The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-01-24
NEED ENTIRE new CODE
Need for New General Under
standing Is. Emphasized.
Railways and Waterways Must
Be Developed More.

Washington, Jan. 24.-Developmenu
of a thoro code of law and business
procedure. with the proper machinery
of finance, to assure the farmer as
generous a supply of working capital
on as reasonable terms as is granted
to other industries. was advocated
here today by President Harding IN
opening the National Agricultural cor
ference Monday.
can industry" the president sale,
more vital than any other in which
near half the nations wealth is in
vested can be relied upon for good Sc
curity and certain returns
Declaring that on the matter OF
what may be called fixed investmen-
capital the disadvantage of the farm
err so impressed public opinion thar
the federal farm loan board was es-
tabHshed to meet the need, the presl-
dent said the farmer still needed some
provision for supplying him with
working capital.
Must Copy European Plan
? Compared with other Industries"
he continued. the wonder is that az
rieulture thus deprived of easy access
to both investment and accommoda-
ton capital has prOspered even so
well"
The lines on which financial support
of agriculture may be organized. Mr..
-
plan of the federal farm loan board
and in these rural advance societies
which have been so effective in some
European countries.
THE cooperative leaning associa-
lions Of Europe have been effective in
centives to united action by farmers -
he continued and have led them di-
rectly into cooperation in both pro-
duction and marketing which have
contributed greatly to the stabiliza-
ton and prosperity of agriculture"
Whether these organizations are
. considered as means to buying the
farmers requirements in cheaper
market the president asserted, or to
selling his products in a more remu-
nerative one, the conclusion in all
is as good a business man as any other
II he has the chance.
Need Better Loan Facilities.
The manufacturer Mr.. Harding
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 obi cations. On the other
hand, he continued. the farmers turn
over is d long one. from year in most
crops TO sometimes three years in the
cattle Industry
Yet the farmer is compelled" he
capital, to borrow for short periods, tc
renew his paper several times before
his turnover is possible and to take
the chance that if he is called upon
-untimely to pay off his notes, he may
be compelled to sacrifice growing
crops or unfinished livestock. OBJ
viously the farmer needs to have pro-
Visions adapted to his requirements
for extension Of credit to produce his
working capital"
The president told the conference
that concerning the grim reality OF
the present crisis in agriculture there
can be no difference of opinion among
informed people"
The depressions and discourage.
tments,' he continued, ARE not pecu-
liar to agriculture and 1 think it j:
fair to say there could have been NJ
avoidance of a great slump from war
time excesses to the hardships of re.
adjustment. We can have no heIpfu
understanding by assuming that agri.
tculture suffers alone. but we mal
fairly recognize the fundamental diff.
ficulties which accentuate the ag1.i.
cultural discouragements and menace
the healthful life of this basic and ab.
solutely necessary industry"
Farmers Are IndividuaIistic.
The farmer the president declared
from the very made of his life is in