PROCEEDINGS STATE AGRICULTURAL CONVENTION 145 



money, which has been called the world's standard, it would reduce that 

 English pound to $3.16 which is six points lower than the international 

 exchange between this country and England ever reached and more than 

 100 points lower than it is today. 



There are some things which I might mention, namely that this all 

 commodity price has continued practically level for the last six months 

 which would indicate that we are reaching something like a stable basis 

 which when all of our adjustments are made will be about fifty per cent 

 higher than the prices of 1913. We don't know that but that is the indi- 

 cation. 



A great deal of discussion has taken place regarding future prices, re- 

 garding Iowa land values, for instance, and whether Iowa land is too high 

 or not. I mention this for your thought and with that let me say that in 

 the past ten years the amount of money in this country has increased 

 ninety-six per cent and it is supposed that the amount of money reflects 

 prices. The amount of bank credit in the same ten years increased 144 

 per cent and many people say that bank credit has displaced the quanti- 

 tative theory of money. So that either on the basis of bank credit or per 

 capita circulation of money, prices will be very materially higher when 

 adjustments are made. It is interesting to note that in connection with 

 land values the total valuation of the farms in the United States from 

 1910 to 1920 increased exactly the same percentage as our total monetary 

 circulation increased. So that I have not lost faith in the value of 

 my Iowa farm and I am not going to lose faith in it. I consider it the best 

 property, the best investment in America today. I have every confidence 

 that sooner or later, I hope sooner, although it may be later than we want, 

 these adjustments are going to be settled. I have reason to be confident 

 because I know that this human family of ours has got to eat and I know 

 the feeding of a hundred million people is a big contract and I know 

 this state of ours is the greatest garden spot in America and in the world 

 and I know that finally American agriculture is going to come into its own 

 not as an agriculture controlled by peasantry but an agriculture in the 

 hands of an enlightened and intelligent and educated citizenship. 



President Cameron : Here is a gentleman who needs no introduc- 

 tion, our governor. 



Governor N. E. Kendall: Mr. President: I very much regret that I have 

 been so occupied the past two days with duties that I could not postpone 

 that it has not been possible for me to attend any of the meetings until 

 now. I am not an interloper here; I am an ex-officio member of the Board 

 of Agriculture in Iowa, and I deem it one of the pleasant incidents con- 

 nected with the office that I occupy. I for a long time took very great 

 pride indeed in the State Fair of Iowa, and as I see its exposition each 

 recurring year I am inspired with even greater satisfaction in what is 

 being done; and each of the county exhibitions that are held everywhere. 

 They are real educational enterprises to instruct as well as amuse and 

 edify the people. 



I wish I might have heard the address to which you have just listened 

 here. It is not possible for me now to confront a gathering of men inter- 



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