96

AGRICULTURAL RELIEF
you keep it down in your pocket, the cooperative does, and ‘the
y 8 es not get a cent of 1t. }

Ba, an This Be just a guarantee that the average delivery

price, you understand, will not be more than the average selling price.

Ar KINCHELOE. Yes, I understand that.

BLrpsor. For which a premium is paid.

air. SiwcHELOE. But I am talking about when a loss come in—1I
mean, when a profit comes in, you stick that in your pocket?

Mr. BreEpsoE. The Government is not going to lose anything under
ir KiNcHELOE. But your amendment seeks to put them in the
position of guaranteeing the cooperative, every individual.

Mr. BLEpsor. The Governmeat is not in a profit sharing business
with the cooperative.

Mr. KincaeLok. Now, I want you to tell us what else you want,
so far as the Government is concerned. As I understand it, you are
placing it in that position by your amendment to the bill. You are
asking Uncle Sam to insure you a certain price.

Mr. BLeEpsoe. Why, yes; insure a certain average price——

Mr. KincueLoE. And if there is a loss, the Government has to
bear it; if there is a gain, you pocket that; you want Uncle Sam to

ay.
® Mir. Brepsor. But we are not placing Uncle Sam in the position of
being in the insurance business.

Mr. KincrELOE. But, Uncle Sam is in the insurance business,
voluntarily, if this proposition is put through; you want him to pay
you these losses. 1 would like to have this proposition made a little
bit clearer to me. My own opinion is that you can change that in
some way, as Mr. Fort suggested awhile ago.

Mr. BLepsor. That is for you gentlemen.

Mr. KincHELOE. I don’t think you can put Uncle Sam in any heads
[ win and tails you lose proposition.

Mr. Jones. I would like to ask Mr. Bledsoe a question or two.

im the exception of the year 1921 that vou referred to——

r. BLEDSOE. 1920.

Mr. JonEs. Aside from the years you referred to, have there been
oy her years in which the losses would have amounted to more

an $17

Mr. McSweeNEY: Would not this be figured, as any insurance, on
the average?

Mr. BLEpsoE. Absolutely. There have been losses——

Mr. Jones. Well, there have not been many, have there? :

Ve BLepsoE. There were losses in five years out of 20 years.

Mr. Jones. Have those losses run more than $1 a bale?

Mr. BLepsoe. The loss in 1907 was $1.70 a bale; in 1914 it was
og bale, in 1918 it was $4.35 a bale; the loss in 1923 was
.1 Dale.
Jones. In all the others there was a profit?

Mr. BLEDSOE. Yes.

Mr. JONES. Now, in the instance Mr. Kincheloe gives there of
your paying a premium, say your cooperatives had 5,000,000 bales
at $1 a bale premium, the “coZops” would make a payment that year