Evening journal., 1922-11-16
MONEY FOR THE FARMER.

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1t ought not to be necessary for
political leads of the agricultural
bloc TO threaten to bludgeon farm
credits out of the shaken Congress
majority. Business sense admits
and common sense knows that if the
American farmer does not get ade-
quate financial facilities to raise his
crops and get them on terms suit
able to the nature of his industry,
the American public cannot get its
food supply at reasonable prices.
The question Is not whether the
country should stand behind the
farmer with legitimate banking sup
port; that is not debatable. Money
for the farmer means a square deal
for the farmer and wealth for the
nation. The question is what is the
sound method TO give the American
farmer the credit he must have for
his own sake and for the sake Of
the country.
The clear headed Eugene Meyer.
Jr., directing for the national gov
ernment the War Finance Corpora
tion, has repeatedly emphasized the
natural difference in the farmers
business from other business, thus
making it imperatively necessary for
the great banking machinery oper-
ating in the Federal Reserve sys-
TEN to shape itself to those differ
ences. not to expect the farmers
business, governed as It is by the
very laws of nature, to try to shape
itself to banking technicalities de-
vised and maintained for industry
and commerce on their very differ
ent bases from agriculture and stock
Because a farmer must wait a
year before he can turn over his
goods-market his crops-while a
merchant may turn over his goods in
thirty days and because stock
raiser may have to wait even longer
than the crop raiser to turn over
his is no reason, as Mr.. Meyer right
fully insists, why the farmer and the
stock raiser should be left high and
dry in their economic emergencies
by the regular banking operations
of the Federal Reserve system.
Either there must be some differen-
tiation within that system founded
on the inherent agricultural condl-
tions and agricultural necessities 10
take proper care of the farmer as
nroper care is taken of the manu-
facturer and of the merchant, or
some other banking machinery,
basically sound and wisely governed
must be put 10 the task OF solving
the problem ratonally and doing
what both agriculture and the coun7
try require mus { be done TO take
care of the farmer.
But. as Mr.. Meyer contends, 1t is
safer practice for the farmer and II
is sounder business for the Federal
Reserve system TO erect the essen
tIal machinery and provide the
needed service within the Federal
Reserve system than TO have set up 1
and fostered rival financial institu- !
ions or systems that will take away
rom the Federal Reserve system .
business that ought to>belong to It's
banks. while not doing for the farm
,r what he is entaled to have done
,or him and is going to have done
'or him.
Agriculture, in other words, does
rot require "dirt farmer" on the
Federal Reserve Board. 1t does not
REQUIRE special grants from the
United States Treasury. And "
.hould not require bloc bludgeons in
to protect its rights and
promote its interests in the financial
eats of the nation. 1t does need,
md It must have, a recognized es-
ablished place in the nations bank
ng field as bounded by the Federel
, -rrgfarn