AGRICULTURAL RELIEF
you haven’t got any private companies who will write this insurance,
or anybody else who will write it.

Mr. BLEpsoE. Well, I think I stated that very clearly here, that
this matter had been taken up and the attorney for one of the biggest
insurance companies in New York told me positively that he thought
tt was a good thing, but that the charter does not provide for it in
the State of New York.

Mr. KincHELOE. Still, you want Uncle Sam to insure you. If this
is such a sound proposition, why don’t they legislate up there in New
York, and make it legal in the State of New York. Has this been
up for some time?

Mr. BLepsoe. Well, on October 15, 1926, is the first time that they
heard of this in New York.

Mr. Fort. It takes longer than a year to get insurance schemes
through.

Mr. ANprESEN. If you only have losses in 5 years out of the 20,
what will be your objection to having a 10 or 15 or 20 or 25 per cent
reserve set up and pay the cooperative farmer 75 per cent of his price?

Mr. BLEpsok. I don’t want the Government in business; I prefer
private sources from which to obtain this insurance. I think it is a
sound proposition. Don’t you, Mr. Fo? Won't vou agree with me
on that?

Mr. Fort. Anything is insurable. I would insure this building
after it caught fire if you would pay me a big enough premium, against
a total loss. . Anything is insurable, but the proposition comes down
to the question of terms and rates. I am not prepared to say this is
insurable at the $1 rate.

Mr. BLEDSOE. I don’t ask you to take these statistics.

Mr. ANprRESEN. If the loss is more than one-fifth of a cent a pound,
or a dollar a bale, or whatever it is, then the Government would have
to pay that loss.

Mr. BLEDSOE. Sure, over a period of years, but the amortization
would take care of that. Ye» can take any proposition and make it so
you do not want to +. "a could figure anything, if you would
agree to take it

Mr. Swank.
now?

Mr. Harr. Last winter the Legislative Assembly of South Dakota
enacted a law whereby they set up a council on agriculture, and we
received this morning a telegram from the chairman of that board,
which I would like to have made a part of the record, if the secretary
vill read it.

The CuarrMan. The secretary will read the telegram into the
record.
The SECRETARY (reading):

133

Hon. GiLBerr N. HAUGEN,
House Agricultural Committee, Washington, D. C.:

We are receiving reports some members agricultural are objecting to vote out
bill with equalization fee. Any bill without equalization fee would be useless
Nour opinion, and we are positive it could not have support of farm organiza-
tions. Any attempt to put out a bill without equalization principle would be
recepted as useless gesture and political sop with worse political reaction than
no bill at all.
. C. W. CRroEks,
President South Dakota Wheat Growers’ Association and Secretary of the
South Dakota Council of Agriculture.