12 ANNUAL, EEPORTS OF DEPARTMENT OF AGRICULTURE. 



the farmer have received more thoughtful and sympathetic con- 

 sideration by legislative and administrative agencies during the 

 past two and a half years than at any previous period in our history. 

 It is not out of place here again to refer to some of this legislation. 



The emergency tariff, enacted promptly in 1921, checked the 

 dumping on our markets of surplus agricultural products which had 

 accumulated in other countries. 



The provision for emergency credit which was made available 

 through banks and cooperative associations saved large numbers of 

 them and their farmer patrons from bankruptcy. 



The extension of Government supervision over the livestock mar- 

 kets and market agencies has resulted in putting a stop to innumer- 

 able unfair practices, has given assurance of open and competitive 

 markets, and gives opportunity to make a thorough study of the 

 packing and distribution of meats. 



The law which brings the grain future trading markets under 

 Government supervision has afforded an opportunity for an investi- 

 gation and study of these markets which in time should lead to 

 beneficial results. 



Cooperative marketing associations have been given protection 

 from unjust prosecution and encouraged to function freely, with the 

 view to enabling their members to reduce marketing costs and market 

 their crops in an orderly manner. 



The agricultural credits act enables the Federal reserve system to 



handle agricultural paper for longer time, increases the amount 



which may be loaned on farm mortgage to the individual farmer, 



and provides a system of intermediate credit especially adapted to 



farm needs. This act when under full operation should not only 



vastly improve farm credit facilities but materially reduce interest 



rates. 

 These and other laws of real but lesser importance than the ones 



mentioned have been very helpful in improving agricultural condi- 

 tions. Those who may have hoped that the depression could be 

 turned all at once into a period of prosperity by some sort of legis- 

 lative magic have perhaps bfien disappointed, but those who realized 

 that our difficulties grew out of the period of disorganization result- 

 ing from the terrible World War have been able to note beneficial 

 results from this legislation^ 



