AGRICULTURAL RELIEF

Mr. BreEpsoE. No, I don’t say it will. I might take another
view——

Mr. Fort (interposing). But, I am getting down to the question
of whether your equalization fee financed corporation, or your loan
financed corporation, whether those two will have any difference in
their effect on the exchange. There will be no difference, if they are
in there for the same purpose and the bill is actually functioning.

Mr. BLEDsoE. Would have no effect on the exchange?

Mr. Fort. It will have the same effect under each plan. If you
are financing it with the same amount of money, and working it the
same way; the method of financing will not affect your prices?

Mr. BLEpsoE. No.

Mr. Fort. And you want the insurance feature and still want the
equalization fee?

Mr. BLEpsok. I want the insurance fee to be in the bill, for the
simple reason that I want to build up the cooperatives; I want to
build them up to where the surplus will be carried.

Mr. Fort. You want to keep your cooperative and you want to
keep the exchanges.

Mr. BLEpsoE. Oh, yes. This insurance is based on the exchange
price.

Mr. Fort. It can not operate unless you do that.

Mr. BLEpsn= Yes, sir.

Mr. For. .eel that either of these two plans will ruin the
exchanges?

Mr. BrEpsor. No.

Mr. Fort. Either the corporation financed by the equalization
fee or the—

Mr. BLEDSOE (interposing). No, I didn’t say that.

Mr. Fort. I certainly so understood you to say that.
pr. BLEDSOE. I say, understand, that all of the cooperators want
that.

Mr. Fort. Then, you do not think that the setting up of a corpora-
tion, adequately financed to buy the surplus, would ruin the exchange?

Mr. BLepsoe. Why, no; how could it ruin the exchange?

Mr. Fort. I am asking you the question. I am not answering it.
Then you would still have the exchanges under the Haugen bill
proposal if you had both the insurance fee and the Haugen bill
corporation, with which the board had made a contract to stabilize
cotton, and for the purpose of stabilizing cotton let them have the
aqualization fee?

Mr. BLEpsoE. I do not think you gentlemen can set up any device
here that would put the exchange out of business. The exchanges
have been operating so long that we should recognize the service
they render.

Mr. Fort. I don’t think either of these proposals would put them
entirely out of business. I think some exchanges would be affected;
I think some of chem are working on excess commissions on specula-
tion, but I do not think it would have any effect on any legitimate
exchange. They would simply have to get down on the same basis.

Mr. BLEDSOE. As an economical proposition.

Mr. Fort. Still, you have not answered me completely, as to
whether there is any essential difference in its effect on the farmer,
on the price he gets, whether we set up a corporation financed, we

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