urn in the tide itself, for it
will eliminate the marking up of goods and the opportunity of vicious
speculation. The dangers of the turn are twofold. First, unless we
constructively remedy the unnecessary margin between the farmer and the
wholesaler the farmer will receive the brunt of the fall long before
the supplies he must buy and the labor he must employ will have fallen
in step. It will bring to him the greatest suffering in the community.

The farmer's position can be remedied by better distribution of the tax
load, by improvement in our transportation system, by getting our
markets free of impediments to free flow of competition, and by
constructive improvement in our whole distribution system. The consumer
will get relief from deflation, improvement in world production, and by
eliminating the same wastes and unnecessary costs in our distribution
system.

The second danger is that deflation itself will take place without
constructive consideration. Great wisdom will be required on the part of
our government in its great control of credit that it shall take place
progressively and with care, in order that there shall be no sudden
breaks, with their resulting demoralization, unemployment and misery.

We require a careful balance of general industry to agriculture. We
cannot afford to build this nation into an industrial state dependent
upon other lands for its food supply. We want our industries to grow,
but we want agriculture to grow in pace with them. Many of our farmers
made great sacrifices in the war; they do not want to be coddled in
peace; but they must have an equality of opportunity with all the other
elements in the country.

[Footnote 2: _Saturday Evening Post_, Issue April 10, 1920.]

THE END

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