1090

AGRICULTURAL RELIEF

Mr. Jones. Have you had any occasion to study the export deben-
ture plan?

Mr. KeuoE. Somewhat. Yes, sir; I have read the theory and 1
have heard some discussion of it, and I do not think it would be of
any benefit to the American farmers as a whole.

Mr. Joxss. Do you not think that by issuing this debenture, not
in full measure, but in proportion, that it would raise the money?

Mr. Kenor. 1t would not, so far as our particular commodity is
concerned, because we do not export much of our commodity. Ours
is a domestic commodity. And neither will any plan that contem-
plates the buying of the farmers’ product and selling it afterwards
at a profit.

Mr. Jones. That is not what the export debenture plan contem-
plates at all.

Mr. Keuor. That is one of the things it contemplates, is if not?

Mr. Jonus. No; it does not contemplate the buying at all of any
product or any part of a product. It provides for the issuance at
the point of exporting, of a certificate showing the export and making
that tenderable in payment of a portion of the customs duties on
exports. Of course a corporation may be organized by the board
for the purpose of handling the products.

Mr. Kenoe. We do not export; therefore, we could not get any
benefit in that way.

Mr. Jones. It might not help a commodity that was not exported,
except through the corporation. But it would help the whole situa-

tion in agriculture.

Mr. Kenoe. No; and there are hundreds of thousands of our

citizens engaged in farming that it could not possibly help.

Mr. Jones. But the statement has been made here over and over
again by representatives who are speaking for the bill, and all those
who are interested have come to the conclusion that the question
is a question of the surplus and of handling the surplus. If you
take that position you disagree with every farm representative who
has appeared heretofore.

b- Mr. Kenok. As I said awhile ago, I am not alarmed about the
surplus that may be produced in the United States. I never have
been. I believe the proper information—and that is one of the
things of greatest value that this bill would do. This bill provides
that the board established by it may ascertain what amount of the
various products there are on hand?
Mr. JoxEs. Yes, sir.
*“r. Kesoe. We tried to do that.
uw. Jones. That is also provided for in the export debenture
‘an, .

Mr. Keno. That will do that. That is one very . important
thing. The équilization fee—and we call it “equilization fee’;
generally, but I call it “salvation fee.” There is no other salvation
for the American farmer.

Mr. CLARKE. You do not need the fee to set up the board, do
you?

Mr. Keno. No. }

Mr. Jones. This debenture can have a board and the Advisory
Council can secure all the information that the board and your
equilization fee can do