The Washington times., 1922-12-11
TENP0|NTS
IN PLAN
URGED
Would Give Farmers Facilities
Equal TO Any. He Tells
Farm Bureau.

f0Im 0uT00us
CHICAGO, Dec. 11.--Bernard
u. Raruch, addressing the annual
convention Of the American Farm
Bureau Federation here today,
sffsred q solution of the rural
credits problems.
"Bsing asked to suggest . rem
odyS" said Baruch, lit seems to
me that the proper theory for
oerrectiun should Be based primar-
ily upon the fact that without
regular access to .commensurate
financing, modern business, with
it, highly specialized production
and distribution would be i'm
pssdble.
Must Provide Crodits.
'Aericulture needs like facilities
in order to be placed upon an equal
ity with ali other industries with
which It has to deal.
"A new finance system should be
ct up to increase the volume OF
thssa three ciasses of rural credits
cooperation: Credit for more order
~ MARKETING Of crops; credit for
the purpose OF raising and market
INC cattle and credit for productive
purposes"
Haruch declared that the farmer
finds himself buying at more or less
oontrulled prices, from great. cen
trSliy directed industries, ana sell
tng In an unlimited compeutive
manner In q market over which ne
hAs no control
Fsir Share Denied Farmer.
sAn around him in the modern
World he ID met with organisations
where production and selling are
concentrated In specialized HANDS.
HAruch said. He finds as result
tint he II not receiving q faar snare
Of what he produces:
Bhruch's address, in part, follows:
~The statisticians Of the Depart
nerts of Agriculture and Labor tell
~ that IL prices of agricultural COM
rHodities were in q Just relation 70
thone Of other commodities In 1913,
thSv are now thirty-six points out
a sniustment. That Ii to say, the
uercliasing power Of the farm prod
ucts-their exchange value In other
oornuodities-is only "a cents IN the
dnllar. compared with what 1t was
in lSis-and even then 1t was mot
sMiinons Of good farmers on good
land ana with good crops are actu
aIly running their business throuYn
mo fault al their own, or the ms.
chances of nature, At q loss tnat
speIIs ruin II continued. Capital is
being impaired and burdensome
debts incurred to keep the farms 60
ink, and the farm people, ano' m
deed. all Of US, clothed ana Iea.
This distressing situation ID party
due 70 the general upset OF the
|~r,d durinx the war and after. but
a. nss heen aggravated by the weak
49, Of the rural financing and mar
rstinr. which have caused the
fsrmer to absorb much II not most
a fhe losses Of maladjustment ana
r6ad1ustment.
Ten Recommcndations.
ssBslus asked to suggest q remedy,
I have ten recommendations 10
ronIto, regardless Of whether you
unafket co-opsratively or a. individ.
uAls--slthough ! don't hesitate 70
sny that I am unqualifiedly In favor
of cooperative marketing.
"A new finance system should pe
sst up to increase the volume OF
three classes Of rural credits CO.
operation;, a. Credit for more or.
dSriy marketing OF crops. (E Creoit
tor the purpose OF raising and mar
ketink cattle. ~ Credit Tor produc'
"ft q unnecessary to dwell upon
- nsce6sity Of credit for the more
SsSSriy marketing Of crops.
sS5jSs.- ~ ID NJ tsacreaaed credita for
tl1is particular purpose should be the
placing Of the products IN 2 modern
-nrAhouee or elevator, where neu-
trsI authority would register their
srras And amount, and where q GER
Tficate would be issued for the
Z snos,nt no stored or warehoused.
f5onest and dependable grading and
S~~hinr are essential to the accepta-
s,dii{y Of warehouse certificates, but
SSosiId b enaranteed to- the farmer
~ 4 matter OF common decency and
evil rlGht under any commercial or
1nancisl system. However, there ID
"a doubt that the farmer has been
defrauded by under grading and
Int nieasuring. f's
Csrtificate Good Collateral.
s~rhe farmer, once in possession
u this certificate could take II to
re present banking system and OBJ
tSin credit upon II in much the
s1Sne way % ID now done; or to
= now finance corporation which
Should b created for the purpose
q leuding money to the farmer. at
tSs lowest obtainabls rate Of In.
ftt(sst for not exceeding one year.