The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1924-01-23
PRESIDENT IN
MESSAGE LAYS
DOWN PROGRAM
Approval of Coulter Livestock
Purchase Bill, War FL
nance Aid Included
CALLS FOR ACTION
President Also Seeks Assist
ance From Big Institu-
tions Outside N. w.
CALLS FOR ACTION

washington, Jan. So.--riNe Stsii
for the relief Of the agricultura
situation in the Northwest, some t
be taken by Congress, some by th
executive branch of the governmcn
and some by private interests wer'
outlined by President Coolidge toda,
in a special message to Congress.
The steps include:
The refundng of the pressing
past due indebtedness Of the
farmers in the territories most
seriously affected.
Financial assistance through
federal agency to enabic
wheat farmers to make the
change from single crop sys.
TEN to diversified farming.
The restoration wherever it
would be helpful of the impaired
capital Of banking institutions
in the distressed sections.
The creation by private capital
of substantial financing cor
poration to assist in the plan of
reorganization.
The extension of the tir,e
during which the War Finance
Corporation can make loans.
Mr.. Coolidge told Congress that
these were measures "by which with
out undue alarm or agitation but
nevertheless promptly and effectively
we can bring to bear on serious
though happily a localized emergency
every resource Of the federal gov
ernment and all the assistance which
the business and farming community
can render.
Requires Cooperation
The economic situation in certain
wheat growing sections Of the
Northwest" the President said, ais
reaching an, acute stage that requires
organized cooperation on the part of
the federal government and the local
institutions Of that territory for its
solution"
Calling attention to the mention
he had made of this situation in his
to Congress in December he
concluded: "Great numbers of in.
dlvldual farmers are so involved il
debt both in mortgages and to mer-
chants and banks that they are un-
able to preserve the equity of their
property. They are unable to under
take the diversificatlon of farming
that is fundamentally necessary for
sound agricultural reconstruction of
the area. They are unable to r.o..
their obligations and there has been
involved the. entire mercantile and
banking fabric of these regions.
Not only have there been large
numbers of foreclosures of actual
farms but there are great numbers
Of farmers who are continuing in
possession on sufferance from their
creditors. There have been large and
increasing bank failures. Bills have
been introduced providing for the
lending by the federal government
't money directly to the farmer for
purposes of assisting them in CON
'erslon of their farms on the basis
'f diversified farming. l am heartily
n favor of these bills but they do
1ot and will not encompass the en-
ire problem.
Not For Creditors Benefit
MANY Of the farmers are, however.
n such jeopardy from their cree
,ors that even with this assistance
mere rs no assurance that the
you'd have a sufficient period in
which to work out the necessary con.
'erslon of their methods and it woul,i
'e useless to give to this group such,
governmental assistance if it is to H.
'niy for the purposes of immediate
eizure by the creditors. Such leg
station, therefore, will be of little
wall unless arrangements have been
Effected between the farmer and his
reditors by the funding of past-due
indebtedness and interest or by SIM
lar means so that the loans will
nure to the benefit of the farmer
'lmself instead of merely. to the
enefit OF the creditors. If such ar
angements can be made the farmer
an be given the opportunity to work
rs way out Of the present Difficult
les. II they are not made it is diff
UT to see how he can benefit from
he plan"
CALLS ON BIG BANKS
IN addition to legislation of this
coupled with the agree
1ent which ! have mentioned looking
0 the refunding of past-due indebt-
dness it is necessary to consider
whether any steps can be taken to
ring financial help to certain lin
ted areas of the Northwest in which
Embarrassment and failures among
ountry banks have been added to
he hardships of the farmers. The
Var Finance Corporation is still
but its authority to make
lew loans expires March 81 of this
ear. | recommend that Congress
xtend until December 81, 1924, the
ime during which loans can be
nade by the corporation and grant
ONE extension of the period for
'hlch loans made heretofore can be
enewed. It appears to be that it is
ssential that the large business
oncerns such as transportation, the
'ore stable banks not only in this
erritory but IN adjoining states who