Full text: Agricultural marketing revolving fund

Mr. Byrns, Was there any special reason why those 90,000 bushels 
came in, was it just to satisfy the demand here, or rather, not the 
demand, but the market; or was it because somebody was buying it 
for some other purpose? . 
Mr. Lecee. No; they may buy that corn for the purpose of man- 
ufacturing corn products, or some uses of that kind. The freight 
on corn from the Argentine is less than it is from Iowa. They can 
ship it regularly by water from Buenos Aires to New York cheaper 
than the farmers of Iowa can ship corn into New York by rail. 
Mr. Byrns. There is one question I wanted to ask you. You 
covered it yesterday, but I want to get it clear in mv own mind. and 
also for the record. 
You have asked for $150,000,000 here for the current fiscal year? 
Mr. Lecce. Yes, sir. 
Mr. Byrns., If that amount is allowed that will make $400,000.000 
of the entire authorization of $500.000.000? 
Mr. Lrcee. Yes, sir. 
Mr. Byzwns. I have had the suggestion made to me that Congress 
ought to appropriate the full amount. Do I understand that if the 
$150,000,000 is appropriated, as I understand under this estimate 
it will be, that will be all that you and vour board think is necessary 
for the current fiscal year? 
Mr. Lecce. We think we can go through until July 1 with that 
amount of money. The balance of that money is asked for in the 
next year’s appropriation. 
Mr. Byrns. I understand; but you do not need it in this bill at 
this time ? 
Mr. Lrcoe. We think not, although I must say that the situation 
is a bit disturbing. 
I would like to read you a letter that just came in from a coopera- 
tive on that subject. 
After referring to several other things, the writer says: 
The second thing they look at is the money question. Hveryone admits 
we can hold the market if money is available to us, but what they read in 
the papers about the recent arguments in Congress in regard to the various 
appropriation bills, ete., make them nervous, in spite of the fact that none 
of the arguments are about the Farm Board bill. 
Everyone from bankers to bootblacks takes great pride in the fact that our 
actions have and are preventing not only a panic, but a disaster. So, broadly 
speaking, everyone is cheering for us and if they were absolutely positive of 
our position the question could be laid aside as settled. 
Summing up, I would say that the biggest single thing that could be done 
at the present moment to establish confidence is for Congress to take quick 
action on the $150,000,000 appropriation. Not that we are short of money or 
anticipate any great use for it, but just because it would be an unanswerable 
argument that the Government intends to stand behind the Farm Board and 
what it represents. 
If there is anything that the writer or our organization can do for the 
good of the cause, fet us know. In the meantime, we can easily hold our lines 
and my guess is that with the passage of the $150,000.000 apvrovriation, vou 
will see wheat 5 to 10 cents higher almost immediately. 
Mr. Tavror. Mr. Legge, will you state whether there is anything 
further that occurs to you that you think would be advantageous 
for the operation of your board for the welfare of the farmers of 
this country? } 
Mr. Lrcer. Yes, sir; we think there should be an amendment to 
the reoulations of Congress governing the exchanges dealing in

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