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the
- 3 -
"It cannot be too strongly urged that the farmer must be
ready to help himself. " The patient was sick. But all that
the chief doctor could advise was: "You must be ready to
help yourself."
About the only important development to come from
this meeting was the slogan, "Equality for agriculture"
and that slogan was not made effective until many years later
under the leadership of President Franklin D. Roosevelt.
High Tariffs
In that same year, the government choked off foreign
demand by the Fordney-McCumber Tariff Act of 1922, which was
passed to protect industry against compotition from abroad.
A few years later when agricultural recovery in Europe was
virtually complete, we found ourselves paid back, with interest,
as European countries erected higher and higher tariff walls
to keep out our cotton, wheat, and lard.
In 1923 the Agricultural Credits Act became law,
setting up a Federal Intermediate Credit Bank in each Foderal
Reserve District to make loans to farmers. But it was not
until 10 years lator that banks for cooperatives and produc- -
tion credit associations were set up.
The McNary-Hauge: Bill was introduced in 1924 and
twice failed to pass Congress. It came to bat two times more,
first in 1927 and again in 1928. And two times more it was
struck out by presidential vetoes.
Higher Tariffs
In 1929 the ill-fated Federal Farm Board was pro-
vided for by the Agricultural Marketing Act of that year and
the Hawley-Smoot Tariff Act in 1930 raised the high dam against
foreign trade even higher.
Low
Nor was this all. Other economic policies of the
Purchasing
period worked to the detriment of American farmers. Domestic
Power
purchasing power for farm products was undermined by the
failure to give workers an increased share of our increasing
productivity. Between 1924 and 1929, the average factory
worker increased hourly productivity by almost one-fifth.
But his hourly pay went up only three percent.
High Business
Meantime, industrial profits soared higher and higher.
Profits
Instead of being used to lower prices, or to raise wages, they
were sent into Wall Street and the stock market pyramided to
the dizziest height in history so that the collapse, when it
came, illustrated in that instance the old saying "the bigger
they are the harder they fall.
"
As for agriculture after 12 years of struggle, it
was not so big in those days, but no segment of the economy
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"ocrText": "3.\nthe\n- 3 -\n\"It cannot be too strongly urged that the farmer must be\nready to help himself. \" The patient was sick. But all that\nthe chief doctor could advise was: \"You must be ready to\nhelp yourself.\"\nAbout the only important development to come from\nthis meeting was the slogan, \"Equality for agriculture\"\nand that slogan was not made effective until many years later\nunder the leadership of President Franklin D. Roosevelt.\nHigh Tariffs\nIn that same year, the government choked off foreign\ndemand by the Fordney-McCumber Tariff Act of 1922, which was\npassed to protect industry against compotition from abroad.\nA few years later when agricultural recovery in Europe was\nvirtually complete, we found ourselves paid back, with interest,\nas European countries erected higher and higher tariff walls\nto keep out our cotton, wheat, and lard.\nIn 1923 the Agricultural Credits Act became law,\nsetting up a Federal Intermediate Credit Bank in each Foderal\nReserve District to make loans to farmers. But it was not\nuntil 10 years lator that banks for cooperatives and produc- -\ntion credit associations were set up.\nThe McNary-Hauge: Bill was introduced in 1924 and\ntwice failed to pass Congress. It came to bat two times more,\nfirst in 1927 and again in 1928. And two times more it was\nstruck out by presidential vetoes.\nHigher Tariffs\nIn 1929 the ill-fated Federal Farm Board was pro-\nvided for by the Agricultural Marketing Act of that year and\nthe Hawley-Smoot Tariff Act in 1930 raised the high dam against\nforeign trade even higher.\nLow\nNor was this all. Other economic policies of the\nPurchasing\nperiod worked to the detriment of American farmers. Domestic\nPower\npurchasing power for farm products was undermined by the\nfailure to give workers an increased share of our increasing\nproductivity. Between 1924 and 1929, the average factory\nworker increased hourly productivity by almost one-fifth.\nBut his hourly pay went up only three percent.\nHigh Business\nMeantime, industrial profits soared higher and higher.\nProfits\nInstead of being used to lower prices, or to raise wages, they\nwere sent into Wall Street and the stock market pyramided to\nthe dizziest height in history so that the collapse, when it\ncame, illustrated in that instance the old saying \"the bigger\nthey are the harder they fall.\n\"\nAs for agriculture after 12 years of struggle, it\nwas not so big in those days, but no segment of the economy"
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