The Bozeman courier. (Bozeman, Mont.) 1919-1954, 1923-07-11

tariff was enacted, Upon this sub
ject the president said:
"The emergency tariff measure vas
passed to secure the farmers home
market against the flood of competing
articles from distant corners of the
earth. During the war vast quaint
ties of farmers products had been
damned up in countries so distant
that shortage of shipping made trans
~portation to Europe impossible. With
the seas free again, these sought, at
whatever price could be obtained, the
only market there was real buying
capacity with cash to pay-the great
market of the United States. We
took prompt measures to stop this
movement; and the combination Of eff
fective protection, easier credits and
the operations of the war finance cof
poration quickly arrested the down
ward trend and started agriculture
upon the upgrade. 1t is only fair to
pause a moment and emphasize the
value of these measures of agricul-
tural relief so promptly put forward
by congress. The new tariff sched-
ules saved for the American farmer
a vitality important and gravely men
aced home market. The resumption
of the war finance operations, backed
by the resources of the only govern
ment on earth that was able to sum-
mon such a credit, enabled the Amer
lean farmer to compete for sales
abroad"
The president then enumerated 9th
err legislation which has been enact
ed by the Republican congress under
his administration. Among such
measures are the extension of the
finances of the federal loan board and
the revision of the law creating it so
as to facilitate, the sale of federal
farm loan bonds; the cooperative
marketing bill; tbs grain futures act;
the packers and stockyards act; the
liberalization of irrigation laws; the
extension Of the time on payments
due from irrigation farmers to the
government. Continuing, the presi-
dent said:
"But that is not ALL | have re-
served till the last what we may well
appraise the browning achievement of
the entire list. l refer to the code of
agricultural credit legislation, known
as the agricultural credit act of 1923
which became a law in the closing
days of the last congress. 1t has not
been possible yet to perfect the ma
chinery for administering this act,
but do not hesitate to express con-
fidence that this scheme of agricul-
tural credits, taken in connection with
the other enactments / have described,
furnishes the basis for the most en-
l~Ightened, modern, sound, efficient
scheme of agricultural finances that
has been set up in any country, and
will enable the farmer in no distant
future to free himself from obstacles
which have made it difficult hereto
fore to conduct farm operations upor
a sound, businesslike basis"
The president then traced the de
velopment of the banking system
showing that it was developed b.
merchants and manufacturers to he'll
finance their ventures. Continuing
he said:
Banking methods developed Il
serve their interests were not adapt
ed TO the farmer. The farmers way
of life made him an in~dividualist. He
could not organize the great coop
eratlons which we call corporations
The banks did not furnish credit {.
the kind and on the terms he needed
The manufacturer and the merchant
1 doing a large gross business in pro
portion to capital, having a shor-
4 turnover period, wanted to borrow
working capital for short periods
The farmer with a long t~urn-ovet
4 period, wanted working capital o,
very different terms"
For these reasons. the presiden
4 stated, the present ordinary bankinG
practice does not meet the farmer
1 needs, and Sc there arose the idea o
establishing intermediate credi
which would advance money 70,
I longer periods than the merchant o
manufacturer desired. but vet not O.
! the longtime basis of . farmer
mortgage
=