Askov American. [volume] (Askov, Pine County, Minn.) 1914-current, 1928-03-08
Continued from last week)


Mr.. SHIPSTEAD. Mr.. President.
what do the Governments own figures
show has been the part of agriculture
during the past six years while we
have had this great era of prosperity
about which so much has been said!
The Department of Agriculture in
one of its reports shows that during
the siX-year period my State has had
a loss in income of 81 900, 100000. In
the report of the subcommittee OF the
Senate Banking and Currency Com
mittee for February 16 to February
"a, 1926, inclusive, a table shows that
from 1920 to 1925 $500 banks in
the United States, with total assets
of 81, 500, 0OO, 900, were closed and 50
per cent of those banks were con-
Quoting, business in agricultural COM
munities. The Department Of Agrl-
culture also shows in reports issued
by it that the Shrinkage in income
to agriculture from 1871 do not
think that, perhaps, it is fair to take
1919. because that was year when
prices were high and there was in
report of the Department of Agricul-
ture shows that the income from
agricultural pursuits in the United
States decreased AZ per cent. So we
have from the Governments own tig-
ures a showing that during this per-
iod of time there was a decrease OF
income to agriculture of AZ per cent,
and that the total average monthly
pay roll for labor decreased 80 per
cent, or a total of 70 per cent. What
do the Governments own figures show
has been the share which industry
has been receiving during the same
period? We have that from the De-
partment of Commerce, also.
On page 1876 of the February issue
of the Summary of Current Business,
Secretary Hoover has summarized the
increase in value of industrial shares.
Table 1O2, stock and bonds, shows
that the average price in dollars per
share for the 25 leading industrials
on the New York Stock Exchange in
1922 was $9S.5O. In 1926 they aver
aged S165.70-a four-year increase of
S6712 per share, on the average. In
other words, the value of industrial
stocks increased 20 per cent, as COM
pared to a decline in farm values of
35 per cent and farm income of AZ
per cent, in seven years.
Here we have an economic situa-
tion-and 1 prefer to discuss these
things from an economic rather than
a political point of view-where we
have produced more wealth than ever
before in the history of the United
States during a period of half a dozen
years. We have produced more wealth
upon the farm, we have produced
more wealth in industry, and still the
producers on the farm suffered re-
duction in income of AZ per cent in
the aggregate. The producers in the
mills and the factories during the
same period of time suffered a loss
in the aggregate of 80 per cent in
income, and the 25 leading industrial
corporations, according to Mr.. Hoover,
had an increase in value of their
shares of 20 per cent-just 2 per cent
less than agriculture and labor lost.
/ think that is situation that de-
mands the most earnest attention of
every Member of Congress and every
American citizen. 1t is very
astonishing condition. 1 am not going
to say that this is all due to a high
protective tariff. I would not make
such a rash statement. l do not
know to what extent it is affected
by the tariff; but l think we ought
to find out.
The distinguished Senator from In
diana (Mr. Watson), who has at all
times, so far as l know anything
about his record, been a high pro-
tective-tariff defender, said the other
day, 1--WE have discovered that the
tariff on agricultural products has not
been effective"
Mr.. MCLEAN. Mr.. President, if the
Senator will permit me the
Senator from Iowa (Mr. Brookhart)
either yesterday or the day before
stated to the Senate that he had siven
the subject very careful considera-
ton and investigation, and had reach
GU lIS IHdL IHe
amounted, l think, to about per cent
of the difficulties now suffered by
the agricultural interests of the coun-
try. 1t may have been IL per cent;
it was either or IL per cent, l
think.
That was the result of his careful
investigation. Of course, l could not
agree with him even as to the 8
or IL per cent. We van speculate
as much as we please; but it is my
impression that if we did not have
prosperity in other sections of the
country the condition of the farmer
would be very much worse than it
is now.
Mr.. SHIPSTEAD. Of course, that
is matter of speculation and opinion,
and everyone is entitled to his own
opinion about it. 1 am merely call
ing the Senator's attention, as shown
by the Department of Commerce, the
Bureau of Labor Statistics, and the
Department of Agriculture, to what