Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1923-06-25

fourths Of 1t to the farmer and live.
stock interests. At the same time the
emergency tariff measure was passed,
| py which to secure the farmers home
| market against the food Of connecting
articles from distant corners Of tire
earth. The new tariff schedules Save
1 for the American farmer q vitality
1 important and gravely menaced home
j market. The resumption Of the War
! Finance operations. backed by the re.
| sources OF the only government on
F, earth that was able to summon such a
credit. enabled the American farmer to
| compete for sales abroad"
: The President enumerated other
measures taken by the government to
, aid the farmer including re-establish-
ment on an active basis of the Federal
| Farm Loan Board, reduction of freight
rates on farm products and legislation
! to facilitate cooperative marketing Of
! farm products; to prevent harmful
gambling In agricultural futures, to
regulate and control the packing In
dustry; 10 remove restrictions upon
f, the operation of the joint stock-land
banks; to authorize formation of irri-
CATION districts whereby the water
| using settlers are brought together in
associations to conduct their relations
, with the federal government; and to ex-
| tend the time on payments due from
irrigation farmers to the government.
| IF the recital Of this long list of ac-
complishments in the farmers behalf
| shall have seemed to suggest that
Washington has been devoting itself
with special and perhaps a partial
assiduity to the agricultural interests,
| MIR. Harding asserted, II shall reply
I that the farmer has received nothing
more than was coming to him; nothing
/ more than he needed; nothing more
than was good for him; and nothing
that was not also good for all of our
national interests, bound up as they
are in the nation-reaching mutually Of
dependence and inter-dependencc.
tell you frankly that l am proud to be
able to come to YOU today and tell you
| of what has been done. because in do
ing it we have served not only the
farmer but everybody else in this land.
| But that is not all. 1 have re-
served till the last what we may we'll
apprasc 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 law in the closing days
of the last Congress. 1t has not been
possible yet to perfect machinery for
! administering this act. but l do not
hesitate to express confidence that this
scheme of agricultural credits, taken
| in connection with the other enact
ments l have described furnishes the
basis for the most enlightened. modern.
sound and efficient scheme OF agricul-
tural finance that has been set up in
any country, and will enable the farm
or in no distant future to free himself
from obstacles which have made it
| difficult heretofore to conduct farm
operations upon a sound, business-like
| basis"
The President explained the provi-
| sions of the credit act in detail and
added
! Many people have been inclined to
be skeptical of benefits which might
follow the enactment Of legislation to
give the farmer a better system of
credit They have said that the farm
err needs better prices for his crops and
| livestock, rather than easier ways to
| borrow money. That is true. but these
! friends do not seem to understand
that prices of crops and livestock arc
directly influenced by credit facilities.
In the past. farmers have been
obliged to finance their productive en-
terprises by borrowing money for
| short terms, When times are good
they have no difficulty in renewing
these loans, but in periods Of financial
stress too many farmers have found
! themselves under the necessity OF
pushing their crops or their livestock
on the market. not infrequently before
| the latter is fully fitted for market, In
order to pay notes which they had ex-
pected to be able to renew. thus az
| times flooding the market and serious
| " depressing prices. Under a system
| of intermediate credit. administered
with reference to the farmers seasonal
requirements, they should be able TO
| market both their crops and livestock
| in a moro orderly fashion. and this IN
| itself will be a potent influence IN
kcepine prices more stable and rea-
| sonable. :.
II thoroughly agree that what is
| needed is fair prices: and l very wen
| know that the farmer wants to get out
of debt rather than to get further INTO
debt. But it is my opinion that poth
| these ends will be much moref quickly
| accomplished through this new system
| of agricultural credits