The Holly chieftain., 1922-12-14

problem, Mr.. Harding proposes that
the railroad labor board be abolished
with the substitution of labor divi-
mission with ample power to require
its rulings to be accepted by both par
ties to disputed question. The ex-
ecutive also proposes that the law re-
quire the carriers and their employees
to institute means and methods to ne
gOtiate between themselves their con-
stantly arising differences, limiting ap-
peals to the government body to dis
putes of such character as are likely
to affect the public.
Calls Attention to Readjustments.
The President began his address by
calling the attention of Congress to
general world conditions, which, he
said, still were seriously disturbed as
Il result of the war. He asserted that
"the inevitable REIMBURSEMENT of the So
cial and economic order is not more
than barely begun" and continued:
"There never again will be precise
ly the old orde:; indeed, know of no
one who thinks it to be desirable. For
out of the old order came the war it.
self and the new order. established
and made secure, never will permit it's
, recurrence.
at is no figure of speech to say we
have come to the test of our civlliza-
tion. The world has been passing-is
today passing-through great crisis.
The conduct Of war itself is not more
difficult than the solution of the prob
lens which necessarily follow. l am
not speaking at this moment of the
problem in Its wider aspects of world
rehabilitation, or If international re-
lationships. The reference is to our
own social, financial and economic
problems at home. These things are
not to be considered solely as problems
| apart from all international relation
ship, but every nation must be able to
carry on for itself, else Its information
| nj relationship will have scant Import
ance.
Doubtless our own people have
emerged from the World War tumult
less impaired than most belligerent
| PoNVAoS pAooubiy We haNC AiaAC thi
er progress toward reconstruction.
Had we escaped the coal and
railway strikes, which had no excuse
| for their beginning and less justifica-
ton for their delayed settlement, we
should have done infinitely better. But
labor was insistent in holding to the
war heights and needless forces of re-
| %h1
both were wrong.
! Rail Strike Hurt Agriculture.
''The railway strike accentuated the
difficulty Of the American farmer. The
| first distress of readjustment came to
the farmer, and it will not be read
justment fit to abide until he is re-
lieved. The distress brought to the
farmer does not affect him alone. Ag-
ricultural i'll fortune Is national Ill
! fortune.
"This Congress already has taken
cognizance of the misfortune which
precipitate deflation brought to Amer
lean agriculture Your measures of re-
lief and the reduction of the federal
reserve discount rate undoubtedly
saved the country from widespread
disaster. The very proof of helpful
ness already given is the strongest ar
gument for the permanent establish
ment of widened credit, heretofore
temporarily extended through the War
Finance Corporation.
Enlarge Scope Of Farm Loan Bureau.
"The farm loan bureau, which al
ready has proven It's usefulness
through the federal land banks, may
well have its powers enlarged to pro-
well as enlarged land credits. 1t is en-
tirely practical to create division in
the federal land banks to deal with
production credits, with the limitations
of time so adjusted to the farm turn
over as the federal reserve system pro-
vides for the turnover in the manufac-
turing and mercantile world. Special
provision must be made for live stock
production credits and the limit of land
loans may be safely enlarged. vari-
Gus measures are pending before you
and the best Judgment of Congress
ought to be expressed in prompt
enactment at the present session.
Appeals for Treaty Ratification.
"But American agriculture needs
more than added credit facilities. The
credits will help to solve the pressing
problems growing out of war-inflated
land values and the drastic deflation
of three years ago, but permanent and
deserved agricultural good fortune de-
pends on better and cheaper transpor-
tation. Here is an outstanding prob
lem demanding the most rigorous con-
sIderation"