Evening star. [volume] (Washington, D.C.) 1854-1972, 1923-07-05

would be enough to export, and that
the balance-200,0 200, 900 bushels
should be stored and held against fu-
ture normal needs, without bearing
the world markets.
"a,
When Joseph undertook the stor-
ago and holding of Esypt's bumper
crops he looked to- the ruling power
to finance the enterprise. That ruling
power was Pharaoh, not the people.
He so managed his storing that the
lean years brought immense profits to
the party who had had the foresight to
finance the "hold-your-wheat" project.
When the lean years came the stored
grain was necessity to the starry
Ing nation and world. and the Gus
toners were obliged to pay a prof.
teering price. That was a great pa
ternai empire. in which the people
were subjects OF the king. 1t was not
the people who stored their. wheat
and asked Pharaoh to finance their
enterprise. The king bought the
grain at the low price. and kept the
profits. Pharaoh would have executed
any subject who questioned his right
to profteer.
- In the United States. the ruling
power is that of the whole people.
The American Farm Bureau Fedora
ton doeS>not propose to follow Pha-
raoh's plan Of letting the profits go to
the party who finances the enterprise
and Its risk. The proposition is that
the government of the whole people
shall lend money for the aggrandize-
ment or the wheat raisers. and that
the wheat raisers who go into the
pool shall have all the profits.
Some OF the economists of Congress,
while approving Of the storage plan.
question the socialism Of the govern
ment loan, believing that 1t sets q
dangerous precedent, and that the
funds could be raised on bonds se-
cured against the wheat and f1oated
upon. the public market, under gov
eminent supervision, just as are the
bonds OF the Farm loan banks. These
bonds, they say. might run for three
or nYe years. SO as to preclude any
sdueezlng the security. and thereby
defeating the object Of giving the
farmers full time in which to market
their surplus to good advantage.
*S*
II the United States Treasury pro-
vides public money for this financing,
O ~ GSCoSHl Wih NC SoldpltSHSQ Dy
which, demands for similar financing
OF other storage will follow, Politi-
cal influence will affect the financing,
say the congressional economists.
whereas IL the wheat bonds be tested
on the investors money market, I'M
der government supervision, they
Will be sold on their merits for Sc
curity. Then any future expansion
of the plan to cover other forms Of
crops will also stand. according to the
real value and safety Of the security.
Sound business and not socialism.
then. will be the foundation Of the
whole enterprise. Is the faith even of
the statesmen who hesitate to put the
government into business. where pri-
waite initiative. backed by public su-
pervision and control will suffice.
They want the government to hold
direct control of the keys of the
warehouses and to see that the bonds
issued are based on actual wheat, Just
as the currency issued by the Treas
ury is based on actual gold.
4 x
The Department OF Agriculture esti-
mates the. wheat yield this year at
$4,000. 900 bushels. while last year 1t
was s56.211. 600 bushels. The garry
over lis Unexpectedly :large-about
200. 900. 900 bushels, for 5the world is
eating less wheat thanJit does, in nor
NAL times. People who have no
means or limited means to buy food,
do not consume the normal amount.
For all the world outside the western
hemisphere this is a lean" year.
Hence the market price, even in the
fac. of a falling off of 10000, 900
bushels of the American crop. as com
pared with 1s22, is unsatisfactory
and the farmers are facing an actual
loss. This is OF interest to city con
sumers. for 1t means discouraged
farmers now. and reduced wheat
acreage next year. Last year the
now 1t is around $40: that means
at the terminal markets. not on the
farms. The farm price is only about
half the market price.
1t takes the entire output of a dairy
Of fourteen cows to pay the daily
wages of a plumber: a carpenter
earns a 175-pound hog every day he
works: the farmer has to feed that
hog eight months An acres entire
yield of corn viii just about pay a
bricklayer two days wages. A paint
ems every eight hours. These figures
are computed by a practical farmer
of Virginia.
- Copyright. 1923. by P. V Colins.l