326

AGRICULTURAL RELIEF
Mr. ConnarLy. Absolutely negotiable. That plan would bring a
raise in price to every farmer, whether a member of the cooperative
or not, because that export corporation would afford healthy com-
petition with all other exporters; 1t would afford a competitive
market, and if the exporter bought that cotton or that wheat he
would have to pay the price that would move 1t away from the
export corporation itself. Then I would, under the debenture sys-
tem, allow the exporter and the cooperatives to have the same privi-
lege of getting the debentures that the export corporation would
have; and the reason for that is that you would then be setting up
competitive agencies there, each one bidding for the farmer’s prod-
uct, and naturally that would stimulate the price and make it go to
its highest possible level. }

Mr. Jones. Mr. Connally, do you not think it would take an export
corporation or something similar to that to take care of this indi-
vidual farmer?

Mr. Connarry. That is what I was saying. 1 want the export
corporation tied right in here with the debenture system.

Mr. Jonzs. I think the gentleman is exactly right. I am thinking
along the same line.

Mr. Connarry. I understand Mr. Jones has a bill that provides
that in a way.

Mr. Jones. The gentleman is giving some new suggestions in con-
nection with it, and I am glad to hear him on it.

Mr. Connarry. That is my idea and my plan.

That is workable. Let me show you why: The export deben-
tures, according to the master of the grange here, would probbaly
supplement that revolving fund of $150,000,000 a year, would it
not? And every farmer in America would get a reflection of that
advance in price. That plan would add $140,000,000 annually to
the price of farm products, and on cotton 2 cents per pound, or $10
per bale. It would not be confined to the cooperatives, because it
would raise the whole commodity market. The man would not have
to wait until next summer to get his returns. That would be the
direct result, but the indirect result in stimulating the market would
be still greater.

Let us get to one other point. Why did I vote against the
McNary-Haugen bill? I voted against the McNary-Haugen bill,
gentlemen, just like a great many of you voted against it, because
it had that equalization fee in 1t. The Attorney General of the
United States has said that equalization fee is unconstitutional.
The law makes the Attorney General the adviser of the President on
legal questions; and do you suppose any President with any self-
respect is going to approve a bill that the Attorney General tells
him has got a clause in it that is absolutely unconstitutional? If
you think that Mr. Coolidge is that kind of a man, you are simply a
Spt Science farm-relief man. You think you are for farm
ive : really thnt not. [Laughter.] That is all there is to that,
and i hi. that he 1s not going to do it, you don’t know;
mot inet 2 he 1eves he is believes in ghosts. [Laughter.] He

So, now, bid fst situation, what do you want to do?

* - He says he is going to do that way, anyway.