Evening star., 1933-10-26

GEORGE
bushel in rental payments for corn
| land. Farmers who cooperate will re-
| ceive these payments. In the same mo-
ton, we Will attempt a Is per cent re-
! duction in litters farrowed and mar
payments at the rate of S. per hun
dredweight. The first adjustment
checks are expected to go out to the
corn-hog country early in the coming
year.
We are announcing tonight another
| substantial lift for the corn belt. As
the result Of a conference today be-
tween President Roosevelt and Secre-
tary Wallace 1t has been decided to
make loans on corn properly ware
| housed and sealed on the farm in the
States where there is a farm warehouse
act.
Loans will be made in these States
on the basis OF 45 cents per buShel for
No. 2 December corn, Chicago to
farmers who sign agreements to CO.
| operate with the corn-hog reduction
The policy adopted for corn loans Is
the same in general principle as that
already placed in effect by the Com
modify Credit Corporation for cotton
The corn will be stored under seal on
the farm, with the warehouse receipts
as collateral. The loans will be in the
nature of an advance to farmers who
agree to participate in the Agricultural
Adjustment Administrations corn-hog
| production control campaign. The loan
OF As cents per bushel, Chicago. will ad-
vance the farmers the same sum as that
nrnnncod " fo,. 1ooI
| vocated loans of 60 cents per bushel on
| three-fourths of the corn stored Five
States now have farm warehousing acts.
They are Iowa. Illinois. Minnesota South
kota and Kansas. Further details Of
the lending plan will be announced
when they are completed.
Program Not Temporary.
Like all other adjustment payments
we are making to the farmer, this money
that is going out to the Midwest is not
to be just q shot in the arm, to stir
up new buying for a while.
These payments will secure a reduced
planting of our basic crops, and should
assure in future years a more solid
basis for agriculture. Land taken out
OF production may be used in soil-build-
ing and erosion preventing crops. We
are making every allowance for an ex-
pansion Of world markets in the near
future and abundant allowance for feed
ing our unemployed this Winter
The money we are now receiving
from processing taxes and paying to
farmers will make 1t possible for them
more nearly to adjust their production
to demand. That is just what every
well managed industry does. Wasted
l "a re ,1frk
vests will raise and help stabilize the
level OF farm prices and will bring our
farmers solidly and permanently back
into the industrial markets as buyers Of
our urban goods.
We are attempting to hold down sur
pluses so that higher price level may
be sustained, and not end in disaster,
as every attempt to raise prices without
| regard to accumulating surpluses has
| ended in the past.
Russian Trade Opening.
We have moved to open up trade
with Russia. We have stirred up a
beginning of wider trade with China
we have stopped wheat war that was
hurting millions Of people throughout
the world. Here at home we are Or
ganizing staple crop production. county
by county, so that however the world
tide turns we can move to meet it.
With codes and agreements we have
started to straighten out a distribution
tangle that IS bleeding the farmer at
one end, the consumer at the other,
and making many Of the middlemen
and carriers in between go broke. In
this activity as we'll as in the attempt
to get higher prices to the farmer we
have had in most instances gratifying
cooperation Of the industries.
The present administration has
promised no miracles. The present de-
preston was more than IL years in
the making. We make no apologies
for not having lifted the depression all
at once. We know that in the push
OF events we have made some mistakes.
Under pressure we have named goals
and headlines too close up. Once or
twice We have undertaken more than
we could accomplish within the time
named.
That happened on the mailing out of
the cotton checks but most of these
million checks are out now, cashed, and
circulating to restore general busi-
ness in the cotton country. Our pro-
gram in general is just beginning to
roll. I believe it will move faster right
through the Winter. By supplying
purely domestic surpluses to the hun
cry and forsaken among our own peo-
pie, think that we will spread to ad-
ditional crops immediate benefits of our
programs Of farm relief The President
told you Sunday night that we are
determined to raise farm prices, II not
in one way then in another, but that
raise them We will.
Outlines Credit Scheme.
] want to say q word about credit,
particularly in respect to the Com
modify Credit Corporation which has
. already started to make loans on cot
ton The old idea of making the Nation
prosperous was to attempt to distribute
money through the pyramid from the
top down and trust to luck that some of
1t would filter through to the fellows
on the ground. We are putting some
money IN at the top, ourselves, through
banks, insurance companies, railroads,
and so on; but our main idea Is to get
money out to the base Of the pyra-
! MID fo fbn 0roea ronfe All mir y,1opc