White Bluffs spokesman. [volume] (White Bluffs, Wash.) 1907-1938, 1927-02-25

IC i1o
been getting its bumps for the past
few years appears to be approaching
better times, according to fac:s and
figures presented by George c. Jewett,
president of the Federal Land Bank
at Spokane, in an address. delivered
before the Inland Empire Land Set
tloment conference at Spokane on
February 1st. Mr.. Jcwett said in part:
want to discuss the situation
pertaining to that great industry,
Agriculture. want to make speci-
fc reference as it applies to the
Pacific Northwest, that territory en-
compassed in the Twelfth Federal
Land Bank District comprising the
states of Washington, Oregon. Idaho
and Montana. There was great dis
aster attached to this industry. 1t
was far-reaching and left its broad
trail of misery and destruction. But
today-and this is the point want
to get over, if nothing else-in my
Judgment that time has passed. The
clouds have rolled away. The sun is
again shining on this field. There
may here and there still be heard
distant peal of thunder, or seen
floating cloud, as likened to some
particular commodity; but in the
general and in the lage sense, insofar
as the Pacific Northwest is concerned.
the storm has passed. am strongly
inclined to believe there is lack of
realization of this fact. There are
those who are still sticking tenaci
ously to their storm cellars OF en-
trenclment and timidity to venture.
They are without understanding that
tile occasion is such that is is sound
and businesslike Judgment to venture
forth. They do not, apparently have
the vision necessary for the building
of country such as we have in the
Pacific Northwest. Many seem to
lack the courage necessary to make
constructive investments and proceed
as they should in times of ordinary
and sound conditions I believe that
the facts supporting what / am
saying as to the storm having passed
and the sun again shining are eon-
elusive. They have come to me
with force and conviction, and not
coming to one who by nature
and training is an optin1ist,
but rather the reverse. But
/ have studied conditions, as my
particular business has given me
an opportunity to study, and have
! analysed in careful way and am
quite sure that the few figures which
| am going to quote you will cause
you to agree with me that there is
reason to believe that a better day
and a new day is approaching.
| We here in Spokane we, here in
the Pacific Northwest-receive our
prosperity from Agriculture to an ex-
traordinarily high degree. If the far
f1er is successful, we are going to
be successful. If he is unsuccessful,
+! we are going to be likewise. There
fore, the question is important to
yea as business men of Spokane
as to whether or not you can an
t:cipate successful agriculture, in the
near future. There has been distinct
liquidation of farm obligations. The
evidence as to that is found in the
report of the Federal Reserve Bank
for this district in the reports OF
/ our various commercial banks, in the
reports of our great statistical agen-
cics and in. the evidence which comes
| to the desk of my institution.
Two, three and four years ago
our bills payable and re-discounts, re-
presenting borrowed money on the
art of the banks in the country,
was tie rule rather than the excep-
ter. Today, I think the bankers
present will bear me out in the
statement that at the present time
! thee items are an extreme exception,
indicating beyond doubt that the far
mer has reached place where lie
finds it possible tc Iquidate his in
debtedness.
Three years ago, four years ago,
five years ago, and even two years
ago, if we pressed borrower to meet
his payments he was apt to come
back requesting that we go to that
country that we have heard about
where ice is not known. Today,
practically the same class o. bor-
rowers come back with fine mani
festations of desire to retain their
| farms, and point out in clear, con-
else and businesslike ways why con-
ditions are better and how and when
they are gc;ng to meet any delin-
quene:es there may be.
Two years ago, covering the lands
en- which we have loans, there were
deliquent taxes amounting to So,
100000. I would hesitate to confess
t',is if it were SC today. But today
delinquency has been reduced to the
figure approximately of $l,2Oo.0oo.
Now, why is this better condition.?
Is it something that comes without
cause? Is it something that comes
without a reason? Important things
do not happen that way. There is
cause. First, there is reduced
cost of production; The wages on the
factors which enter into the busi-
ness of farming are less. l am not
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