The Farm Planks (Continued) 



Republican 



(Continued from page 5, col. 1) 



live competition emanating from the 

 subsidies of foreign government and the 

 imports from low-wage and depreciated- 

 currency countries. 



We will repeal the present recipro- 

 cal trade agreement law. It is futile and 

 dangerous. Its effect on agriculture and 

 industry has been destructive. Its con- 

 tinuation would work to the detriment of 

 the wage earner and the farmer. 



V\'e will restore the principle of the 

 flexible tariff in order to meet changing 

 economic conditions here and abroad and 

 broaden by careful definition the powers 

 of the Tariff commission in order to ex- 

 tend this policy along non-partisan lines. 



We will adjust tariffs with a view to 

 promoting international trade, the stabi- 

 lization of currencies and the attainment 

 of a proper balance between agriculture 

 and industry. 



We condemn the secret negotiation of 

 reciprocal trade treaties without public 

 hearings or legislative approval. 



MONOPOLIES 



A private monopoly is indefensible and 

 intolerable. It menaces and, if continued, 

 will utterly destroy constitutional gov- 

 ernment and the liberty of the citizen. 



We favor the vigorous enforcement of 

 the criminal laws, as well as the civil 

 laws, against monopolies and trusts and 

 their officials, and we demand the enact- 

 ment of such additional legislation as 

 is necessary to make it impossible for 

 private monopoly to exist in the United 

 States. 



We will employ the full powers of the 

 government to the end that monopoly 

 shall be eliminated and that free enter- 

 prise shall be fully restored and main- 

 tained. 



MONEY AND BANKING 



We advocate a sound currency to be 

 preserved at all hazards. 



The first requisite to a sound and 

 stable currency is a balanced budget. 



We oppose further devaluation of the 

 dollar. 



We will restore to the Congress the 

 authority lodged with it by the Con- 

 stitution to coin money and regulate 

 the value thereof by repealing all the 

 laws delegating this authority to the 

 executive. 



We will co-operate with other coun- 

 tries toward stabilization of currencies 

 as soon as we can do so with due regard 

 for our national interests and as soon 

 as other nations have sufficient stability 

 to justify such action. 



A Cooperative is a business democracy. 



This was the keynote struck by C. C. 

 Teague, Santa Paula, California, presi- 

 dent of the California Fruit Growers 

 E.xchange. "The development of coop- 

 eration is the safest long-time plan for 

 the social and economic welfare of ag- 

 riculture," he said. 



Farm Bureau 



(Continued from page 5, col. ."J) 



ever, governmental subsidies either 

 upon farm exports or upon the do- 

 mestically consumed portion of a 

 farm commodity, unless coupled 

 with an effective production adjust- 

 ment program to balance the supply 

 with the total effective demand of 

 markets, cannot be effective in 

 permanently maintaining fair price 

 levels to farmers. 



5. Full protection of the domestic 

 market for farm products from compet- 

 ing imports that influence prices below 

 parity levels. 



EXPLANATION: Within dll limitatons 

 with which the country may be con- 

 fronted in putting into effect a well 

 rounded program to balance supply 

 with demand for farm products, we 

 ask for the full protection of th» do- 

 mestic market for farm products from 

 competing imparts of farm products 

 or substitute products that influence 

 the prices of domestic farm products 

 below parity levels. 



6. Reduction of excessive industrial 

 tariffs to assist in equalizing the price 

 levels of industrial and agricultural 

 commodities. 



EXPLANATION: In the case of many 

 industrial products excessive tariffs 

 have fostered monopolies and in- 

 creased the cost of living to an un- 

 reasonable degree. Justice to farmers 

 and consumers generally requires the 

 reduction of excessive industrial tar- 

 iffs to assist in equalizing the prico 

 levels of industrial and agricultural 

 commodities. 



7. Further development of farmer- 

 owned and controlled credit system to 

 provide ample short and long term loans 

 at interest rates commensurate with 

 those available to other American indus- 

 tries. 



EXPLANATION: Farmers are entitled to 

 and must have adequate credit to 

 finance their farm operations, to en- 

 courage the ownership of farms and 

 to finance the marketing of farm 

 products. To that end we favor the 

 further development of farmer- 

 owned and controlled credit system 

 with the aid of government which 

 will provide ample short and long 

 term loans at interest rates com- 

 mensurate with other American in- 

 dustries. Farmers are entitled to 

 credit at rates of interest upon terms 

 and conditions equally favorable 

 with those enjoyed by other indus- 

 tries. 



8. Federal control or regulation of 

 monopolies to equitably protect all pro- 

 ducer and consumer interests in the 

 nation. 



EXPLANATION: The growth of monop- 

 olies and monopolistic practices 

 during the past generation consti- 

 tutes a great menace to all groups in 

 our nation, destroying individual 

 initiative and enterprise, ruthlessly 

 exploiting consumers, bringing about 

 excessive concentration of wealth 

 and ownership of capital, and creat- 

 ing gross ineaualities of economic op- 

 portunity. The growing power of 

 monopolies jeopardizes not only the 

 economic welfare but the political 

 independence of the people and the 

 ideals of equality of opportunity 

 cherished by the founders of our 

 nation. 



Sta'es acting alone are unable to 

 properly protect the public welfare 



against monopolistic practices of cor- 

 porations whose operations are 

 nation-wide, and in some cases, 

 world-wide in scope. 



The public interest requires the 

 enactment of legislation to provide 

 for effective federal control or regu- 

 lation of moncpolies which will as- 

 sure equitable protection to all of 

 the consuming interests in the 

 nation. 



9. Lower transportation costs by 

 mecns of economical, efficient and com- 

 petitive transportation facilities, includ- 

 ing highways, railways and waterways. 



10. Aiding farm cooperative market- 

 ing, purchasing and service associations 

 to stabilize distribution, marketing, pro- 

 duction and processing of farm crops and 

 farm supplies by marketing agreements 

 and otherwise. 



11. A managed currency regulated on 

 an index of basic commodities to main- 

 tain a dollar with a constant purchasing 

 and debt paying power. 

 EXPLANATION: The permanent welfare 



and security of all our people de- 

 pend upon the maintenance of a 

 sound and stable currency to serve 

 as a fair medium of exchange for 

 goods and services and for the pay- 

 ment of debts. A dollar with a fixed 

 and unvarying gold content which 

 varies from one-half to double its 

 purchasing power is an unsound and 

 unfair medium of exchange. Such a 

 dollar has been a major cause of the 

 instability of commodity prices and 

 recurring periods of reckless infla- 

 tion and disastrous deflation. 



The value of all commodities is 

 measured by the dollar. When the 

 dollar is backed by a given weight 

 of gold, the value is determined by 

 the value of that weight of gold. 

 During the last 120 years, the value 

 of the dollar backed by a given 

 weight of gold has varied greatly. 

 When the value of the dollar rose, 

 prices of basic commodities went 

 down. When it declined, prices went 

 up. But all prices did not change 

 alike and debts did not change at all. 

 Every change, therefore, threw prices 

 out of balance and changed their re- 

 lationships. Agriculture cannot pros- 

 per with such an unstable measure 

 of values. 



A sound and stable currency is 

 one whose purchasing cower and 

 debt paying power remain constant 

 from generation to generation. 



For the attainment of such a cur- 

 rency, we ins'st that Congress now 

 exercise its constitutional obligation 

 to the people to regulate the value of 

 money by establishing and maintain- 

 ing a managed currency, regulated 

 on an index of basic commodity 

 prices, which will maintain a dollar 

 with a constant purchasing and 

 debt paying power. To effectuate 

 such a policy. Congress should es- 

 tablish a monetary authority (by 

 whatever name designated) and vest 

 in this au hority ample Dowers. in- 

 cluding the re-pricing of gold and 

 regulating the gold content of the 

 dollar on the bas's of an index of 

 basic commodity prices. 



We recommend that the basic com- 

 modity price adjustment be brought 

 either to the 1926 level or the period 

 1922-29 inclusive, that reasonable 

 time be given to attain this result 

 and that reasonable leeway (for ex- 

 ample, five per cent variation) be 

 permitted in the maintenance of 

 such price level. 



(Continued on page 23) 



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