The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1923-08-28
WOULD BOOST
WHEAT PRICE
BY,SALES PLAN
Former Baltimore Banker
Advocates Trade Of Farm
Products on the War
Debt
COMMITTEE Is NAMED
Resolutions to be Drawn Up
BY Representative Bank
ers, Others of North
west
COMMITTEE Is NAMED

Fargo, Aug. 28.-Prepared 60 use
the influences of the American Bank
ers Association II necessary in order
to obtain congressional relief If tha:
be decided as the logical situation IN
the present wheat price crisis, hun
dreds Of farmers and bankers Of the
Ninth Federal Reserve district EN-
bracing the states Of Minnesota,
North and South Dakota, Montana
and parts Of Michigan and Wisconsin
meeting at the State Agriculture.
College here, today began session
calculated to bring about definite
program Of aid by bankers of the
Northwest to farmers in their pres
ent crop difficulties.
While a number of representatives
Of the banking and farming interests
were explaining the general situation
this morning no definite proposals,
were placed before the convention
during the morning session. The
meeting was expected to last all day,
according to F. A. Irish, local BANK
er. in charge Of arrangements.
Committee Named
Just before adjournment this noon
q committee was appointed to formu-
late definite plan Of action to lay
before the convention. The commit.
tee appointed consists as follows: r.
H. Otis. Madison, Wis: representa-
tive Of the American Bankers Asso-
citation. chairman; c.. Larson. Of the
South Dakota Agricultural College,
M. R. Porter, Minot; Joseph Kelly,
Devils Lake; A. J. .McInnis, Valley
City, president Of the North Dakota
Farm Bureau Federation; F. w.
Peck, director Of the extension divi-
sion Of the Minnesota Agricultural
College; A. c. Kopperud, presider.
Of the South Dakota Bankers Asso,
ciation; Walter. Reed, Fargo; j. ;
Early, Valley City banker: J. H.
Shepperd Of the North Dakota Agr;-
cultural College.
Matching every dollar spent h-
the allied countries on farm products
in this country with cancellation O..
q corresponding amount Of their war
debt to the United States is contem.
plated in plan presented to tss
conference.
George H. Stevenson, farmer and
former president Of the Federal
Land Bank of Baltimore, presented
the plan to the conference which was
called to decide upon a definite
tangible plan Of assisting in bring
ing about relief for the grain grow.
ers Of the Northwest"
Plan For Sale
Mr.. Stevenson presented the plan
"as a solution for relief of the
American farmer in connection with
adjustment Of the allies war debt
and reparations problem" and set E
forth as follows:
"That the government Of the
United States make q proposition to
our late allies who are indebted to
US in excess Of eleven billion dollals
that for every dollar of farm prod
ucts they buy from US our govern
ment will credit their debt to US by
like amount"
1.-THE price paid for instance. ir
the case Of wheat, to be the Liver
pool price, plus tariff differential of
30 cents per bushel, less Transports
tion costs.
This arrangement which should
continue for series Of, say from
five to ten years, would result un-
questionably not only in preE.'u (,
for our exportable products but also
provide a means by which our allie
can wipe out our war obligation TO
US, thus removing another barrier
to our isolation, for it is fact that
this indebtedness in q measure -. nds
between US and q proper relationship y
to all Europe.
"Its effect is both economic ~ re-
flected in exchange and psychological
inasmuch % indebtedness always is
a barrier to the best relations Of mcn
and nations. This plan might we'll be-
extended to Germany on a basis & :
the allies debt to US for purchase OF
all agricultural products by German
in consideration for . like amount
being applied upon the German rep
aration debt by the allies.
"Such q plan should appeal to both
American and British bankers to H.
nance Germany's purchases and par
ticularly to France among all the AZ
lies as the means Of getting under
way liquidation of at least part
OF Europe's stupendous debt.
"Be it understood that in advanctn~
the above plan it is believed thas
none Of the nations now contributing
to the world supply Of agriculture
products will be injured through con,
summation bf such agreement.
Two Propositions
First, It must be assumed that
Europe in the future - in the past
absorb our surplus agricultural prod
ucts at the world price. e
"Secondy al nations viii profit di-
rectly through an adjustment Of the
allied debt question contemplated un-
der this plan. 4
Further It u well to keep IN min !
that purchases nader the. shove -
rangement would BE- made at ~
world price plus tariff diffsrsntiala
and that transactions would b con-
summated behind closed doors. thus
obviating any appreeiabls disturb
(Continuo1 On Poeo HhfooA