AGRICULTURAL RELIEF 
439 
Mr. KiLcore. I think it should be stabilized just as nearly the 
cost of production as possible, so they would not have to sustain 
ruinous {osses, and yet not sufficiently high, Mr. Fort, to cause too 
much increased production. 
Mr. Fort. Do you think if they stabilized it at cost of production 
they should stabilize it at the cost of production per pound of a 
19,000,000-bale crop. 
Mr. KiLcore. Let us call it 18,000,000; we have never had a 
19,000,000-bale crop. 
Mr. Fort. Eighteen million? 
Mr. KiLGorE. State your question again. 
Mr. Fort. say, if they were to stabilize it at the cost of production 
should they stabilize it at the cost of production per pound for an 
18,000,000-bale crop? 
Mr. KiLGore. I do not know what the board would do. 
Mr. Fort. No; but should they? I am asking that. 
Mr. KiLcore. My own thought is, no; if they produced that much 
it should be below the cost of production. 
Mr. Fort. If the cost of production of an efficient producer, the 
man who really produces cotton at what it is worth, the economical 
value—— 
Mr. KinGore. You are bringing in a definition of “efficient 
producer’ that we might not agree on, you know. But if we say 
average cost of average production I think we could talk with some- 
thing pretty definite in mind. 
Mr. Fort. Under your view in the Haugen bill we would stabilize 
below the cost of production of the high-cost producer? 
Mr. KiLGoreg. Prices would naturally be stabilized below the cost 
of production for the high-cost producer. 
Mr. Fort. Then it really comes down to the question as to whether 
the cost of an efficient producer is the fair average cost to the producer, 
or whether the cost of the high-cost producer is to be used as a guide 
in order for us to decide whether this Crisp bill definition is too 
high for a stabilization bill. 
Mr. KiLeore. I say, I do not know what you mean by efficient 
producer; what your term would include. But if you will use the 
term average cost of average production, we can arrive at what that is. 
Mr. Forr. I agree with you it is a very definite formula. 
Mr. KiLGore. Average cost of average production is reasonably 
definite, and that would take in the average man, not only the high- 
cost man or the low-cost man, but the average fellow. 
Mr. Fort. And such a definition as that would be your definition 
as to what the Haugen bill should operate at—the average cost of 
average production; in other words, the price that would not bring 
in the marginal land producer and would hold production somewhere 
within the bounds where there is a real economic demand for the 
crop; that is your idea of it? 
Mr. KiLGore. Yes. 
Mr. Fort. Well, it has been my impression, from talking with 
Judge Crisp, that that was his idea. It may be that the language 
does not exactly fit in with your view. 
Now, another question, doctor: Assuming we did stabilize at 16 
and 17 cents. That could not be done on a 16.000,000 or 18.000.000 
bale crop, could it?