Omaha daily bee., 1922-01-24
Harding Boosts
Waterway Route
at Farm Meet
Declares Before National
Farm Congress Feasibility
of Lskes.,o-Sea Project
unqueslioned.

lnqucstioucu.
Washington. Jan, 2S,-feaslhllill
OF the 81. Lawrence Great Lakes wa
,erways project lis unqueslioned,
President Harding declared toda,
before the farms conference.
II have spoken" the president
said. 'oi the advantage which Europe
enjoys because OF us easy access 10
the sea, The cheapest aud suresl
transportation facility. In our own
country Is presented one OF the
worlds most attractive opportunities
Tor extension OF the seaways many
hundreds OF miles inland. The heart
of the continent. with lis vast re.
sources in both agriculture and in-
dustry, will be brought IN commune
cation with all the ocean routes by
the execution OF the 81. Lawrence
waterway project. To enable ocean
going vessels to have access 10 all
the ports OF the Great Lakes would
have a most stimulating effect upon
the industrial life OF the continents
interior. sg
Feasibility unquesdoned.'
"The feasibility OF the project is
unquestioned and its costs. compared
with some other great engineering
works, would be small. Disorganizcd
and PROSTATE, the nations OF central
Europe arc even now setting their
hands TO the development Of a great
continental waterway, which. con-
meeting the Rhine and Danube, will
bring water transportation from the
Black to the North Sea, from Medi-
terranean to Baltic. II na,ionalisiic
prejudiced and economic difficulties
can be overcome by Europe, they
certainly should not be formidable
obstacles 10 an achievement less cx-
pensive and giving promise OF yet
greater advantages to the peoples OF
North America. Not only would the
cost Of transportation be greatly re-
duced, but vast population would
be brought over night in immediate
touch With the markets of the entire
world."S
Development of thorough code
of law and business procedure, with
the proper machinery OF finance, 10
assure the farmer as generous sup
ply OF working capital OIL as reason
able terms as granted other indus
tries, was advocated by the president
An industry" he said. more vital
than any other, i'll which near half
the nations wealth is invested can
be relied on for good security and
certain returns"
Declaring that on the matter of
what may be called fixed invest
ment capital the disadvantage of
the former SO impressed public opin-
ion that the federal farm loan board
was established to meet the need,
the president said that the farmer
still needed some provision for sup
plying him with working capital
Compared with other industries"
he continued, "the wonder is that
agriculture, thus deprived of easy
access to both investment and &C
commodation capital has prospered
even SO well"
Lines on which financial support
of agriculture may be organized, he
said, arc suggested in the plan of
the federal farm loan board and in
these rural finance societies which
have been so effective. in some Eu-
ropean countries.
Farmers Co-Operatinq,
"The cooperative loaning associa-
tons OF Europe have been effective
incentives to united action by farm
ers," he continued, "and have led
them directly into cooperation in
both production and marketing,
which have contributed greatly to
the sterilization and prosperity of
agriculture"
The manufacturer, he said, whose
turnover is rapid. finds he can bor-
row 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 a year III most
crops to some times three years in
the cattle industry.
compelled to Renew.
"Yet the farmer is compelled" he
declared, IF he borrows his work.
ing capital to borrow for short
periods, Ito renew his paper, several
times before his turnnverais posi-
Bile and to take the. chance that if
he is caAed upon tif1tirnely to; pay
off his notes, he may be compelled
to sacrifice growing crops or I'M
finished livestock. Obviously, the
farmer needs to have provisions,
adapted I'd, his requirements, for ex-
tension Of credit to produce his
working capital, =
The president said that Concern
ing the. grim reality of the present
crisis in agriculture there can be
no differences of opinion among in
formed people
"The depressions and discourage
ments," he continued, "are not Pc
culiar to agriculture and think it
fair to say there could have been
no avoidance of great slump from
wartime excuses to the hardships
Of readjustment. We can have no
helpful understanding by assuming
agriculture suffers alone, but we may
.airly recognize the fundamental dif-
iculties which, accentuate the agri-
cultural discoufagements and menace
he healthful life of this basic and
absolutely necessary industry"
Farmer at Disadvantage.
The farmer, he declared, from the ,
iery mode OF his life is Individuals
ic and, therefore, because he buys
md sells as an individual it is his :
ate to buy in the dearest and sell I
n the cheapest market" He con-