Calvin Coolidge photo

Excerpts of the President's News Conference

July 25, 1924

I don't know as I can throw any new or fresh light on the effect or general reaction to the increases in prices of wheat and corn. I think it has been recognized that the prices of farm products for the past year or two have been below the price level of manufactured products. I think there has been a general recognition of the fact that it is desirable to have those price levels substantially the same. Sometimes one is higher than the other. I think in years gone by there has been a tendency of farm products to be somewhat higher than the level of manufactured products. That was so before the war, and I don't know what the relationship was before that, but for the last two or three years it has been the other way and farm products have been lower, although now there is a gradual coming together in the prices of farm and manufactured products. I think it would be better for the whole country if there was a substantial similarity in those prices, so that the purchasing price of what they call the farm dollar will be substantially the same as the purchasing price of the dollar that comes from industry. I know, of course, that there has been difficulty in meeting obligations in the agricultural section and some diminution in the buying power there. This I judge will give the agricultural sections a chance to liquidate their obligations, and the farmer a chance to pay off some of his debts, and will increase his buying power, and the general result of that ought to be better business conditions throughout the nation.

Source: "The Talkative President: The Off-the-Record Press Conferences of Calvin Coolidge". eds. Howard H. Quint & Robert H. Ferrell. The University Massachusetts Press. 1964.

Calvin Coolidge, Excerpts of the President's News Conference Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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