SECRETARY WALLACE CHARGES LOAN COMPANIES WITH EXTORTION OF FARMERS
Washington, D.C. (JFK+50) On January 20, 1922, Secretary of Agriculture Henry C. Wallace* announced his intention to "lay before the National Agricultural Conference**...the...selfish and grasping attitude of...companies...which loan money on farm mortgages."
Secretary Wallace says...
"Many companies...are taking advantage of the farmers' distress to heartlessly extort*** a rate of interest and terms of loan which cannot be justified."
The Secretary also charges that some companies are reducing the amount of loans per acre which has the effect of "restricting the farmers credit."
*Henry Cantwell "Harry"Wallace (1866-1924) was born in Rock Island, Illinois & graduated from Iowa State Agricultural College (Iowa State University). HCW served as Secretary of Agriculture 1921-1924. His son would later serve as agriculture secretary and VPOTUS under FDR.
**The National Agricultural Conference was scheduled to meet the following week. As of Jan 20 1922, 325 farmers & members of farm groups had accepted invitations to attend.
***Extortion is the illegal practice of obtaining money through intimidation, threat, or force.
SOURCE
"Says Farmers Are Extortion Victims," The Evening Star, Washington, D.C., January 20, 1922, Chronicling America, Library of Congress, www.loc.gov/
