"All who are familiar with business in a wheat-growing section know that the wheat farmer relies upon his wheat for his income, shortage of labor in 1920 has been 13 percent lower than in 1919. The result has been that the farmer has been compelled to pay high wages for all kinds of farm help and the help has worked short hours. The further result is that caring for and harvesting the 1920 crop has been most expensive for the wheat farmer of the country. It has been necessary that farmer raising wheat shall pay for his help and shall pay high prices for his machinery. The farmer cannot postpone the debts incurred for six months or nine months. He must pay now. That being the case, he must sell his wheat now, unless he can borrow money on it and have the assurance at the end of ninety days and six months he may renew in part, at least, the obligation that he has as burned.
"It is the present policy of the federal reserve banks, as I understand to refuse to re-discount wheat paper as long as the wheat shall remain in the same ownership. That being the case, purchasers who know that they can obtain the wheat of the United States at a far lower price than it is worth else." (Continued on page four). 