Omaha daily bee., 1922-04-15
SAYS Production
Is Lesser Problem
Of Agriculture
Merton /. Corey Outlines
Farmers Needs at Assie
Commencement
Exercises.


Lincoln, Nsb., April ll,-tspe-
eial)-Not production, but market
ing and finance arc the great prob
lens OF American agriculture. Mef-
ton l.. Corey. general attorney OF the
Federal Land Bank Of Omaha. de-
eiared in an address al the conf
mencement exercises OF the college
Of agriculture here tonight,
Scientific soil culture alone cans
Eot make farming successful" he
said The problem OF farm finance
directly controls the success or fall
ure OF farming operations. With all
the skill aud learning which may be
applied TO the soil, the work can
not prove profitable unless the iarm-
cr comprehends the financial man
agement ol his business. II is not
enough 10 grow big crops, good
cattle. heavy hogs: the farmer must.
ior the commodity he produces. get
a fair measure OF profit. Bankers
and business men lie awake nights
IN considering the question OF H.
RANGING their business or banking
operations. The capital investment
on the average farm in Nebraska is
often greater than that OF the small
town bank. at which the farmer
transaeis his banking business. and
the merchandise store, at which he
buys farm necessities. Bankers and
business men appreciate the inn
poriance OF low interest rates, the
buying OF stock at the right time, the
selling upon the best market, the
assurance at all times that the daily
operations OF the bank or business
shall represent fair margin of
profit TO themselves. The farmer
must do the same.
COOPERATIVE Marketing Good.
1T is an appreciation OF this situa-
ton which has called into being,
during the last decade. the many
farmers cooperative organizations.
For all such organizations, which
shorten the route between the pro-
duccr and the ultimate consumer,
with resulting profit both TO the pro-
ducer and to the consumer, there
can be no legitimate criticism. CO.
operative marketing has unqucstion-
ably resulted in giving the farmer
better prices for the things he raises
mot an unfair price. but fair
price, and it has, therefore. been
boon to agriculture as well as to
business generally.
1--WE can. by legislation. provide
a better field for the working out
OF economic laws. we can postpone
their disastrous operation; we can
furnish to industry and agriculture
stay Of execution whereby more time
and scope is given for the working
out through orderly processes Of
production and industry OF the
remedies which always harmonize
with the inexorable laws of nature
and political economy. 1t is legisla-
ton OF this kind in which we must
be interested, not legislation which
unnaturally seeks to change the
course of these economic laws.
Champions Farm Bloc.
Politicians, business men and
statesmen are alive to the necessity
of giving increased relief to agricul-
ture. One of the most potent
agencies in directing public atten-
ton to the agricultural situation in
the middle west was the much-dis-
cussed farm bloc in congress. A
bloc in congress is not an unusual
thing; the only unusual thing about
the farm bloc is that they were not
ashamed to speak openly OF the in
tercsts they represent. We have
had other blocs in congress-we
doubtless have them now. They Sc
cretly represent distinct phases OF
our business and industrial life, too
often with singleness Of purpose
which is not compatible with the
public interest. The farm bloc meas
ures head and shoulders above
blocs Of that selfish character.
when we were at the peak OF
the crisis, in midsummer Of last
year, this bloc was largely respon-
sible for the forcing through con-
gress OF the amendment to the War
Finance corporation act, which. in
six months time, placed $l2,OOO,OOO
in the country banks Of this state to
be loaned to those engaged in agri-
cultural enterprises, and atotal of
over $250,00O,0OO in other agricul-
tural districts. This money came at
time when farmers were being
forced to liquidate their products
upon a depressed and Improbable
market, at time when bank re-
serves throughout the state were
sadly shattered; at time when bus
mess was in the slough of despair.
This money, coming at the time it
did. furnishing these additional cred
it facilities, enabled the farmers to
hold back their products and permit-
ted of more orderly marketing
generally throughout the state. This,
changed condition was almost mn
mediately reflected in a slow but
certain increase in farm commodity
prices. We are greatly indebted to
the farm bloc for this and other leg
islation which brought substantial
relief to depressed agriculture.
Two Credits Available.
There are now two classes OF
credits available to the farmer and
it is quite probable that a third
class will be added by the present
congress. Today the farmer can
borrow on six months paper. This
is the sort of paper the country bank
has held through this dehation pro-
cess. 1t is this kind OF paper which
has caused the farmer the most dis.
tress because he was called upon tc
hquidate at most unhappy time. Il
has also caused what is known as the
seasonal glut. Seventy-fve and 80
per cent of the crops are marketed