The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-02-21
TWIN MEASURES OF RURAL
RELIEF

enacted by COngress-as ii ought
|" to be, and that promptly--will rem
: der an Indispensable constructive
service in rehabilitating economic
ally the farm communities OF the
Northwest which long have been
, and still are under critical stress.
The 10 million dollar Agricul-
tural Service corporation, which
has just been financed with pri-
vate capital with lending power
OF 100 mi llion dollars or more, also
will render an indispensable con-
J structive service to these com
munities.
From the very outset of It's Offer
ing as remedial measure. The
Tribune warmly espoused the plan
: which is now embodied in the Nor
beckBurtness bill 1t believes that
that plan. which proposes an ex-
tension of government credit TO
simplify and hasten the diversified
farming movement, will work out
admirably in practice within the
designated scope of its usefulness.
1t mas been thoroughly convinced.
however, that something more was
needed to make constructive help
iulness as far-reaching and in
elusive as it ought to be to meet
adequately the needs Of the farm
communities in question 1t con-
ceived definitely Of that something
as substantial assistance from the
great industrial land business in
terests. Long before the livestock
loan plan was conceived The
Tribune was making its appeals
for cooperation by these interests
to help the farmer help himself.
The representations were made in
terms of good general business. not
in terms of charity or altruism.
The Agricultural Service COR
poration now provides the medium
through which private capital may
join forces with government credit |
to the end that the whole field OF
financial requirements in the suf-
ferlng farm communities shall be
covered. Each of the two will have
its clearly defined field Of helpful !
operation, but neither can function
as efficiently as it ought to without
the other. Those who responded
to the calls made on them to make
available millions of private cap
ital and credit, organized the serv-
ice corporation with the reasonable
expectation that Congress would
enact the Norbeck- Burtness bill
without unnecessary delay. What
they were to do in their important
field was to be the logical COM
.nIamnnf nj hot !
was. to do in its equally important
ileid. There was to be ID whole
hearted joinder Of forces, a first
rate team work, in pursuance OF a
common good cause
This is primarily a problem of
the farm. but it has come to be
equally problem of finance.
banking, industry and general
business. 1t has to do with the
productive efficiency of the farm
plant, but it has vital bearing.
direct and indirect, on the whole
economic structure. When the
scope OF the question is understood
II becomes readily apparent that
solvent, to DE effective, must be an
intelligent joinder of public and
private resources operating to the
same reconstructive end.
thousands of farmers were :
plunged into the gravest sort Of
financial difficulty mainly because
labor and taxes were high, prices
OF farm products were unprofitahly
low, and crops failed or were limit
ed in Weld Country merchants
had no other choice in manv in
Stances except to carry the farm :
"rs alone." Country banks got in
to trouble trying to serve botn
.aHm'rs and merchants. Their
FUNDS, which are mainly deposits
or farmers and merchants, were ,
depleted. No longer could they t,
perform the usual country banking
functions. The effect OF all this
as anyone may see, runs with more ,
or less harmful stress all the way
rom the farm to the warehouses ,
or industry. the counters of re-
t'1lers and iobbers the windows Of
city banks, and the desks of office .
men: The problem is general, not
locai. 1t is both financial and agri- ,
cultural. With rejuvenated farm 6
plant must go rebuilt and reor- =
gained country banking structure.
Inc livestock loan OF itself {
would meet the needs of manv !
FARMERS, but not ALL Thousands
would be able to take advantage OF
II only il the financial stress of the :,
community in which they live and :,
do business were relieved through -
an agency like that of the Agri- y
cultural Service corporation. !.
There must be an increase of !.
liquid assets such as this corpora
ton can bring about, a relaxing of
the deadening pressure of frozen q
paper. I
Private capital is almost imme- u
dlately ready to play it's large and =
necessary part in the economic re- =
napllltation. 1t has been sub :.
scrlbed from near and far on the !
sound tenet that there is no part y
OF the land which has not some
economic interest in the construc- !,
tive work it is to undertake. The !
business and railroad
concerns which have underwritten '
the Agricultural Service corpora y
ton are to be congratulated and S
commended for what they have a
done. but they have earned some
lining more than that namely, the s
prompt enactment of the Norbeck- e
Burtness bill as the other twin of
the two remedial enterprises.-
Tribune. q