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Footnotes 1253
this kind are always rather arbitrary and more or less incomparable. The main objection
is, rather, that such calculations seldom give any exact and meaningful indices on the
economic success of the operations. For the capital value is not an independent unit;
it is a reflection of the anticipated net income (as well as of the anticipated returns on
competing investment opportunities and of anticipated risks). The A.A.A. payments,
for instance, undoubtedly have contributed to an increase in plantation values, and,
although they constitute part of an increase in income, it is not certain that they have
helped to bring about any rise in the percentage return. If they should have brought
about such an increase, this is only because the investor considers them temporary and,
consequently, bases his calculation on the assumption that his net income eventually will
decline. Indeed, the greater the assurance that a certain increase in income will last,
the less likely is it to cause any rise in the percentage return.
Schmidt, of. cit.y p. 152.
®®Woofter, “The Negro and Agricultural Policy,” p. no.
United States Department of Agriculture, “Extension Work with Negroes,”
mimeographed, p. 5.
Figures made available through the courtesy of Dr. M. L. Wilson, Director of
Extension Work, U.S. Department of Agriculture.
U.S. Department of Agriculture, Agricultural Statistics: 1940^ p. 719. In Missis-
sippi, for instance, where in 1942 the majority of the rural farm people arc colored,
less than one-fourth of the extension workers were Negro. Tennessee had but 20
colored workers in 1942, whereas the total number of extension workers, even in 1939,
was fifteen times greater. Among all Southern counties with 5 00 or more Negro farm
families almost two out of five were without any colored extension workers in 1941.’’
It has already been mentioned that the Extension Service has frequently failed to
stand up for the rights of tenants when landlords have appropriated A.A.A. payments
intended for them or in other ways have misused the aid given under the A.A.A.
program. A somewhat less serious charge is that some county agents, who frequently
are the secretaries of local chapters of the Farm Bureau, have helped to force tenants,
including Negroes, to become ducs-paying members of this organization, which rarely,
if ever, represents the interests of the Southern tenant class.’^ The county agents may
rarely express an explicit command to the tenants to join the Farm Bureau; but a mere
suggestion, often made when benefit checks arc distributed, is enough to make a Negro
believe that he has not much choice. About similar pressure from the side of landlords,
see PM (February 23, 1942.)
This system of federally organized credit agencies was begun by the institution of
the Federal Land Banks (for mortgage loans) in 1916 and the Federal Intermediate
Credit Banks (for certain types of production credit) in 1923. The Farm Credit Act
of 1933 provided for the organization of the Farm Credit Administration (F.C.A.)
which now includes half a dozen federally sponsored credit agencies working for various
purposes, among those the older Institutions which were just mentioned, as well as the
Production Credit Corporations and Associations (for short-term credit), the Banks for
Cooperatives, and the Emergency Crop and Feed Loan Ofliccs (short-term credit for
farmers unable to get assistance from other institutions). In addition, certain indepen-
U. S. Department of Agriculture, “Extension Work among Negroes,” Table II.
**
Information from the Southern Tenant Farmers* Union, December 31, 1939.
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