The Washington times., 1924-02-04
COOLIDGE ASKS
WEST To SAVE
FARMERS
President Promises Aid Of U.
s. to Help work Out
the Future"
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Continued from First Page.l
agricultural purposes until the end
|of the present calendar year.
The President said that the func
created by the Norbeck. .Burtness
bill, now pending in Congress-
could be used to make loans tc
wheat farmers to enable them tc
purchase livestock and poultry, thus
|euipping their farms for dairying
and general farming.
Loans to Night Men.
"It should not be loaned to men
who have not the temperament
the experience or the industry
necessary for successful farming,
Mr.. Coolidge declared. "It is de
signed to help those only who car
give reasonable assurance that they
Will succeed. Moreover. Govern
ment aid In this connection must bt
|predlcated upon full cooperation oI
existing creditors Of the farmers
No Individul Loans.
The extension Of the life Of thu
War Finance Corpoation. the Presi
dent said, should not cause any
abandonment in its policy Of hav
ing responsible financial interme
DIARIES" and, of not making loan.
to individual farmers.
''The Government cannot prop
erly make loans upon insecure col
lateral, or to banking institutions
whose capital is seriously impaired, ;
the President declared.
There have been severe losses
to banking and commercial interests
on account of serious conditions
prevailing In the northwestern
states. Some of these losses car
be repaired, and further losses
avoided. II the progam of action
herein outlined is adhered to. But
we must take no action that will
make 1t possible to transfer losses
from private interests to the public
treasury. The object should be re
construction. not charity, whether
It is charity for, the weak or for
the strong. 1t should be repeated
therefore, that the Government
should not be asked to take over
without recourse, an insecure or
doubtful paper now held by banks
or other creditors, or to make loans
to enable farmers to liquidate exist
ing indebtedness to going institu
tionB."
Other Suggestions.
President Coolidge suggested that
the conference should consider:
steps be taken by farm and
banking organizations to assist the
Department Of Agriculture in adapt
ing its diversification efforts to
local conditions, and "in making
certain that assistance is given only
where 1t is deserved and where /,
will be effective"
2-Methods of funding the exist
ing Indebtedness OF the farmers In
the wheat States.
The President expressed the opin
ion that all Of the bank failures in
the Northwest were not due to un
fortunate agricultural conditions.
There is every indication" he
said, "that in the case of some OF
the institutions which have been
compelled to close their doors dur,
ing the past years, the difficultieF
have been due essentially to poor
banking rather than to distressed
agriculture.
Sees Benefit for Future.
The President said that although
the measures outlined by him were
Of an emergency character he was
hopeful that "out Of this experience
there may come for the benefit OF
future generations an improvement
in the management and policies OF
the financial institutions which
serve the agriculture interests"
After pointing out that mis- pro
posals We're to meet certain dis
tressing situations in certain sec
tionS and did not cover all the
needs of the country, the President
said in conclusion:
Agriculture and banking, like all
other interests, are not the business
Of Government, but the business OF
the people. Primarily they must
assume responsibility for them. The
Government will help, but it will be
entirely ineffective unless the main
impulse comes from tho people.
Cooperation Sought.
The principal purpose Of this
conference is to secure cooperation.
Agriculture cannot stand alone
The banks cannot stand alone. A
great amount of money has been
spent to establish the population
In the area affected. It represents
some OF the best elements Of our
citizenship. In this day OF distress
and adversely, it ought to be saved
because it is worth saving. It
can be saved If all Of you who
are interested are willing to do
what you can do. Without YOU
the Government can do practically
nothing. With you the Govern.
ment can save the situation"