretofore tempo
rarily extended through the war
/ finance corporation.
Farm Loan Bureau
THE farm loan bureau, which
already has proven its usefulness
through the federal land banks,
may well have its powers enlarged
to provide ample farm production
credits as well as enlarged land
credits. 1t is entirely practical to
create a division in the federal land
banks to deal with production
credits, with the limitation of time
so adjusted to the farm turnover as
the federal reserve system pro-
vides for the turnover in the man
11f IA f4t1t t4eir OF ~ l..
Special provision must be made
for livestock production credits and
the limit of land loans may be
safely enlarged. Various measures
are pending before you, and the
best judgment of congress ought to
be expressed in a prompt enact
ment at the present session.
But American agriculture needs
more than added credit facilities.
The credits will help to solve the
pressing problems growing out of
the war-inflated land values and
the drastic deflation of three years
ago-but permanent and deserved
agricultural good fortune depends
on better and cheaper transporta-
ton. Here is an outstanding prob
lem demanding the most rigorous
consideration of the congress and
the country.
Transportation Failed
In the last half of the year now
closing the railways, broken in car
rying capacity because of motive
power and rolling stock out of or
der, though insistently declaring to
the contrary, embargoed his ship
ments or denied him when fortu-
nate markets were calling. Too
frequently transportation failed
while perishable products were
turning from possible profit to
losses counted in tens of millions
Il know of no problems exceed
Ing in importance this one of trans
portation. We have built 40
per cent of the worlds railroad
mileage, and yet find it inadequate
to our present requirements.
When we contemplate the made
quacy or toGay, It IS easy to be-
lieve that the next few decades will
witness the paralysis of our trans
portatton-using social scheme or
complete reorganization on some
new basis"
"Manifestly we have need to be-
gin on plans to coordinate all
transportation facilities. We should
more effectively connect up our
rail lines with our carriers by sea-
We ought to reap some benefit
from the hundreds of millions ex-
pended on inland waterways, prov
ing our capacity to utilize as well
as expend. We ought to turn the
motor truck into a railway feeder
and distributor instead of de-
stroying competitor
Cannon BE Waived ASIDE
This transportation problem
cannot be waived aside. The de-
mand for lowered costs on farm
products and basic materials cam
not be ignored. Rates horizontally |
increased to meet increased out
lays during the war initiation are
not easily reduced. When some |
very moderate wage reductions
were effected last summer there
was a five per cent horizontal re-
duction in rates. ] sought at that
time, in very informal way, tol
have the railway managers go be-
fore the Interstate Commerce COM |
mission and agree to a heavier re-
duction on farm products and Goa
and other basic commodities, and
leave unchanged the freight tar
ifs which a very large proportion
OF the traffic was able to bear. |
Neither the managers nor the COM
mission saw fit to adopt tho sug-
gestion, so we had the horizontal
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