Full text: Agricultural marketing revolving fund

taken that he might have taken 800,000 bushels off the cash market 
and I can not see how it could have had any particular effect on 
that. I say 48 hours; it was done as the wheat came in and as it 
could be acquired. 
Mr. Ayres. There has also been a great deal said about what 
transpired during the month of August, or the fore part of Sep- 
tember of this year, to the effect that the Farm Board had the 
Chicago Board of Trade on their knees, ready to eat out of their 
hands, and then all of a sudden that attitude was changed. There 
has been a great deal of speculation as to why you ceased at that 
Mr. Lecee. I think they are confusing the Federal Farm Board 
with the Department of Agriculture. The Secretary of Agricul- 
ture took up two different things with the Chicago Board of Trade. 
Mr. Bucuanan. There is one other question I want to ask you, 
Mr. Legge. We appropriated for your board $250,000,000. You 
have an estimate of an appropriation, in the regular appropriation 
bill, of $100,000,000, and you also have an estimate of $150,000,000 
in this bill, which, with what you have previously had. makes the 
total of $500,000,000. 
Would it be any advatnage to you, psychologically, or be an 
advantage in your operations, if the whole $250.000,000 was appro- 
priated in this bill? 
Mr. Legge. It would have this advantage. It would be notice 
to the people who have been trying to stir up trouble with the 
board and in connection with the operations of the agricultural 
marketing act, that Congress was supporting the Federal Farm 
Board to that extent. So far as the use of the money is 
Mr. Bucaanax (interposing). The only advantage would be to 
serve notice on those who are antagonistic to the Board, or who are 
trymg to prevent its success, to let them know that Congress was 
squarely back of the Board ? 
Mr. Lecce. Yes, sir; that is always advantageous. 
Mr. Tayror. Is not that quite important, to let the world know 
that Congress is back of you, and to show these trouble makers that 
the United States Government is bigger than they are? 
Mr. Lecce. It is important, and if you do that it will show that. 
Mr. Ackerman. Is the Farm Board contemplating making addi- 
tional loans to the grape growers in California in the near future? 
Mr. Lrcee. I think there will be very little more called for this 
season. I think there will be very little more of that. In fact, 
we are hoping some of the loans may be repaid in a few months. 
The peak of their movement is over; in fact, it is practically com- 
pleted. So I think there will be no further loans of any consequence 
called for there. 
Mr. Ackerman. Nothing comparable to what you have already 
loaned ? 
Mr. Lecce. No; we anticipate they are going to refund that. 
They are sending us some money. While we have loaned them this 
large amount of money, they are paying back some of those loans 
at the present time.

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