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Show President Says Farmer Must Be Assured Generous Work Capital On Reasonable Terms WASHINGTON, an. 23 Development Develop-ment of a thorough code of law and business procedure. with the proper machinery of finance, to as- j sure the farmer as generous a Blipplj of working capital on as reasonui.l-terms reasonui.l-terms as Is granted other Industries. 1 iras advocated here today by President Presi-dent Harding in opening the national agricultural conference. An industry " he .vnid, "more Vital than an., other, in which nearly half the nation's wealth Is invested i in be relied on for good security and continuous returns." Declaring that on the matter or, what ma be called fixed investment capital the disadvantage of the farni-ei farni-ei bo Impressed public opinion that the federal farm loan board was established es-tablished to meet the need, the president presi-dent said that the farmer still needed some provision for supplying him with working capital "Compared Willi other industries," he continued "the wonder is that agriculture, ag-riculture, thun deprived of easy accesB to both investment and accommoda-1 tion capital has prospered even so well." lane: ,.n which financial support of agriculture may be organized, he said aro Suggested in the plan of th fed" eral farm loan board and in these rural finance socletle.8 which have been so effective in some European countries. AIDS TO PROSPERITY . "The CI --operative loaning associations associa-tions of Europe have been effective I Incentives to united action hy farm-i crs," he continued, "and bays them directly into co-operation In i both production and marketing which have contributed greatly to the sta-j blllzatlon and prosperity of agriculture." agricul-ture." Whether these organizations are I considered as means to buying the j farmers' requirements in a cheftpei market, he asserted, or lo selling Ms ' products in a mor- remunerative one 'the conclusion In all cases Is tho i same. It is that the fanner is as good I a business man as any other if he i has the chance " The manufacturer, he said, whose turnover Is rapid, tin. Is he can borrow j money from iho bank on .short time notes when he needs working capiti and his money will come back to him In time to meet his short term ohli-gatlon. ohli-gatlon. m the other hand. -he continued, con-tinued, the farmer's turnover Is a long one. from a year In most crops to some times three years in the cattle industry. FARMER i f RS HELP. "Yet the fanner i compelled,' he declared. If he horrows his working capital to borrow for -hort periods, to renew his paper several t:mes before be-fore his turnover Is possible and lo take the chance that if he is called upon untimely to pay off his no a, he nvo b compelled to sacrl Ice growInK crops or unfinisln .1 Ii -'..cl. Obviously, the farmer needs lo ha e provisions. adapted to his require- (Conllntied OO Page Two.) I PRESIDENT SAYS FARMERS OF II. S. DESERVE BETTER TREATMENT I (Con tinned from Page One) 1 monts for extension of credit to produce pro-duce hi working capital The prcsldoni said that "concerning "concern-ing the prim reality of the preeenl crisis In agriculture there can be indifferences in-differences of opinion nrnonu Informed In-formed people." "The depression and discouragements," discourage-ments," he continued, "are not peculiar pe-culiar to agriculture and I think It fair to say there could have been no ( avoidance of a great slump from war time exce-'fcs to the hardships of re- I adjustment. Wo can have n- helpful I understanding by as.uminK agriculture agricul-ture suffers alone, but we may foirl recognize the fundamental difficulties which accentuate the agricultural dla-couraKemcnt- anil menace tin- health -ful life of this basic and absolutely necessary Industry. FARMER IN'DIYini i,isii The farmer, he declared, from i ln-very ln-very mode of his life Is Individualistic and, therefore, "because he buys and sells as an Individual. It In his fate to buy in the dearest and sell In the cheapest murkct." He contrasted with this the corporation, he said. vhlch could effect economic and acquire ac-quire a power in the markets by com- lunation -The president said there was n misconception mis-conception regarding the financial status of agriculture "If the mortgage Indebtedness of farms shows, over a given period, a rilarked tendency to increase, the fact becomes occasion for concern," he said. "If. during the same period the railroads or the greal Industries controlled con-trolled by corporations, find them-elves them-elves able to increase their mort- j K.iKe Indebtedness by dint of bond is- j sues, the fact is heralded as evidence of better business conditions and of capital's increased willingness to engage en-gage in these Industries and thus inspire in-spire larger production anil better employment em-ployment of labor Both the mechan-i.sm mechan-i.sm of finance and the pre-conceptlons Of the community are united in creating creat-ing the Impression that c .-t-v m , to ample capital Is a disadvantagi to the farmer, and an evldenci of his, decay In prosperity, while precisely the same circumstani e.s an i-unstr i .1 in other Industrie.-?, .is iili-m of prosperity and of desirable buain cxpan-lon " "It can not be too strongly urged that the farmer must In r to " lp liimself." he added Tin- . I Would do most lajt.ns gmd ti it wbuld find ways to impro.-s the tfreat tnaaa of farmers to avail themselves of the best methods. By this. I mean ! .that, in the last analysis, legislation can do little more than kic the. farm- ! er the chance to organize and help himself " I Ho then referred to co-operative j ' marketing. ' It should be possible to afford to tin 1 irmi-rs. ho said, amnh' provision of law under Which they may carry on In co-operative fashion those business busi-ness operations which lend themselves tn that method, and which. "thus handled would irinn advantages 'to both the farmer and his consuming public." The farmers, he continued, must be respon-lblo for doing the rest and must themselves learn organization organiza-tion and the practical procedure of cooperation. co-operation. Lark of essential information, .Mr. Harding asserted, wai urn' of the most serious obstacles to a proper balancing balanc-ing of agricultural production, ah top frequently, he suld. such Information Is gathered by private Interests. ' whose concern is private profit rather rath-er thun the general good." DISASTROUS EFFECTS ' With proper financial support for agriculture ami with Instrumentalities for the collection and dissemination of useful Information." he added, "a group of co-operative marketing organizations or-ganizations would be able to advise their members as to the probable demand de-mand for staples, and to propose measures for proper limitation of acreages in particular crops. The certainty cer-tainty that such scientific distribution of production was to be observed, would strengthen the credit of agriculture agri-culture and Increase the security of which financial advances could ! made to it. The disastrous effects which arise from over-production ar-notorlous. ar-notorlous. "It is apparent that the interest of the consumer, quite equalj) with that of the producer demands measures to prevent these violent fluctuations which result from unorganized ami haphazard production Indeed, the statistics of this entire subject clearly demonstrate that the consumer's concern con-cern for better stabilized conditions i quite equal to those of the producer. The farmer docs not demand special consideration to the disadvantage of any other class; he asks only for that consideration which shall place his vital Industry on a parity of opportunity oppor-tunity with others apd enable It to serve the broadest Interest." Tit INSPORT I Ion PKom.l .M Turning to the subject of transportation transpor-tation the president said that if broad vlsloned statesmanship shall establish es-tablish fundamentally sound policies toward transportation, the present Crisis will one day be regarded as ,i piece of good fortune to the nation." "To this time railroad construction, construc-tion, financing, and operation," he added, "hnve been unscientific und devoid of proper consideration for the wider concerns of the community. To ay this s simply to admit a fact which applies to practically every railroad system in the world." Waterways have been too long neglected neg-lected in America, he declared, adding that "we need a practlcnl development of water resources for both transportation transpor-tation and power." "A large share of railway tonnage Is coal for railway fuel," he said. "The experience of railway electrification demonstrates the possibility of reducing reduc-ing this waste and Increasing efficiency. effi-ciency. We may begin very soon to consider plans to electrify our railroads. rail-roads. If such a suggestion seems to i Involve inordinate demands upon our I financial and Industrial power It may 1 (' replied that three generations ago I the suggestion of building 'J60.000 miles of rallwoys In this country w..iild have been scouted as a financial finan-cial and industrial Impossibility. Wa-terwas Wa-terwas Improvement represents not only the possibility of expanding our transportation system, but also of producing pro-ducing hydro-electric power for its operation and for the activities of widely diffused Industry." EUROPEAN U! n r .i v Telling of the advantages which Europe Eu-rope enjoys neon use of Its easy access to the sea. "I ho surest and cheapest transportation facility" the president aid that in the halted States "is presented pre-sented one of the world's most attrac- tlve opportunities for extension of the seaways many hundred miles inland " "The heart of the continent, with its vast resources in both agriculture and Industry," he added, "would bo brought In communication with all the ocean routes by the execution of the St Lawrence waterways project. To enable ocean-going vessels to have access ac-cess to all the ports of the great lakes would havo a most stimulating effect upon the Industrial life of the continent's conti-nent's Interior. The feasibility of the project is unquestioned and its cost compared with other great engineering engineer-ing works, would bo small." Europe. Mr. Harding said. Is now setting Its hand to the development of a groat continental waterway, connecting con-necting the Khlno and Danube,, which will bring water transportation from i the Black to the North sea, from Mediterranean to Baltic. "If nationalistic prejudices and oconomlc difficulties can be overcome by Europe," he asserted, "they should i certainly not be formidable obstacles to an achievement, less expensive, and giving promise of yet greater advantages advan-tages to the peoples of .North America. Not only would the cost of transportation transpor-tation ho greatly reduced, but a vast population would be brought overnight over-night in immediate touch with the markets of the entire world." POIdt ni n INI. I). The national polley, no said, should be to develop Industry and commerco so that they might prosper side by side. To this end", he continued, encouragement encour-agement should be given to every practical proposal for watering arid lands, draining swamp areas, reclaim-Ing reclaim-Ing cut-over forest areas and for protection pro-tection of fertile valleys from Inundation. Inunda-tion. Il' declared there must be a now conception of the farmer's place in the social and economic scheme of tho country. 'Tho time Is long past." he said, "when wo may think of farming as an occupation fitting for the man who Is not oqulpped for or has somehow i tiled at some other line of endeavor." FARMER lit mm I) M Mi "The successful farmer of todny. far from being an untrained laborer working every' day and every hour that sun and weather permit. Is re-qulred re-qulred to be tho most expert and particularly par-ticularly the most versatile of artisans, executives and businessmen." "This conference was called," ho reminded re-minded tho delegates, 'with the aim to bring about a general understanding understand-ing of tho critical situation now confronting con-fronting American agriculture." While understanding that the conference Is not a legislative body, he added, "we do confidently anticipate that the considerations here had will bo helpful help-ful and illuminating to those Immediately Imme-diately responsible for thjo formulation formula-tion of public policy in dealing with these problems " The administration had been keenly keen-ly alive to tho situation he declared, and had given encouragement and support to every' measure which It believed be-lieved was calculated to ameliorate I the condition of agriculture. So long as tho emergency continues, he said, it must be dealt with as such, but at tho same time ' there Is every reason I for us to consider those permanent modifications of policy which may make relief permanent, may secure I agriculture as far :i possible against the danger that such conditions will arise again and place It as an industry indus-try in the firmest and most assured position for the future." |