Evening star., 1924-02-04
PRESIDENT URGES
DIRECT u. S. LOANS
TO WHEAT RAISERS
CONTINUED from First Page.)

cations, must be secured. The con-
ference, acting through appropriate
committees could well consider what
steps can be taken by the farm and
banking organizations. or through the
establishment of local committees 10
assist the Department OF Agriculture
in adapting it's efforts to the local con
ditions, and in making ceUain that
assistance is given only where II Is
deserved and where 1t VIII be eHec-
tive.
General RefundinE Necessary.
TT has been pointed out that nee
essary condition of government as
sistance along the lines contemplated
must be a general refundinG and eN-
tension of existing Indebtedness, so
that the farmer will be given time to
work out his future. Such a refund
ing and extension can be accomplished
only by voluntary arrangement with
the creditors, and it Will be accom-
plished on a general and effective
scale only by concerted action among
the interests involved. Those inter-
ests are represented at the confer
ence. and action may well be taken,
through appropriate committees OF
the respective interests. to ascertain
desired results.
"Doubtless further steps will sug-
gest themselves to this conference, by
which the interests represented can
render material and effective assistance
in the emergency. either independently
or in cooperation with one or an
other agency of the federal govern
ment.
Poor Banking Blamed.
THE difficulties of agriculture and
the difficulties of the banking insti-
tutions in the agricultural districts
arise, to some extent, at least, from
common causes. But il must be rec
ognized that all the banking difficult
ties are by no means due to unfor-
tunate agricultural conditions. There
is every indication that in the case
of some of the institutions which
have been compelled to close their
doors during the past years the d1f-
ficultieS have been due essentially
to poor banking rather than to dis
tressed agriculture.
"The proposals outlined herein are
temporary measures designed to pro-
vide prompt relief in an emergency
situat ton and to assist in accomplish
ing the adjustments which violently
fuctuating postwar economic condi-
tionS make necessary. 1t is possible,
however, to indulge the hope that
cut of this experience there may
come for the benefit of future gen.
erationS an improvement in the man.
agement and policies of the fina ncial
institutions which serve the asricul-
tural interests. Just as the diversi-
fication program is intended to estab-
lish a sounder basis for permanent
successful farming, so the considera-
tion of the financial aspects of the pres
ent situation should lead to greater
efforts to promote wiser, sounder bank
ing.
DO Not Cover All Needs.
"These proposals are made to meet
certain distressing situations in GER
tain sections. They do not cover all
the needs, but / believe they will be
an effective help. Agriculture and
banking, like all other interests, are
not the business of the government
marily they must assume respoasi-
bility for them. The government can
help, should help, and will help; but
it will be entirely ineffective unless
the main impulse comes from the peo-
pie.
1.-The principal purpose of this con-
ference is to secure cooperation. Ag-
riculture cannot stand alone. The
banks cannot stand alone. A great
amount of money has been spent to
fected. 1t 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. II 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 moth
ing. With you the government can
save the situation"
Hoover and Wallace Speak.
Brief addresses also were made
by Secretaries Hoover and Wallace.
"A great many causes exist for the
situation" Mr.. Hoover said. The
price of agricultural commodities are
on lower level than industrial prices
and industrial labor. Time may cure
that. Indeed some alienation mas
been obtained in the last year, bu.
we cannot wait for time Wheat
farmers are suffering the most for
there is world over-production of
wheat and lower costs in it's produc-
ton are attained in foreign countries.
Bank failures have gwen the first
symptoms of the growing difficulty.
We simply have a condition and not
a theory. Interest rates for money
have gone high in the affected terri
tory, running from to Is per cent,
and as one step the northwestern
agricultural community must be