Letter Accepting the Resignation of Charles C. Teague as a Member of the Federal Farm Board.

Note: Mr. Teague's letter of resignation, dated May 22, 1931, and released with the President's letter, follows:
Dear Mr. President:

When I accepted appointment on the Federal Farm Board it was with the understanding that it was to be for a year, or during the organization and policy formation period of the Board. At your request I have continued as a Member of the Board and you have been good enough to accept my resignation, effective on June 1 of this year, in order that I may return to my personal affairs and the affairs of organizations' which I have handled for many years and which would not permit of my continuing longer on the Board.

In retiring from the Federal Farm Board permit me to. say that it has been a privilege to participate for the past nearly two years in the administration of the Agricultural Marketing Act. It was indeed fortunate, during the present serious economic condition through which the country has been passing, that the farmers of the country have had this important legislation, with adequate finances and administered by a group of men of your selection, who have had such a deep and sympathetic attitude toward the problems of agriculture. In the time that I have been on the Board I have never observed any action influenced by section or politics. The Board has always sought for the most helpful solution of any of the problems that have been presented. They have brought to these problems broad business experience and a thorough knowledge of agriculture and cooperative marketing.

It has, of course, been impossible to be helpful under these most difficult and trying conditions without at times taking some chances of loss to the revolving fund. Had it been administered as a banking trust or fund it would have been of little help to agriculture under existing conditions. I am frank to say that when I accepted your request to become a Member of the Board I had some misgivings as to the possibility of too much importance being attached to the revolving fund and the loan provisions of the Act, as I had the very definite conviction that the greatest benefits would come from Federal sanction and assistance in the developing of a cooperative marketing system for agriculture.

There are two distinct methods of stabilization of markets. Probably the one that has been emphasized most in the publicity relating to Farm Board action has been the stabilization operations on wheat and cotton, which were entirely emergency operations undertaken to meet emergency conditions and which I believe are entirely justified and which will have resulted in benefits to agriculture and business generally far outweighing any cost to the Treasury. However, in my judgment the greatest benefit will come through another type of stabilization of markets, which will come through the long-time project of developing a system of cooperative control of agricultural products, which will effect a better control of production and a better control of distribution and thus have an important influence in the stabilization of markets.

Of course no one could foresee the conditions brought about by the world-wide depression and its effect upon all business, including agriculture. Had it not been for the revolving fund a large number of the cooperatives that have performed a very definite and valuable service to the farmers of this country, would have perished through the inability to finance themselves and to adjust their business practices to the changed conditions brought about by unprecedented declines in values; so, I say without hesitation that many of these cooperatives owe their continuing existence to the assistance given them by the Board. As these facts become better known and understood by agricultural producers and the public, I believe they will recognize the importance of rallying to the support of the Board and of the Agricultural Marketing Act. I am firmly convinced that during the last two years more progress has been made in cooperative marketing than has been made in any previous ten year period in our history. This perhaps can not be demonstrated by an inventory of the increased membership of cooperatives but in appraising this gain there should be taken into consideration the great advance that has been made in the support of educational institutions, national farm membership organizations and by broad gauge business men and the public generally.

I am retiring from the Board in no spirit of discouragement but with the definite feeling that the time I have spent on the Board and such contribution as I have been able to make have been distinctly worth while. Permit me at this time to extend to you assurance of my continued respect and regard.
Respectfully,
CHARLES C. TEAGUE

Vice Chairman

[The President, The White House]