Evening star., 1932-11-24
SPECIAL FARM AID
STEPS. ARE URGED
Henry A. Wallace, Agricul-
turaI Editor, Hits U. S. Ac-
:, ,tivities as Creditor Nation.
nv the Associated Press.

BY the Associated Press.
NEW YORK, November 24.-Special
governmental powers must be invoked
to preserve American agriculture until
such time as We md 1t possible to act
as a mature, creditor nation should,
said Henry A. Wallace. Des Moines
farm publications editor, in an ad-
dress yesterday.
The foreign market may be restored
ain some measure by intelligent tariff
action, diplomatic adjustment of for
-seien war debts, and temporarily re-
=newed loaning of American money
abroad" he said, but added, that rapid,
@decisive ACTION on any Of these three
5pointS is difficult because of the pioneer,
.:debtor psychology Of SO many OF our
people"
: Mr. Wallace addressed q luncheon at
55the Bankers Club, given by Edward L.
ssBernays, publicist, for group Of in
sdustrialists, 'financierS, ecolc1-!istS and
financial writers Mr.. Wallace has been
mentioned in political quarters as pros
4pect for the portfolio of Agriculture in
sPresident-elect Roosevelt's cabinet, and
Tuesday the Iowa Federated Farm Or
ganizations sent a telegram to Gov.
Roosevelt urging his appointment.
Farmer Most AcutsIy Hit.
Z Mr.. Wallace recalled that the compli-
cations growing out of the World War
Ehad hit the farmer more acutely than
most business men, because agriculture
us more directly dependent upon foreign
markets.
!. THE people Of the United States
have been told repeatedly he con-
4tinued, by thousands of economists
and financial experts every year since
1919, that the change in this Nation
from a debtor to creditor nation had
profound significance. To no class does
sthis change have greater significance
than to the farmer class which has
4nornally exported half its cotton, one
third of its lard and one-fifth Of its
wheat"
. Touching upon the drastic decline
In world price levels, he explained that
it takes from two to six times as much
wheat, cotton, corn and hogs to pay
farmers interest and tax charges as
was the case three years ago, and de-
clared -"as result, tax sales and mort
gage foreclosures will reach calamitous
proportions in the agricultural sections
of the United States this Winter.
Unless there is wise planning and
prompt, decisive action" he continued
there is danger that thousands of
men will be dispossessed who are def
nitely more efficient than the men who
Will take tnelr PAGES.
Agree on Congress Plan.
''Most- of the farm organizations and
co-operativeS have agreed on a domestic
price adjustment plan which they will
push in Congress this Winter for the
purpose of establishing a domestic
price Level for basic farm products
which. is sufficiently higher than the
world price level. to establish an equit-
able price ratio between farm and in
dustrial prices"
Mr. wallace did not set forth any
specific remedy such as the export de-
'benture, but said that the problem
would require cooperative effort and
experimentation before a perfect solu-
ton could be reached. He said the first
efforts "have been crude, but they can
be perfected II men of qualified tech
nical knowledge cooperate"
Gov. Roosevelt in his campaign" he
said, repeatedly recognized that a
tariff benefit should be given to agri-
culture which would make domestic
prices in the United States higher than
the prices Of the surplus flowing abroad
at the world level. The details of such
plan as contemplated by the farm or
ganizations by Gov. Roosevelt, and by
a number of prominent business men,
can cniy be worked out by an, economic
conference at which would be present
the various interested parties, working
under the necessity Of reporting out a
plan: which will do justice to agricul-
ture without doing harm to industry. u
Recognize Planning Need.
He said that powerful groups of busi-
ness men, who. in the past have fought
the efforts. of the farmers to get the
same help from the Government that
industry gets through its corporate
form and the tariff, are coming to
realize that modern science and mod
ern machinery have created q produc-
tive capacity IN all parts of our eco
nomic lie which demands more def.
mite, centralized planning than was
hitherto necessary
Among the group whom Mr.. Wallace
addressed were Frank A. Vanderlip, for
mer president, of the National City
Bank; Orlando r. Weber. president Of
the Allied Chemical 81 Dye Corpora
tion;s Horace Bowker, president of the
American Agricultural Chemical Co.;
James Harvey Rogers, Sterling professor
of political economy at Yale, and DR.
Lionel D. Ecie. consulting economist.