Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1922-01-24

department made public information 1t
had gathered for possible use of the
conference, showing that the banks of
the United States had outstanding ap-
proximately $3,Ss9, ,891, ,415 personal and
collateral loans to farmers and $1,447,-
4S2, 1896 in farm mortgage loans at the
end OF 1920.
in all lines of business" the secre-
| tary declared in statement, I'VE find
predatory individuals who seek oppor-
tunities to take advantage of the mis-
fortune of others. We expect that
from men Of a certain type, but it is a
real regret to note that the same sort
Of thing is now being done by some in
surance companies and farm mortgage
loan companies of which we have a
right to expect a higher code of ethics
These charges, he added did not ap-
ply to all companies making loans to
farmers, for some, he said, were doing
the right thing and helping the farm
ton. Others, however, Mr.. Wallace as
serted emphatically, ARE taking ad-
vantage of the farms distress to heart
lessly extort a rate of interest and
terms of loan which cannot be justi-
fed"
Charles S. Barrett, president Of the
National Boar d OF Farm Organizations,
and president Of the National Farmers
Union, also issued statement prepar-'
ed for the conference delegates in
which he declared that the government
had "ditched" the farmers because
through the federal reserve board and
other agencies it allowed a ruinous ar
tificial defatlon to bring agriculture to
its present deplorable straits"
Real aid would be possible, he said,
If plan is evolved through which
speedy aid is given the farmer, so that
they can continue as producers Of food
and clothing materials for this coun-
try and for large part Of the world"
1t may cost billion or several bill
lion dollars to do this. he added, but
''the investment must be made" The
only way to avert ruin throughout the
world, he continued, was to have this
year an abundant crop for which two
things were necessary, credits and a
fair price to the farmers for their pro-
ducts.
Secretary Wallace also made public
the names of 26 women who, he an
nounced, probably would participate in
the conference as delegates. Accept
ances have already been received from
the majority of them.
Among the names made public were
Mrs. L. c. Chappell of Lykesland, s. c..
who operates a 6OO-acre farm devoted
to cotton and general farming.
Washington, January 20.---Criticism
of the federal reserve boards policy
during the months following the arm
istice is coupled with the recommenda-
tion that existing banking agencies be
adapted to meet the credit require
ments of farms in a report submitted
to congress today by the joint commit
tee on agricultural inquiry.
The report, the second of series
from the commission Of which Repre-
sentativ" Ander (Republican) Of Min
nesota is chairman, deals with banking
and financial resources of the country,
especially as affecting agricultural in
terests. 1t stresses the importance Of
filing the gap between short and long
time credit, and concludes that the
present" gap can be effectively and
safely" bridged without the necessity
Of establishing any new or untried ma
chinery and without sacrificing any Of
the fundamental principles upon which
both the farm loan system and the fed
eral reserve system must rest"
Reviewing conditions that have con-
fronted farmers since the war, the re-
port declares:
'It the opinion Of the commission
that policy Of restriction of loans and
discounts by advances of the discount
rates Of the federal reserve banks could
and should have been adopted in the
early part of 1919, Notwithstanding the
difficulty which the treasury depart
ment anticipated in floating the Vic
tory loan If such a policy were adopted.
1T Is also the opinion of the COM
mission that had this policy been
adopted in the early part of 1919, much
of the expansion, speculation and ex-
travagance which characterized the
post war period could have been avert
ed"