The Telegraph-courier. [volume] (Kenosha, Wis.) 1888-1946, 1924-01-24
COOLIDGE URGES
AID TO FARMERS
CONTINUED from page II

is no assurance that they would have
a sufficient period in which to work
out the necessary conversion of their
methods and it would be useless to
give to this group such governmental
assistance if it is to be only for
purposes of immediate seizure by the
creditors.
"Such legislation therefore will be
of little avail unless arrangements
have been effected between the farm
er and his creditors, by the funding
of past due indebtedness and interest
or by similar means, SO that the loans
of merely to the benefit of his credi-
tors. If such arrangements can be
made, the farmer can be given the
opportunitwto work his way out of the
present difficulties If they are not
made, it is difficult to see how he
can benefit from the plan.
Would Refund Debts.
''In addition to legislation of this
character, coupled with the agree
ments which | have mentioned look
ing to the refunding Of past due in
debtedness, it is necessary to consider
whether any steps can be taken to
bring financial help to certain limited
areas Of the northwest in which en-
barrassments and failures m on G
country banks have added to the
hardships of the farmers. The war
finance corporation is still functioning
but its authority to make new loans,
expires March 81 of this year.
recommend that Congress extend un-
til December 81, 1924, the time dur
ing which loans can be made by the
corporation and grant some extension
of the period for which loans hereto
fore can be renewed
at appears to me that it is essen
tial that the large business concerns
such as transportation, the more stable
banks, not only in this territory, but
in adjoining states, who necessarily
benefit from the prosperity of these
areas, should in their own interest
extend very large measure of aid
in remedy of this situation. that
creditors even further afeld such as
our insurance companies and others
should cooperate fully.
Bank Failures Make Things Worse.
"In those agricultural sections in
which numerous bank failures have
contributed to the distressful condi-
lions it must be recognized, however,
that here is a distinct limit to the
scope of the assistance which the fed
eral government can render Govern
ment agencies cannot properly make
loans upon insecure collateral, or to
banking institutions whose capital is
impaired. In certain sections, a more
drastic remedy may be necessary. 1t
may be necessary, on a well organized
and extensive scale, to provide sys-
tematically for the restoration or
strengthening of the capital resources
of the country banks and financing
institutions necessary to the proper
service of the farmer.
at may be found to be advisable
to create new financing institutions,
such as have been organized with
great success in the livestock terri
tory, to cooperate with the war
finance corporation. The government
cannot supply banking capital nor can
it organize loan companies, but it can
properly call upon those large bust
AASSS SoAASOAhS, OHe IdlITOdQS, Cne mef-
camille establishments, the agricultural
supply houses and all those large
business establishments whose welfare
is immediately connected with the
welfare of the farmer. It can ask
them, in their own interest as we'll as
in the interest of the country, to CO.
operate with federal agencies in at
lacking the problem in a large way.
Il have therefore directed the sec
retaries of commerce and agriculture
and the managing director of the war
finance corporation to confer with
representatives of the interested
groups to devise a practical plan of
action"