Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1923-06-16
FARM LOAN WORK
PRAISED IN SPEECH
Of SENATOR GLASS

Senator Carter Glass, of Virginia
was the principal speaker at Thurs
days session of the convention of
the National Association Of Credit
men. The senator discussed briefly
rural credit legislation and defend
ed the federal reserve system.
The latest addition to the rural
credit legislation of the country, the
senator told the credit men, was the
passage by the last congress of the
intermediate credits act, to provide
for loans on agricultural products
Of from nine months to five years.
1t was his personal opinion, he sala,
that the intermediate loan act
should have been ASSOCIATED
from the federal reserve system, but
it remains to be seen to what ex'
tent the agricultural interests of
the country will take advantage OF
it's provisions.
Taking up the War Finance cor
poration, Senator Glass declared he
was in favor of getting the couh~rY
back to a sound agricul. lral basis
as rapidly as possible in order to ex
tinguish that institution. Only the
wise administration of Eugene Mey'
cr he said,. had prevented it from
being permeated with maladminis-
tration ard corruption.
Ample = II Credit Now
81 think congress has Furnished
ample facilities for the agricultural
credit of the country" the senator
declared. "The politicians are
spending much time making 1t easy
for the farmer to get into deLt.
instead of trying to get him out
of debt.
Some of us southern politicians
talk a great deal about the old JEFF
fersonian doctrines, but when
ton Or some of our agric-.- al in
terests are affected, we are all for
special privileges"
81 am farmer myself" the sena-
tor declared, extracting from his
pockets several medals he said he
had won for prize cattle exhibits,
"but there are some politicians in
Washington who do not know COW
from a goat 1 am u firm believer
in the Jeffersonian principle Of equal
rights for all and special privilege
for none, whether it be cotton in the
south or grain in the west"
Reserve System Praised
The greatest credit system Of the
country. however lis the federal re-
serve system, Senator Glass said,
adding that he could see no reason
why it cannot respond to every de-
mand that can be made upon it.
"It not only saved America dur
ing the World war;" he asserted,
but it saved the allies and enabled
US all to win the war"
Senator Glass urged that the peo'
pie work for the par clearance of
checks through the federal reserve
banks. He declared par clearance
would have saved $194, 100000 to the
commerce CT the United States, if it
had been IN effect last year, and stat
ed that only about ten per cent of
the country banks oppose par collec-
tons.
1.-THE present system is nothing
more nor less than a toll gate on
commerce, and is no more proper
than toll gates on the public high
ways" Senator Glass stated.
Answering criticism of the federal
reserve system, Senator Glass de-
clared that if the politicians and
demagogues succeed in tearing down
the system, the country will be
plunged back to the period of pan
les and depressions, and it will take
fifty years to work out another sys-
tenn which can be no better than the