Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1922-01-28
HARDING GIVES VIEWS
ON FARM CONFERENCE.


dustries, was advocated here today by
President Harding in opening the Ma
tional Agricultural 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 aud certain re-
turns"
Declaring that on the matter of what
may be called fixed investment capital,
the disadvantage of the farmer 50 i'm.
pressed public opinion hat the federal
farm loan board was established to meet
| the need, the Presi.,enl said that the far
mer still needed some provision for sup.
plying him with working capital
Compared with other industries" he
continued, ''the wonder is that agricul
ture, thus deprived Of easy access to
both investment and accommodation
capital has prospered even 50 well
Lines 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 ruraI fin
ance socities which have been so efec
tive in some European countries.
The cooperative loaning associations
Of Europe, have been effective iucen.
tiyes to united action by farmers he
continued, "and have led them directly
into cooperation in both production and
marketing which have contributed great
ly to the stabilizatlon and prosperity Of
agriculture
Whether these organizations are con
sidered as means to buying the farmers
requirements in cheaper market, he
asserted, or to selling his products in a
remuneratiye one the conclusion 10 ali
cases is the same it is that the farmer
is as good a business man as any other
| if he has the chance"
The manufacturer, he said, whose
turnover is rapid, finds he can borrow
money from the bank on short time
notes when he needs working capital
and his money will come back TO him IN
time to meet his short term obligation
On the other hand, he continued, the
farmers turnover is a long one, from
ear n most crops to sometimes three
ears in the cattle industry
"Get the farmer IS compelled, he de-
cIared, 'if he borrows his working capi
tai to borrow for short periods to renew
his several times before his turnover il
possible and to take the chance that If
he is called upon untimely to pay of
his notes. he may be compelled to sacri-
flee growing crops or unfinished live
stock. Obviously, the farmer needs to
have provisions, adapted to bis require
ments, for extension of credit to produce
his working capital
The President said that concerning
the grim reality of the present crisis in
agriculture there can be no differences
of opinion among informed people.
The depressions and discourage
ments, he continued, are not peculiar
to agriculture and think it fair to say
there could have been no avoidance of a
great slump from war time excesses to
the hardships of readiustment. We can
have no helpful understanding by as
suming agriculture snders alone, but we
may fairly recognize the fundamental
difficulties which accentuate the agricul-
tural encouragement and menace the
healthful life of this basic and absolute
ly necessary industry
The farmer, he declared from the
very mode of his life is ndiyidualistic
and, therefore, "hecause he buys and
sells as an individual it is his fate to
buy in the dearest and sells in the
cheapest markets" He contrasted with
this the corporation, he said, which
could effect economics and acquire a
power in the markets by combinations
He declared there must be a new con
ception ,of the farmers place in the
social and economic scheme of the
country.
THE time is long past" he said,
when We may think of farming as an
occupation fitting for the man who is
not equipped for or has some how failed
at some other line of endeavor. The
successful farmer OF today, far from
being an unframed laborer working
every day and every hour that sun and
weather permit, is required to be the
most expert and particularly the most
versatile Of artisans executive and busi.
ness men
This conference was called /" he re.
minded the delegates, with the aim tc
bring about a better understanding oil
the critical situation now confronting
American agriculture" While under
standing that the conference is not leg
islative body, he added" we do n
fdently anticipate that the consi
deration here viii be helpful"
"rhe administration had been keenly
alive TO the situation, he declared, anC
had given encouragement and suppor
to every measure which it believed wal
/, caculated to ameliorate the condition o
agriculture. So long as the emergency
continues he said, it must be dealil
with as such but at the same time
"there is every reason for us to conside
those permanent notifications Of policy
which may make relief permanent, ma!
I, secure agriculture AS far as possibl,
against the danger that such condition
"A IN aud MI In IN
! dustry in irmest and most assured posi-