The New York herald., 1922-01-24
VAST FARM UPLIFT VITAL
TO NATION, URGES HARDING

OQS OF ittISeT luleETdtlOn ana WiucI
cooperation might not well be pro-
jected into times of peace. The need
of better financial facilities for the
farmer must be apparent on the most
casual consideration of the profound
divergence between methods OF financ-
ing agriculture and other industries.
The farmer who owns has farm Is
capitalist, executive and laborer all
in one. As capitalist he earns the
smaller return on his investment. AS
executive lie is little paid and as la
borer he is greatly underpaid in COM
parison to labor in other occupations.
There IS much risconception re-
garding the financial status OF agri-
culture. 1t the mortgage indebted
ness of farms shows, over given
neriod. a marked tendency TO increase.
ihe fact becomes occasion for con-
corn. If during the same period the
railroads. or the great industries con-
trolled by corporations. find them
selves able TO increase their mort
gage Indebtedness by dint OF bond
issues. the fact IS heralded as evil
dence OF better business conditions
and OF capitals increased willingness
10 engage In these industries and thus
insure larger production and better
mechanism of finance and the precon-
oeptions OF the community are united
in creating the impression that easy
access to ample capital is a disad-
vantage TO the farmer. and an evil
dence os his decay in prosperity
while precisely the same circun-
starces are construed, in other in
custries. as evidence OF prosperity
and Of desirable business expansion.
Urges sound Finance.
In the matter OF what may be called
fixed investment capital the disadvan-
tage OF the farmer so strongly i'm
pressed public opinion that n few
years ago the Federal Farm Loan
Board was established to afford bet
ter supplies OF capital for plant In
vestment and to insure mod crate In
terest rates. But while unquestion-
ably farm finance has benefited the
board has thus far not extended Its
operations to the provision OF work.
ing capital for the farmer as distin-
guished from permanent investment
In the plant. There should be devel-
oped a thorough code OF law and busi-
ness procedure. with the proper ma
chinery OF finance. through some
16thNg. " Cdpi-
tai shall be as generously supplied to
the farmer and on as reasonable
terms as to other industries. An IN
dustry more vital than any other. in
which near half the nations wealth
is invested. can be relied upon for
good security and certain returns
In the aggregate the capital indebt-
edness of the country's agricultural
plant is small. not large. Compared
with other industries the wonder is
that agriculture, thus deprived of easy
access TO both investment and accom-
mediation capital. has prospered even
so we'll.
Points to Methods.
The lines on which financial sup
port Of agriculture may be organized
are suggested in the plan of the Fed
eral Farm Loan Board. and in those
rural finance societies which have been
so effective in some European countries.
The cooperative loaning associations
OF Europe have been effective incent-
ives to united action by farmers and
have led them directly into coopera-
tion in both production and market
ing. which have contributed greatly to
the stabilization and prosperity OF
agriculture. Whether we examine the
{ cooperative societies of Russia, now
recognized as the most potent support
in that disturbed country for orderly
society, or whether we turn to the
great and illuminated cooperative as
sociations which have strengthened
the California agricultural industries:
whether we examine the cooperative
societies OF Ireland and Denmark or
the like organizations which handle
the potatoes OF Maine or the canta-
loupes OF Colorado; whether we con-
slider these organiza tions as means to
buying the farmers requirements in
a cheaper market or to selling his
products In a more remunerative one,
the conclusion is in all cases the Same.
IL Is. that the farmer is as good a
business man as any other when he
has the chance that he is capable of
organization. cooperation and coordi-
nation: that he will apply sound meth
DDS to his business whenever no has
the chance: that his credit can be
better established. his particular needs
OF capital on terms suited TO his re-
quirements can be met; that, these
things accomplished. he ceases to be
an underpaid laborer. an unpaid ex-
ecutivc. and n capitalist with an un-
remunerative investment.
1T cannot be too strongly urged that
the farmer must be ready to help him
self This conference would do most
lasting good if il would find ways to
impress the great mass OF farmers to
avail themselves of the best methods.
BY this I mean that. in the last
analysis. legislation can do little more
than give the farmer the chance to
organize and help himself
Take cooperative marketing. Amer
lean farmers are asking for. and II
should be possible to afford them.
ample provision of law under which
they may carry on in cooperative
fashion those business operations
which lend themselves TO that method.
and which. thus handled. would bring
advantage TO both the farmer and his
consuming public. in countries where
these facilities and opportunities have
been afforded such cooperative organ
izations have been carried 10 the high
est usefulness and are recognized as
aiding both farmer and consumer.
They make the farmers selling pr'to
higher and the consumers buying
price lower.
Counseis Organization.
But when we shall have done this.
the farmers must become responsible
for doing the rest. They must learn
organization and the practical pro-
ceduree OF cooperation These things