AGRICULTURAL RELIEF 
2323 
Myr. Taper. Mr. Stewart will answer that particular question. I 
refer it to him now, because I want to give away to another witness 
who wants to testify this morning. 
Mr. Aswerr. May I ask you one more question? In Germany, 
when the wheat is exported the debenture certificate, called the 
sinferchien, applies only to products of wheat. Whv do you make 
it apply to every product? 
Mr. Taper. It has been suggested that we make it apply only to 
agricultural products. That has certain disadvantages. so we make 
't apply to everything. 
Mr. Aswert. Why? 
Mr. Taner. To be certain every product will have debenture ad- 
vantage. You would not say to apply it only to cotton, because there 
is no tariff on cotton. It would not be fair to have it anv other way 
than to make it apply to all commodities. 
Mr. Kincureroe. Doctor, before this hearing is over, so far as I 
am concerned, I want to hear somebody who knows discuss the propo- 
sition of how this debenture is going to help the products upon which 
there is no tariff or upon which there is a tariff that is not effective 
to-day. 
Mr, Taper. We will point out—there is a provision in the bill that 
allows the board to adjust the debenture to the difference in cost of 
production. That will be discussed. Any point that you have will 
be answered either by this witness or another. 
Mr. Kincaeroe. What do you mean by giving them power to levy 
a tariff or something similar to that? 
Mr. Taser. Do not confuse the tariff with the export debenture 
program. 
Mr. Kixcueroe. The debenture is not confusing. I do know 
something of the economic proposition that whenever you make the 
domestic price of any agricultural commodity higher than the world’s 
price there are going to be importations of that; and the only way 
they can get the advantage is the difference in the tariff; that is all. 
Mr. Jones. I suggest this in that connection, however, that what- 
ever force there is to your objection applies equally to the McNary- 
Haugen bill. 
Mr. KixcaerLoe. I am not objecting; I am just asking for infor- 
mation. 
Mr. JoxEs. The gentleman voted for that bill, and, of course, there 
is that measure of defi: in ny of these bills as to any commodity 
that does not carry = turf. However, with the little cotton that is 
growing abroad, I think the advantage of the increase would be a 
very great one. 
Mr. KincueLoE. I am open minded upon this proposition. But 
there is some information I want about it. 
Mr. Kercaam. Mr. Chairman, we have two witnesses that I would 
be very glad if we could hear this morning. One of them only 
wanted a few minutes, and the other I certainly wanted to hear for 
a half hour, because he has to leave; and I am sure we will not feel 
‘hat all we could learn will be learned unless he did occupy the stand. 
So far as the present witness is concerned, I am sure we are very 
happy to have him here. I do not know that this is to be his fare- 
well address to this body, but it is his farewell visit to this par-