Grand Forks herald. [volume] (Grand Forks, N.D.) 1916-1955, 1922-03-01
Tells Grain Dealers of At
tempt to Put Through
Fixed Wheat Price.
SAYS FARM BUYING
POWER MUST RETURN
Secretary Lee Opposes mex.
perienced Politicians IN
His Address.


wheels of industry will never run
smoothly until the buying power OF
the farmer is returned to him." said
E. P. Page of Leeds. N. d., in an ad-
dress to the North Dakota Farmers
Grain Dealers association convention
here today.
Mr.. Page was delegate to the
recent agricultural conference at
Washington, and his address was de-
voted principally to his observations
there and the things the conference
accomplished for the farmers. Tn,
Sought Fixed Price
He went into detail about his ahhDrt
to induce the conference to 20 on
record asking congress to fix a price
for wheat, but soon learned that such
a thing would be Impractical on ac-
count of the opposition to it by the
cotton belt and tobacco and Wool SOC
tions. Delegates who thought that
if price was guaranteed for wheat
by the government, they would expect
a like consideration for their products,
Mr.. Page said he presented his argu-
ments before both the conference and
the house agricultural committee, but
that he could get no action in either,
despite the fact that CongressmeD
Young and Burtness of North Dakota
backed him up in the committee with
his request.
Wanted $1.as
Members Of the house committee
asked him what he thought would be
"a fair price for wheat, and he told
, local elevators. When Southern agri
cultural men Informed him that il
congress should fix such price they
would go into the wheat business as
they did during the war when the
government guaranteed a price, with
the result that there would be big
| wheat surplus in the country, mean
ing lower prices in the long sun.
| Mr.. Page, as q member OF the wheat
! com nittee OF the aSricu1fufafi cons
| ference, said he attempted to put over
a resolution calling for a reduction OF
Is per cent in wheat Acreage in order
to bring up the price, but that the
| committee and the conference reduc-
ed this percentage. thinking IS per
| cent production was too much.
I; Wallace Opposed
| Secretary OF Agriculture Henry
Wallace, with whom Mr. Page con-
suited on the question of acreage, op-
posed the Is per cent, reduction and
it was due to his influence, no doubt,
that the percentage was lowered. .a-,
Mr.. Page brought his address to- a
close with criticism of the federal
reserve bank and the farm loan bank
at St. Paul. He deprecated the sys-
tenn adopted by, the latter whereby
loans could not be closed until all the
interest defalcations are made good.
pointing out how the fact that if one
borrower falls down on his interest
number Of farmers seeking loans
will have to await until the defalca-
tons is made good. He said that
officials of the land bank explained
to him that such a thing was neces-
sary because the bank must sell bonds
! to make the loans, and it was neces-
sary that the interest be maintained
in order that the bonds be sold.
AS to the federal reserve bank. MI.
Page does not see the reason for the
creation of various governmental
agencies to make loans to farmers. He
said that the federal reserve bank
should be in a position to take care
of this business and that it should nod;
| have been necessary to call upon the
war finance corporation to help tho
farmers.
The speaker made plea for moro
liberal credit to the farmers by the
various banks of the state. pointing
out that unless they can secure better
credit it will be impossible for them
to do business.
He criticised the conditions last fall
when the banks pressed the collection
of their loans to the farmers, causing
the latter to harvest their crops at
an unusually high cost.
THE banks ought to accept the
farmers paper with more liberality
with regard to security" said Mr..
j Page. 2.
There should be a common inter-
est among all business nen to see
that the farmer gets fair prices for
his products. He cannot continue tc
buy goods as long as the prices he
receives for his products is lower
than his cost of production. The
wheels of industry will never run
smoothly until the buying powers o1
the farmer is returned to him."