The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1923-03-28

history. National disaster was imminent because
agriculture is a basic industry which can not face
bankruptcy without involving all the nation.
The farmer is the nations greatest producer.
In addition to being Americas greatest producer,
he is the nations greatest consumer the greatest
single buyer in America of manufactured products.
The farmer is the largest consumer of steel, with
the exception of the railroads; the largest buyer
of textile goods, the largest buyer of leather goods,
the consumer of &c per cent of all wood products,
the purchaser of 80 per cent of all motor vehicles,
the largest shipper of freight. All told, the farmer
furnishes 40 per cent of the buying power of
America. In view of this it was necessary, for
the protection and salvation of the rest of the
country, that the agricultural industry be given
immediate relief. There was no class legislation
about such action.
In order to afford agricultural sections immedi-
ate relief the War Finance Corporation was revit-
allied and its powers extended so that it could
make loans for agricultural and livestock pur-
poses out Of a revolving fund of one billion dol
lars. Within a few weeks from the time congress
did this the War Finance Corporation was ap-
proving loans at the rate of 81, 500, 900 a dav.
During the first year of its operations it made
loans at the average rate of 81, ZOO, 900 a dav.
including Sundays. There is not the least doubt
but that this speedy work upon the part of the
Sixty-seventh congress saved the agricultural sec
lions of the nation from bankruptcy which would
have dragged all business and industry with il
into a panic of untold proportions and duration.
Another early act of the special session was
the passage of the emergency or farmers tariff
Benefits from this tariff were Immediately in
evidence. Before the tariff was enacted, Ameri-
can farmers were receiving less money in Ameri-
can markets than was being paid in foreign mar
kets for like products. Within 80 DAYS from the
time this tariff went into effect the situation was
reversed. Prices paid in American markets for
American farm products were higher than nrices
paid for like products in foreign markets. This
difference in favor of the American market was
consistently maintained throughout the life of
the emergency tariff and guaranteed the Ameri-
can farm much higher prices for his harvests
than ne otherwise would have received and sta
bllized the market prices for all his products.
With the enactment of these two laws which
gave him ample and immediate credit and afford
ed him protection in his home markets. the Amer
lean farmer began to climb back toward normal
conditions. The return was gradual because his
situation was critical. He has not fully recovered
yet, but some indication of the Improvement of
MS condition is evidenced by the fact that up To
January /, 1923, he had repaid to the War Finance
corporation Al per cent of the money loaned him.
he is now selling his products at a price above
the cost OF their production, although the relative
Ouylng power of the dollar which he receives for
Ills products is not yet what it should be. His
conolrlon has so improved, however, that he is
again IN the market for the output of American
industries. Agricultural sections of the nation
] toCf
motor vehicles than they did in 1921. Mercban-
users OF all kinds of goods in agricultural sections
report a vastly increased trade. All this is dine
to the assistance given the farming sections hv
congress. This increased buying upon their mart
explains in a large measure the resumnt;on 81
activity in American industry and the re-en,plov.
ment of the millions of idle workmen-The Ma.
tional Republican.