The evening herald. [volume] (Albuquerque, New Mexico) 1914-1922, 1922-01-22

VTNNNITENN WrUT0N % 500 VUTN WTUNU WTWH0U 10 Inc TWTNgrWN
and u,cfuncs, of the Federal Reserve system in the senate bill
originating in the agricultural bloc to require appointment of
q dirt farmer IN the place of the governor of the board. W. g. p.
Harding. Perhaps there Is although Arthur brisbane insists that TINS
opposition TO the bill is the same old attitude Of the financial mind
that expects the farmer TO 10 all the work. produce an the food. take
all the bad years and hard luck and keep cheerful about IT, Perhaps
that view is true. also: Although If this country had followed Bris-
haues financial theories 70 any extent IT. would have been n a worse
mess that that left by tn, war.
II does seem certain that if the farmer a, one industrial class
i, 10 be- guaranteed representation ou the Federal Reserve board.
labor may justly make a similar demand and likewise the manttac-
the view Of the advisory council of the federal reserve board which
has thought the situation sufficiently serious to send Il memorial to
the president about it,
IF POLITICAL pressure or the interests Of a single class,
says the Council. be it the farmer. laborcr, big industry or
capital-are ever permitted to dominate the Federal Reserve
System. il will become the grayest mcnarc 10 the future of
the United State. If tho Federal Reserve System is surrcn-
dered to political domination, history will repeat itself and,
from the greatest blessing that this system is today, 1t Will
turn INTO "a curse.
The couneil Processes 10 see in this bill the opening wedge which
may make the federal reserve board "a football of political demag
a, @ financial buIwark. opening the way eventually to the promotion
Of uusouud schemes of currency aud fiHIco which periodically sweep
the country with their appeal.
The fact remain that the relation between the reserve system
and the farmer are unsatisfactory 10 the latter at this time Its in
alequacps u the farmers service AT present are admitted Not more
than half of the banks which serve farmers are members Of the ss.
tenn The farmer credit facilities are 80 restricted as 10 put him into
a restricted class SO far as credit is concerned Whether III" enforced
prcscuc. of q farmer ON the reserve board is going to help that sit
uatiou remains 10 be- seen. In the long run anything that tends 10
rmplr the stability and integrity of a national financial system will
hurt tho farmer along with every other class Of people. If this pro
process Of dcfation the farmer will be- mo- better off In the final re
suit. n Is To- boz hoped. for the farmer sake that the advocates of
lhN hH hh"" "hal lheN o." p" ama wa me W""''r> arc "'"n
The sincerity of both 10 desiring to help asrcuItur" back onto IT'S
financial feet is obvious
Perhaps the view expressed by some reporter, that a desire TO
not rid off Governor Harding has Influenced some advocates of the
bin. may be- correct. but the majority Of thinking men, in and out
of congress, want 10 help the farmer back 10 normalacy because it is
the one element essential to normalacy itself
The farmer to his eternal glory, in the face of all the fuss oeing
made about him and with 1927 crops worth three and a half billions
less than those of 1920. has planted only 5OOOO acres less of winter