WHEAT BOGIES

By his suggestion that freight rates on export wheat be lowered if possible, President Coolidge shows at least a better understanding of the causes of cheap wheat than the farmers or their representatives. Lowered freight rates on wheat for internal markets as the latter demand, would be a mere drop in the bucket; while raising the import tariff on wheat would be like shutting out imports of dirt. There simply ain't no such animal. the reason for low prices is, as President Coolidge comprehends, the almost complete absence of a foreign market, and consequently a mass of grain, usually exported, tumbled upon home consumers.

But even in his understanding the President displays a strange lack of understanding. Foreign consumers are not changing off because of heavy costs of transportation. The camel's back has already been broken without the addition of this feather. They are simply too poor to buy heat here at any price and will continue so until their exports swing exchanges back to a less prohibitive figure. Needless to say foreign countries are suffering under this enforced famine, but the United States is suffering too. It can hardly look for real prosperity as long as foreign markets are out of joint, and they will remain out of joint until order emerges from the chaos in Europe. Whether intervention by this country would work wonders or not is impossible to say. It has never yet been put to the test. Certainly, however, splendid isolation has been of no apparent assistance.

Meanwhile if the President and the Senate do not see fit to attack the problem at its source, they had best leave well enough alone, however many shouting Magnus Johnsons may leap up in the wheat states. The Northern Pacific and Great Northern Railroads, two of the principal wheat carriers, are already in a shaky financial condition through unprofitable wheat traffic. That the results of lower rates are not viewed with pleasure is known by the fact that the common stock of these companies took a "paid drop of several points on the New York Stock Exchange when the President's proposal was noised abroad. There are members of the farm bloc, like Senators Brookhart and La Follette, who would probably derive keen pleasure from the wrecking of a few railroads. Aside from pleasing such Neroes, President Coolidge's idea seems not only futile but dangerous.