Free trader-journal and Ottawa fair dealer. (Ottawa, Ill.) 1920-1927, 1922-01-25
FARM CONFERENC
ON BUSINESS BASIS;
LOANS ARE DEBATED.
AGRICULTURAL BLOC IN SENATE
UNDER FlRE-uRGe FINANCIAL
BACKING F r o N COMMODITY
LoANs-ARMouR MEETS COM.
MITTEE.

Washington, Jan. 25.--The national
agricultural conference got down TO
work Tuesday when committees ap
pointed at the opening session held
their first meetings.
The morning was given over TO adj
dresses by Eugene Myer Jr, manag'
ing director of the War Finance Cor
poration; G. f. Warren OF Ithaca, n.
Y, who has just completed a study
Of European conditions; w. {. Nit
chell, New York, economist, and Her
bert Myrick of Springfield, Mass,
Mass, editor of Farm and Home. An
other open session is TO be held to.
morrow morning.
Some signs of differences appeared
after defeat today of motion by j.
s. Wanamaker of South Carolina for
appointment of a committee on reso'
buttons. This was defeated on the
ground the committees already APP
pointed were expected to consider
resolutions.
Mr.. Wannamaker issued a formal
statement later, attacking the con
ference charging about all farmers
and farm leaders have to do in this
conference is to shake hands with the
President, meet some official digna-
taries, partake of little ice cream
and cake and then go home"
He was confident" he said, il was
the purpose of those responsible for
the conference TO destroy the farm
bloc"
"The Presidents address in opening
the conference" he added, indicated
clearly that such was the purpose.
Committees, in organizing today,
provided in many cases for distribut-
ing subjects before them to sub-com'
mittees.
One question in which delegates are
as a whole interested is that OF com
modify financing. One member OF
the committee on agricultural credit
and insurance, which has this subject
under consideration, suggested that
plan probably could be worked out to
provide for commodity loans running
from six months to three years.
His proposition would provide for
warehousing, grading and inspection
Of commodities, Endorsement of com
modify paper presented by farmers
by their local banks and the handling
of this paper through the Federal
Farm Loan Bank system. which either
would discount it through the Federal
Reserve system or issue dehentureS
against the loans in the form of Ger.
tifcates of Indebtedness to be sold on
the open market.
The committee also has at its dis
posal the report of the joint con-
gressional agricultural inquiry com
mission recommending an intermedi-
ate form of credits which would give
the agricultural producers working
capital.
Live stock producers, under one
plan under consideration. would have
their paper discontinued by loal banks
and rediscounted by Farm Loan
banks through the Federal Reserve
system. On other commodities one
plan would have loans made direct to
farmers through cooperative loan as
sociations, the commodities being
covered by proper warehouse receipts.
J. Ogden Armour Chicago packer
met today with the committee on agri'
cultural research and education and
their report, it was indicated, proba.
bly, would point out that while further
research along all lines is needed,
special attention should be directed
along economic lines.
Proposals already put forward in
the conference to indorse Henry
F'ords offer for Muscle Shoals and
completion of the st. Lawrence-Great
Lakes waterway project are expected
to be considered by a subcommittee
oF tho fra pcnort ation committed