A more intimate relation should be established between agriculture and the other business activities of the Nation.  They are mutually dependent and can each advance their own prosperity most by advancing the prosperity of the other.  Meantime the Government will continue those activities which have resulted in an unprecedented amount of legislation and the pouring out of great sums of money during the last five years.  The work for good roads, better land and water transportation, increased support for agricultural education, extension of credit facilities through the Farm Loan Boards and the intermediate credit banks, the encouragement of orderly marketing and a repression of wasteful speculation, will all be continued.

Following every other depression, after a short period the price of farm produce has taken and maintained the lead in the advance.  This advance had reached a climax before the war.  Everyone will recall the discussion that went on for four or five years prior to 1914 concerning the high cost of living.  This history is apparently beginning to repeat itself.  While wholesale prices of other commodities have been declining, farm prices have been increasing.  There is every reason to suppose that a new era in agricultural prosperity lies just before us, which will probably be unprecedented.

MUSCLE SHOALS

The problem of Muscle Shoals seems to me to have assumed a place all out of proportion with its real importance.  It probably does not represent in market value much more than a first-class battleship, yet it has been discussed in the Congress over a period of years and for months at a time.  It ought to be developed for the production of nitrates primarily, and incidentally for power purposes.  This would serve defensive, agricultural, and industrial purposes.  I am in favor of disposing of this property to meet these purposes.  The findings of the special commission will be transmitted to the Congress for their information.  I am convinced that the best possible disposition can be made by direct authorization of the Congress.  As a means of negotiation I recommend the immediate appointment of a small joint special committee chosen from the appropriate general standing committees of the House and Senate to receive bids, which when made should be reported with recommendations as to acceptance, upon which a law should be enacted, effecting a sale to the highest bidder who will agree to carry out these purposes.

If anything were needed to demonstrate the almost utter incapacity of the National Government to deal directly with an industrial and commercial problem, it has been provided by our experience with this property.  We have expended vast fortunes, we have taxed everybody, but we are unable to secure results, which benefit anybody.  This property ought, to be transferred to private management under conditions which will dedicate it to the public purpose for which it was conceived.