Evening star., 1923-03-01

1t all depended on the viewpoint as
to which farm credit bill of the Sen
ate deserved approval. The Capper
bill was indorsed by Banker Mellon,
Secretary of the Treasury, as the
only plan which should be considered.
1t proposed the organization of banks
with private funds for the purpose of
making three-year loans.
Mr.. Mellon denounced the Lenroot-
Anderson bill because it was provid-
ing for deskroom in each of the
twelve federal farm loan banks
already established by the Hollis law
of 1916, and the government was to
supply $4,000, 900 capital to each of
the twelve banks. In either case ad-
ditional funds were to be procured by
the sale of debenture bonds to the
amount OF ten times the capital. The
iLenroot-Anderson bill would lend to
farmers for a term of from six months
TO three years.
From the standpoint Of the banker
1.-THE Lenroot-Anderson bill was
anathema; it would involve govern
ment money in aiding farmers. and
that would involve the government in
the control of such banks. 1t would
be impossible to lend such money to
farmers for less than 7h per cent, he
claimed.
Now comes Dirt Farmer Wallace.
Secretary of Agriculture, paying his
respects to the banker Secretary of
the Treasury for what he does not
Know as to when the cows come home
on d farm.
II can see no strong objection" says
Mr.. Wallace, "to the enactment of the
Capper bill also, but to offer the lat
ter as a rural credits bill or "A sub
stltute for the ot-Anderson bill,
would give the farmers of the nation
the best of reasons for feeling that
in reply to their request for bread
theX had been offered a stone"
X X < X
Referring to the Capper bill, Secre-
tary Wallace says, in a letter to Rep
resentative Anderson: THE credit
facilities it authorizes may prove
highly useful to ranching interests if
actually brought into existence. The
plan does not, however, meet the
farmers needs for intermediate credit
1t is not designed to meet the needs
of the great surpIus-producing states
in which diversified farming is fol-
lowed. 1t does not protect borrowers
from excessive interest rates. Ii gives
the color of federal support to large
Imoney-making corporations organized
for that especial purpose"
Whether he meant to do il or not.
Secretary Wallace put his finger on
the very key to the attitude of capt.
tai toward farmers. Capital is pat
ronizing, broadly sympathetic and
willing to lend aid-or lend anything
| it possesses to aid agriculture-pro-
vided the security is satisfactory and
the interest profitable to the stock
holders Capital is looking out of
the wicket of the bank counter. The
farmer is looking over his fence at
his field and his cattle. The viewpoint
decides the difference.
Not in d generation will capital
realize that it is not a question of
profits on the loans that shall decide
the problems of our weakening aGri-
culture. Time may come when
bonuses will be called for-subsidies-
to save farming from utter collapse.
1.-THE farmers do not ask for interest
rates that will not invite investment
in the debentures. but actual farm
conditions must be met in the terms
of the loans. and not merely live stock
interests consulted. If diversified
farming is to be saved.
Maybe Mrs. Clifford Pinchot, wife
of the Governor Of Pennsylvania, is
wrong in thinking the enforcement of
the Volstead law against moonshiners
and bootleggers is just like a pink