152
AGRICULTURAL RELIEF
The CuairMaN. The aim of the equalization plan} is to equalize
the price of the commodity, is it not?
Mr. KILGORE. Yes.
The CuarrMAN. That whatever the loss under the equalization
plan would be compensated by the average price. Suppose a million
bales are taken off the market under the two plans. That would be
$180,000,000. Under the equalization plan, the equalization fee
would be assessed upon the producers; and under the other plan it
would have to come out of the Treasury. So it is just a question
whether the Treasury has to pay the loss or the producers are to pay
their proportionate share of the loss.
If you stabilize the price as you say or advance the price, say,
214 cents, the profit would be $12.50, or 214 cents a pound. That
would be the gain. While some might go up to 17 cents, the average
price would only be 15 cents. They would receive the average price.
Under the other plan $180,000,000 would be taken out of the Treasury
and it is gone. True, some would get a higher price while on the
high level.
Mr. ANDRESEN. At this time, as long as we are going to have a
hearing to-morrow, I would like to ask unanimous consent that Mr.
Sydney Anderson be permitted to go on Monday morning.
(Thereupon, informal discussion took place.)
The CHAIRMAN. Without objection, Mr. Sydney Anderson will
follow Judge Caverno. The committee will now stand at recess until
to-morrow morning at 10 o’clock.
(Thereupon, at 12 o’clock m., the committee adjourned to meet
to-morrow. Friday, February 17, 1928, at 10 o’clock a. m.)
A APA SA Strap ms
House oF REPRESENTATIVES,
COMMITTEE ON AGRICULTURE,
Friday, February 17, 1928.
The committee met at 10 o’clock a. m., Hon. Gilbert N. Haugen
(chairman) presiding.
The CrairMAN. The committee will kindly come to order. On
yesterday I stated we received a letter from the grain exchange com-
mittee. On looking over the letter, I see that it is submitted on
behalf of a number of grain exchanges. It has been requested that
this letter be read to the committee and without objection, the clerk
will read it.
(The clerk read as follows?)
FEBRUARY 16. 1928.
Hon. GiLBErT N., HAUGEN,
Chairman Committee on Agriculture,
Washington, D. C.
My Dear Sir: It is the understanding of the grain exchange committee, repre-
senting the grain exchanges of the United States listed below, that the Agricul-
tural Committee of Congress is now discussing various types of bills for the relief
of the farmers. .
The committee feels that the grain exchanges whom it represents are sincerely
and urgently desirous of bettering the farmers’ condition by means of every
practicable action, as we realize the dependence of the grain trade upon the pros-
perity of the farmer. This committee is, therefore, more than willing to cooper-
ate in the enactment of any measure which will untilmatelv result in bettering
the condition of agricultural producers.
