The Washington times., 1935-12-09
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Farm Bureau speech IN Chtcdoo
today tolloWS:
Three years ago in addressing
the farmers of the nation, I
reminded them that the economic
life of the United States is a
seamless web. This was q means
Of illustrating the great depend
ence of each economic unit in
the nation upon every other unit.
Farm prosperity cannot exist
without city prosperity, and city
prosperity cannot exist without
farm prosperity. 1t is therefore
especially appropriate for you, as
representatives of the farmers
of the nation, to meet here in
this great metropolis of the
middle weSt-here in Chicago
where the interests of agriculture
are interviewer with the interests
of other industries serving the
nations needs. Here is a COM
mon meeting ground Of agri.
culture, transportation, industry
and labor.
Only a few generations ago
interdependence between agri-
culture and industry was not in
any way as great as it is today;
but now your welfare depends
in part on what you in the
country do and in large part on
what people do in the cities
as well.
Balance Was Gone
Your own experience of three
and four years ago doubtless
brings all of this vividly to your
minds. Your Sufferings-thoSe
Sufferings of rural America were
not because you were not produc-
ing-for your granaries and store
houses were bursting with the
products of your labor-but be-
cause things in city and country
had both got out of balance and
purchasing power had declined to
the point where people in the
cities did not have the money to
buy farm produce and people on
the farms did not have the money
to buy city products.
Two things were at that time
especially clear. First, that be
cause of almost unbelievably low
prices for farm products the grow
ers of these products could not
meet their indebtedness, could not
pay their taxes, and could not
meet the living expenses of their
families. The other fact was that
in most major crops a constantly
accumulating surplus had reached
such absurdly high levels that
crop price levels could not posi-
bly, rise until something was done
to cut down to a reasonable level
the bulging surplus which over
hung the market.
Forces Merged
For these reasons the recovery
program that this administration
proposed and that Congress en-
acted was a many-sided one. The
administration and the Congress
that took office in March, 1888,
recognized that the emergency
they faced then came from many
causes and endangered the life
Of many groups.
Consequently, it put the power
Of government behind not only
railroads and banks, but the in
duStrial workers of the nation, the
farmers, the small home owners,
the unemployed, and the young
people who suffered from utter
lack of opportunity. It was a
great emergency and it required
swift action. Mistakes were
inevitable because it was a new
field.
It was inevitable, too, that time
had to elapse before results were
fully felt. When the many cells
of our economic life were dying
for lack of the blood of purchaS
ing power. it took time, after fear
had begun to SubSide, for new
vital purchasing power to be
diffused once more. But that life
is coming back-buoyant, happy
life-We need no evidence beyond
what we see and hear around us.
Speculation Curse
Justice and old fashioned com
mon sense demanded that in the
building of purchasing power we
had to start with agriculture. ]
knew enough Of the problems of
the men and women who were
partners with the soil to realize
the depth of their suffering and
the extent of their need back
there in 1882 and early 1888.
I knew the pangs of fear and
moments of rejoicing that come
to the farmer as the harvest
frowns or smiles.
And I realize the almost equally
crushing sense of futility that
comes to a farmer when, after
months of toiling from morning
to night, he reaps bumper crop,
only to see the price fall so low
that it scarcely pays him to take
his crop to market.
One of the greatest curses of
American life has been specula.
ton. do not refer to the obvious
speculation in stocks and bonds
and land booms. You and I know
that it is not inherently a good
thing for individuals in any ma.
ton to be able to make great for