336

AGRICULTURAL RELIEF
Mr. Goss. Yes; and we have had a bill before Congress two ot
three sessions ago aiming to do that. We are in entire sympathy
with that method of approach, but we have not made any attempt to
incorporate that in this bill. It is aimed at just one thing.

Mr. Kincueroe. I do not see why you could not take a few lines in
there and make a provision in the way of export corporation or some
agency to not only store but to hold a whole lot of surplus in this
country for the benefit of the American people. :

Mr. Kerouam. We entirely agree with that.

Mr. KincHELOE. I just suggested that.

Mr. Goss. Just a word as to our attitude on that, Mr. Kincheloe.

Mr. Crarke. That is included in the Jones bill.

Mr. Kincueroe. I understand.

Mr. Goss. Just a word as to our attitude on that. We are merely
trying to bring to this committee the sound principles of an export
debenture. Whether they be incorporated in another bill, or whether
other things be added to this bill which will bring in some other
sound principle, makes no difference to us.

We do believe in the sound principle of the export debenture. It
is designed to enable us to meet the difference in cost of produc-
tion between home and abroad, just as the tariff enables other
industries to meet the difference in the cost of production between
home and abroad. That is the one principle which we are bringing
to this committee, and we have full confidence that this committee
will do as they have in the past—when all the facts are laid before
them, all the information, that they will choose and sift and take the
best, and put out a bill which in their judgment will best meet the
situation.

We are not trying to cover the whole field, Mr. Kincheloe; just
this one thing we are trying to cover.

Mr. Kixcurroe. I think piecemeal legislation is not satisfactory.
We hoped you had them both.

Mr. Goss. We are in entire sympathy with what you bring up.
_ Section 4 provides for the export debentures. Mr. Taber went
into that, I think, quite fully, telling you just what the export
debenture consisted of and how it was applied.

Mr. Aswerr. If the export debenture remains at full par value
during the year——

Mr. Goss. I did not get the question.

“Mr. Aswern. I say, how do you think that those debenture cer-
tificates would remain full par value during the life or the vear. or
would they have to be sold at a discount?

Mr. Goss. There is no question but what the debentures would
have to be sold at a discount equal to the rate of interest needed
for carrying them, which economists—and one of them will follow
me—will discuss. But the economists have told us—and some of
the officers of the Treasury Department with whom we have dis-
cussed this have assured us that it is their belief that the discount
would be nominal. We have protected that, Doctor Aswell, in
this way, as you will see a little later on in the bill. When I come
to that 1 will touch on that, Doctor Aswell. as we come to that section

the bill