360 - 
AGRICULTURAL RELIEF 
versity of Illinois and University of Arkansas, and of che graduate 
school of the Department of Agriculture part of the time while here 
for a period of three years; that I am an owner of farm land in 
Illinois, where I spent my youth, and in Arkansas. where 1 spent 
two years and four months. 
I am not representing the economists, as was said yesterday. I am 
an economist and am giving my personal opinion on on these matters. 
I am representing nobody but myself. 
The export debenture plan, which I outlined in the hearings on 
the Adkins bill two years ago, is the plan which I think has a 
fundamental principle behind it which can be helpful to American 
agriculture in its present juncture. It isa principle which has been 
applied not in exactly the same form in which I have tried to sketch 
it, but in almost the same form, in four other countries. If you de- 
sire it for the record at a later time I can insert copies of the laws 
from Germany, Czechoslovakia, Sweden, and France, dealing with an 
application of the principle to which I am referring. 
Mr, Jones. I would like to have you insert those. 
Mr. Stewart. I have not completed the translation as yet in the 
case of the French material. 
(The laws of the European countries referred to and submitted by 
Mr. Stewart will be found immediately following his testimony.) 
Mr. Stewart. I want to say that I came because your committee 
chairman wired me to come. The name of Gilbert N. Haugen is 
known in Illinois, and I think it is true that a telegram bearing his 
name received by a member of a faculty of an institution of learning 
in any State would be received respectfully and an attempt would be 
made to meet such a request. 
Let us examine the plan as it seems to me that it could be expected 
to work in the case of wheat. We produce 800,000,000 bushels of 
wheat; we export roughly 200,000,000 bushels. If an export deben- 
ture were issued upon wheat at the rate of 21 cents a bushel, as is 
outlined in the Ketcham bill which is before you, then $42.000.000 
worth of export debentures would be issued upon wheat. These 
debentures could be used by those who receive them to procure deben- 
tures entry into the United States of dutiable goods of any kind; 
limiting them so that the total issue on wheat and other things does 
not exceed half the amount of duties levied upon dutiable goods com- 
ing into the United States would be sufficient to keep these certificates 
substantially at par. As a consequence, those exporters—and the bill 
itself says that these instruments shall be issued to any person—who 
receive these debentures will have received instruments worth full 
face value if those same exporters use them to import, and substan- 
tially full value, except for the brokerage involved. if thev transfer 
them to some one else for application. 
It 1s said that legally it makes no difference whether these certifi- 
cates are made negotiable. Tt does not modify the principle in the 
The result which should be expected is that those who , e or 
: purchase or 
pet rc mh fog most he mh i 8 
eg tk vy would otherwise receive, the value of the 
. a have Forhe language here, part of which I discovered three months 
A=0. Ss Tound 1m a report laid before a House committee 30 vears