The Bingham County news. [volume] (Blackfoot, Idaho) 1918-1930, 1922-07-07

be remedied; q National disaster
threatened. At the time the Agricul
tural Credits Act was passed, the
War Finance Corporation had staff
Of only some thirty employees; today
we have an organization Of some
three hundred and fifty employees;
we have established thirty three
agencies throughout the agricultural
districts, each in charge VI a splendid
committee of public spirited bankers
serving without pay; up to June 10th
we had approved 1850 applications,
with nearly $4,000 notes as collat-
eral, and had advanced 281 million
dollars to banks, financing institu-
tions, and cooperative associations
in 81 states. Where six months ago
agriculture was faced with distress,
disaster, even with ruin, now con-
ditions have greatly improved, a ser
ious disaster has been averted. and
the farmer is facing the future with
hope and confidence.
This remarkable change in con-
ditions was due entirely to the &C.
tivities Of the War Finance Corpor-
alton, but the Corporation undoubtedly
was large factor in averting the
threatened agricultural panic and in
restoring confidence and hope to the
farmer and the stockman. BY making
advances to extend to the banks,
they were enabled to carry their
farmer customers instead Of being
forced to call their loans. BY stopping
forced liquidation, the markets were
stabilized, and the farmers were able
to dispose Of their crops at reasonable
prices in an orderly manner. BY en-
abling stockmen to hold their herds
instead Of being forced to sacrifice
their breeders and immature stock, a
shortage in our future meat supply
was averted. BY enabling banks to
make new loans to farmers in order
to make their crops, the farmer was
given the opportunity to work Ut his
debts instead of being overwhelmed
by them. And, most important NJ all,
by giving the farmer helping hand
out of the slough Of dispondency, con-
fidence was restored and the way
paved for return of prosperity.
These results were only possible
through the assistance and cooper
alton of the banks and other financing
institutions. It would have been i'm
possible, even if It had been desirable,
to have built up new machinery to
reach the individual farmer in the
limited time available. The quickest
and best way to help the individual
was through his bank, and it would
have been impossible for the War
Finance Corporation to have carried
out the arduous duties imposed upon
it by Congress without the whole
hearted assistance OF the banking
fraternity. want to pay particular
tribute to the volunteer members Of
our committees without whose as
sistance it would have been impos.
sible to administer the Act. The mem,
bers of our Illinois Committee are az
follows:
J. F. Hager, of Chicago, Chairman
r. T. Forbes, Of Chicago, Vice-Chair
man.
Geo. H. Duncomb, of Chicago,
c. E. Estes, of Chicago,
William G. White of Peoria,
George E. Keys, of Springfield AM
e. z. Crabtree, of Jacksonville, a mem
Der Of the St. Louis Committee.
Drafted to meet peace-time crisi
giving freely of their time and abilit.
without pay, sacrificing their owl
private interests for the public we'll
fare. these men and their associates
on the other thirty-two committee
deserve the heartfelt thanks, no
only of the War Finance Corporation
but of every banker. farmer, and bus
mess man of the country Due large
ly to their cooperation, l believe j
is safe to say that the capital of tn
Corporation will be returned to tn
Treasury intact, with a return of in
terest on the money invested at leas
as great as the amount which tn
Treasury itself had to pay.
The emergency has brought to tn
public attention many interesting
problems relating to agriculture
financing which deserve the careful
consideration OF all bankers. l hav
time to touch briefly on only two o
them, With the unsettled condition
in our markets, both in this countr.
and abroad, we have begun to realiz
the Importance of the orderly market