Evening star., 1923-08-29
CAPITAL KEYNOTES
BY PAUL Y. COLLINS

1t was stated q few days ago that
President Coolidge had agreed with
the chairman Of the Federal Farm
distress was "75 per cent psyche
| logical and IS per cent real" There
| upon a mountain has been made out
of a. molehill. and much wrath has
been fomented in certain quarters.
The President never said anything of
| the kind. nor was such a statement
| made In his presence by anybody.
This point-blank contradiction .s made
on the authority of Gov. Robert A.
| the man who did say something on
which the statement was based.
y y y
When the matter was called to the
attention of Mr. Cooper by the
writer of Capital Keynotes. he volun-
| ment of what did occur. and lie gave
1t for Capital Keynotes' publication:
| I'm my opinion. too much Is being
| said about the distressed condition
| of the farmer, and too little inteIli-
gent and constructive effort is being
made to relieve the situation. Agri-
| culture Is by no means in a hopeless
| condition. Ample means have been
| provided by which the farmers com
| modities may be marketed in an or
derby manner. and certainly adequate
| facilities exist through federal and
Joint stock land banks and other
! agencies to provide capital credit.
| All OF US who are honestly trying TO
serve the cause of agriculture must
| have confidence and courage. and then
| an Intelligent application of the facil
/ tiles available.
"The plight of the wheat farmers
seems to be peculiarly distressing,
| but II is not hopeless. If we will
honestly take stock Of conditions, and
! adjust production TO the consumptive
needs of the country. there Is no
reason TO doubt that all commodities
may be placed on profitable basis.
Il stated. a few days ago, that 75
! per cent of the farmers troubles are
| psychological. BY bad psychology
l mean that we think too much about
our weakness and not enough about
| our strength.
MY attention has been called to
| inferences drawn in certain quarters
that the President either approved, or
had knowledge Of. the statement for
per eGne eent Of osr asrsa,ura thaf
troubles are psychological The
President made no such statement,
| nor was any such statement made to
| him. What the President did say
! was that he was very much interested d
! IN the subject of agricultural relief,
| and If he could be of any service ne
! wanted the Farm Loan Board to be
free 10 call upon him"
x + 4
! THAT is absolutely all that was
: said nv 10 an
iuterposed Mr. Corey, a member of
the Farm Loan Board, who was pres
ent when. Chairman Cooper gave the
above statement.
| Il am democrat" said Mr.. Corey,
so you may know I am not saying
this to shield the President politically.
but because it is true. The board
simply called to pay its respects 10
| the President and to offer it's services
| IN support of his policies. Nothing 8
! or the kind, AS quoted by the news
papers, was said in his presence. but
| after we left the White House some
reporters gathered around US apd
| Gov. Cooper told them that the farm
| situation was not SO bad as it had
been pictured. and that 75 per cent
OF the farmers troubles were due 10
his fears rather than to his condi-
tion: There is no denying that farm
conditions are serious, especially in
the middle west, but not so serious
but that they will recover. The board
Is taking steps for the orderly mar
iketinS of the farm products"
| The federal land banks" added
Chairman Cooper, will be able TO
continue normal operations of about
100000 to 20,00o.000 per month,
and the intermediate credit banks are
prepared to extend credit to coop
| eratlve associations and through
| other channels to meet every demand
| within the terms of the agricultural
| credits act of 1928"
| x x
| The intermediate credits banks
have already loaned farmers Through
regular channels) some $4,000, 600.
They have ample funds at present and
authority to sell debentures in case
more funds are needed. The United
States Treasury supplies the founda-
ton capital and the banks may sell