AGRICULTURAL RELIEF

73

I am obliged to you gentlemen for this opportunity of presenting
this word of introduction. I know your time is valuable, and I shall
not detain you any longer at the present time, because I want you
to hear from those gentlemen who originated this plan, who made
the investigations which resulted in the presentation of the matter
to the last Congress, and I am very happy to have the opportunity
of saying that in all our plans and in all of our programs for agricul-
tural development and progress we are fortunate enough to have in
Mississippi men who are not mere dreamers or theorists, but good
business men, who are leaders and who are interested in the successful
production as well as marketing of the stapie products of our country;
they are successful in their own affairs, not propagandists, they are
not theorists, but they believe that the principle we are advocating
is applicable to the basic commodities of our country, that have a
harvesting season, and that are warehoused.

So that, without detaining you any further, I want to thank you
personally for this opportunity to introduce my friends, and to say
to you that you will not find men more capable than the gentlemen
who will follow me and present to you their views with reference to
cotton and other basic commodities, and give you their reasons for
advocating the insurance plan. I present to you Mr. O. F. Bledsoe,
who will be followed later by Mr. A. H. Stone.

If you gentlemen want me, I shall be very glad to make a state-
ment to you later on, covering the insurance feature.

I thank vou.
STATEMENT OF MR. O. F. BLEDSOE, JR., PRESIDENT STAPLE
COTTON GROWERS COOPERATIVE ASSOCIATION, GREENWOOD,
MISS.
Mr. BLepsoe. Mr. Chairman and gentlemen of the committee, my
name is O. F. Bledsoe, of Greenwood, Miss.

[ am a cotton farmer, and will also say that I have the honor of
being president of the Staple Cotton Growers Cooperative Association
of Greenwood, Miss., since its organization.

In order to expedite this matter, I would like for you to permit me
to make a short statement explaining this plan, and then I will make
a short statement showing the application of this principle. I think
that will expedite matters if you will permit me to do that without
Interruption.

Statistics for a period of 20 years show that with certain explainable
exceptions the average price of cotton during the period that farmers
usually sell their cotton, namely, from September 1 to December 31,
is lower than the average price for the 12 months beginning September
I and ending August 31. Some of us who have been studying this
matter are convinced that it would redound to the substantial gain
of cotton farmers if a plan of insurance against price decline during
any one cotton crop year could be put into effect.

Under the plan which I propose, the cooperative cotton association
would be guaranteed that their weighted average daily spot price
during the delivery period, i. e., from September 1 to December 31,
would not be less than their weighted average selling price for the
year: and consequently such associations would be able to pay their