AGRICULTURAL RELIEF 
345 
Mr. Goss. That certificate of $10,000 will be expended in the 
payment of $10,000 worth of duties, whether they be diamonds or 
steel or anything you want to import, it does not make any difference. 
Mr. AsweLr. I know that is true. Would not the diamond im- 
porter pay me more than a low-tariff importer? 
Mr. Goss. No; because he has to go out and buy exchange. 
He is probably paying one-eighth to one-fourth per cent discount in 
buying exchange now, whatever the market is; and it does not make 
any diiference to him what he is importing; he has got to have 
$10,000 worth of cash or its equivalent to pay his import duties, and 
this is cash or its equivalent. It does not make any difference what 
he is importing; he has got to have the cash. 
Mr. Fort. Mr. Goss, right there: It is cash or equivalent. The 
only difference between it, as I see, and direct cash present at the 
point of export, 1s that it is not instantly available for anv purpose 
rxcept the payment of customs duties. 
Mr. Goss. That is the only difference. 
Mr. Fort. It 1s practically issuing a legal currency that will be 
accepted as legal currency for the payment of import duties, but for 
no other purpose? 
Mr. Goss. That is it; it is negotiable, of course. 
Mr. KincHELOE. Doctor, let me ask you a little further: You said 
awhile ago it is the purpose of the proponents of this bill to raise 
he debenture prices of these basis commodities—the price of the 
debenture above the world price. Well, what makes you think it will 
do it? The tariff does not do it on wheat to-day. 
Mr. Goss. No; because it is just the opposite of the tariff. 
Mr. KincuELOE. If the tariff will not do it, if the American farmer 
does not get the world’s price, plus 42 cents a bushel by reason of the 
tariff to-day, why will he get it on the debenture? 
Mr. Goss. Let us take 42 cents, since that has been quoted. 
Mr. KincHELOE. That is the law. 
Mr. Goss. And assume that your committee will establish the rate 
at 42 instead of 21, because I presume if your committee should write 
this into a measure that you will establish your own rates. Let us 
assume that you establish it at 42 cents. The farmer to-day does 
not get 42 cents tariff because he is selling on the Liverpool market, 
and the tariff does not help him. But the farmer to-day, if he knew 
that he could continue to sell on the Liverpool market and get a 
certificate of debenture of 42 cents a bushel for every bushel he sold, 
he would not sell for less than the Liverpool market plus 42 cents. 
Mr. KixcHeELOE. You would be exporting all of the wheat out 
of the country if you were going to get that and the world’s price. 
Mr. Goss. No. 
Mr. KixcHELOE. Everybody would want to sell over in Liverpool. 
y Mr. Goss. No; because they can get the same price richt here at 
ome. 
Mr. KincueLoe. That is what I want to get ot. 
Mr. Goss. All right. Let us assume that the Liverpool price, less 
freight, is $1 a bushel. We are wheat raisers. We know that we 
can sell at $1 a bushel plus 42 cents and get $1.42 for our wheat. 
ess any—— 
Je. KixcueLoe. How do you know? That is what I am talking 
anbont.