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AGRICULTURAL RELIEF
will say, with $100,000,000 as a loan, or a corporation set up financed
with $100,000,000 raised by the equalization fees. Will there be
any difference in either of those two propositions managed by the
same board in the price that the average American farmer will
receive?

Mr. BLepsoE. You mean to ask me this question? Is this what
you say, Mr. Fort, that the source of the money in one case from
the Government and in the other case, the equalization fee, would
have no difference in effect on the working of a corporation?

Mr. Fort. In the price. :

Mr. BLEDSOE. You would not ask me that, would you?

Mr. Fort. Well, would it?

Mr. BLepsoE. What difference does it make? Whether a loan or
the equalization fee is used to afford capital for this corporation?

Mr. Fort. Yes.

Mr. BLEDSOE. You understand that the equalization fee is to pay
for the storage, insurance and carrying charges, so far as cotton is,
concerned?

Mr. Fort. And the losses of the corporation.

Mr. Brepsor. For that period, yes. This is in cotton. We are
not talking about variations; if there was not any variation there
would not be any equalization fee, and no one would question its
soundness, nor would we be here discussing those features that we
have been discussing all this time. There is nothing uneconomic
about the equalization fee on cotton, is there?

Mr. Fort. Yes.

Mr. BLEpsoE. I mean, uneconomic about the entire commodity
paving the carrying charges on the surplus.

; &r. Fort. If you limit it to the carrying charges, I agree with
yl)
“r. BLEDSOE. Yes, it is sound.
1. ForT. Yes, sir, if you limit it to the carrying charges.

Mr. Brepsoe. And if we have this insurance protection, the
principle is sound. That is what I am discussing it on, the world’s
prices on cotton. It is all right.

Mr. Fort. Yes; since there is no tariff or import possibility.

_ Now then, going back to cotton, and I am not taking the equaliza-
tion fee in that sense, but I am talking to you about whether the price
that the farmer of America will get—leaving that insurance scheme
out of the question for the moment——

Mr. BLEDsoE (interposing). That is pretty hard to do.

Mr. Fort. I know. But, will the price that the American farmer
will get, if we do not adopt the insurance feature, but do adopt the
corporation plan of carrying the surplus, be any different if we raise
the money from an equalization fee?

Mr. BLEDsoE. Is not my position clear to you? I have described
to you what I think the degree of help will be.

_ Mr. Fort. You have not answered my question. You can answer
it Ms or “no.”
r. BLEDSOE. You thin ?

Mr. Fort. Yes, sir. 1 could?
pr. Eammaos. Well, excuse me if I am just a little bit dense. I
to Shoes my mind on one subject, and you are trying to get me

a question I don’t understand. I don’t understand

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