The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-09-19
FARM PAPERS PLEASE COPY

Let it Ne conceded that Wall
Street knows nothing about farm
ing. The really intelligent farme,
may not believe it. Wall Stree 3
knowledge of farming must ncces-
sarily be greater and more exact
than that OF all the farmers put to-
gether, in order to carry on its
business. But let us tOncede that
this is not so. The farmer, in re-
turn, will grant that Wall Street
at least knows something about
credit. The farmer ought to know
something about credit, and this Is
the time OF year when he should
be instructed. For some weeks to
come ne will be borrowing money
at the bank and it makes vital
difference to him how much he.
gets on his note and whst rate OF
interest he pays.
He borrows from small bankers.
who in turn are extended credit by
larger bankers. together with adj
vice and information ON the state
Of the credit market. But these
small bankers are at the mercy OF
popular rumor precisely as Wall
Street Is, on occasion. 1t would
be possible in Wall Street to dam
age, and ultimately to ruin. the
credit OF the most solvent corpor-
alton. A dexterously conducted
campaign of depreciation and false
inference might easily make i;
possible for the packers to carry
on business, in view of the SIN. II
margin of profit ON their immense
turnover.
1t is possible to damage the
farmers business in the same way.
1t is possible to spread rumors
about his financial condition which
will so scare the small banker
that he will lend the farmer less
money and charge more for lend
ing it. When. therefore, Senator
Brookhart bawls all over the coun
try that the farmer is broke. that
he lost, by defation, 1872 900 900 900.
or more than half Of the total value
OF all the farms in the United
States and everything on them, he
damages the farmers credit every
where. 1t makes no difference
that his statement is not only ex-
aggerated, burt fatty untrue.
Brookhart throws a successful
scare into the small banker AMI
the credit Of every farmer in the
United States is injured.
Observe how one OF the COM
monest expressions current among
farmers is turned to their disad-
vantages. The individual farmer
may know Wall Street whose
standards of honor are of the
highest But he listens to contin-
ual vituperation of Wall Street
and finally says that where there
is SO much smoke there mus be
some fame" In the next few
weeks. thanks to Senator Brook
hart, Senator Capper and other
vociferous friends" of the farm
err. the banker to whom he goes to
discount his note will inevitably
say the same thing to him. you
farmers may not all be broke, as
| Brookhart says; but where there
is so much smoke there must be
some fame" o..
Frankly, how win the farmer
like that? 1t is not Wall Street
that has damaged his credit. 1t Is
the very men he returned to Con.
gress, 70 smash the credit Of Wall
Street, Wbo. have done him this i'll
turn. When the banker will only
advance him 800 on is collat-
eral instead of so per cent, charg-
ing the highest rates the law al
lows and making the most oncrous
terms for repayment, the farmer
will know that he is dealing in 4
credit market demoralized by his
1 own representatives, from Mime
sofa, and elsewhere.
This is addressed to the farmers
of the United States, in ill good
temper. Will the farm papers
nlaaCo ccnv?-Wall Street J,mrnal