Evening star., 1933-06-11
TIN YEARS OF FEDERAL nsTKR1GzD1ATE
CREDITS, BY Ffieda Baird and Caande l.
Henner Washineten, d. c.: Tie Hroekhgs
blstitutioa.

cember g. 1927 Broadly stated,
the Institution has two primary
purpases: The first Is to aid constructfveT IN
the development of sound national policies, and
the second is to offer training Of super-gradn-
ate character to students Of the social sciences"
The work of the institution in carrying out its
first aim "to aid constructiveiy in the develop
csaent of sound national policies, gives II great
potential usefulness, as an unofficial, non-par-
tisan, scholarly organization, ready to serve as
consaitant in connection with Government eco
nomic problems. When research workers OF the
institution undertake an investigation, they DO
so with the sanction and cooperation Of the
director the advkory council and the staH
members of the institute in whose held the
problem lies Any book resulting from such
research is approved by the director and a
special committee before publication.
About five years after the passage Of the agri-
cultural credits act of 1923, the Institute of
Economics, division of the Brookings Institu-
tion began study of results attained through
the operation of the act. A careful survey of
statistics and much field work have been
brought to the problem, and the conclusions
Of Dr. Benner and DR.. Baird are set forth in
this book They review in detail the working
experience IN rural credit during the past 10
years. and the timeliness of their book is shown
by the fact that, after it had gone to press
the executive order providing for the new farm
credit administration was announced. What
has been accomplished by the older system,
now being merged into the new? Those who
opposed the creation of the Federal Interme-
diate Credit Banks maintained that with more
liberal access to Federal Reserve funds COM
mercial banks could serve agriculture adequately
without the necessity of creating . separate
banking system. Since the passage Of the agri-
cultural credits act this argument has lost much
u its force in the face Of hundreds of bank
failures and the enormous shrinkage Of deposit
funds in agricultural areas" The advantages
for agriculture of an intermediate credit sys-
TEN have been proved but the authors believe
that the fields Of operation are capable Of fur
ther expansion, through direct loans to CO.
operative marketing associations, the financing
OF live stock operations, q moderate expansion
OF crop production loans and pre-shearing ad-
vanceS. Live stock and agricultural producers
expect two things: Lower interest rates than
commercial banks allow, and ample credit when
they reasonably believe that they can use hor-
rowed funds to advantage. IT seems doubtful
that the intermediate Credit Banks have suc-
eseded ia reducing the level of interest rates
Tor agriculture, except IN some individual cases.
and their credit is not always readily available
to applicants when needed. So "cnly modest
claims may be advanced for the accomplish
mants Of the intermediate credit system thus
far" but its chances for further DEVELOPMENT
are excellent, If they are not jeopardized by
too great financial hazards
BEGINNING THE TWENTIETH CENTURY.
A History OF the Generation that Made the
War. BY Joseph Ward Swain New York:
". W. Norton d Co.
THE generation that made the world War
! might reasonably protest that made" is
not the correct word in tis title; that the roots
Of the war ran hack through many generations
Ind that an inexorable fate, the result Of hu-
man blindness greed and weakness, ultimately
caused the catastrophe. DR.. Swain, associate
professor Of history i'll the University Of Illinois,
does not ignore all these influences, but he con-
centrates attention on the groups Of political
and literary leaders who happened to be born
just in time to be in their prime for the war
Their heritage of traditions was being changed
BY the ideas Of the twentieth century which
seemed to offer promise of unlimited success
and progress Then came the war too compli-
Gated a phenomenon for them to handle; they
were overwhelmed and grew old in confusion"
The war leaders among the statesmen or rulers
were Balfour, Asquith, Lloyd George, Sir Ed
ward Grey, Poincare, Delcasse, Clemenceau,
W:tte, the Gear, the Kaiser the Emperor of
Austria Hungary, and later President wilson
Among the reformers were Bryan, propaganda
for peace; Jaures Socialist and Lenin, who saw
in the war opportunity for Russian revolution.
Literary leaders included Shaw Wells Haupt-
mann Barres and Kiphng. who was singing his
swan song. This carefully prepared book of Dr.
Swain Is really a history from definite point
of view. of the whole war period and Is a valu-
able addition to the rapidly growing body of
war history and Interpretation. The conclusion,
'LiQuidating the War" summarizes the events
of the second world war, the war Of economic
depression. which is not yet settled either by
victory by treaty. The concluding sentences
are full of the bitterness of the younger gener-
alton, which feels that the older generation has
made a mess of things. To that remarkable
generation of men which effected the transition
from the nineteenth century to the twentieth"
DR.. Swain pays tribute and thinks that per
haps their glory win grow with the passage
of time" but he says: In the end they de-
bauehed everything that they had. The.s turned
their boasted science to finding new methods of
hatchery They used their uarYelous economic