478. AGRICULTURAL RELIEF
farmer to carry a fixed percentage of his crop in his own bins instead
of selling it?

Mr. CaveERNO. Yes; In a Ineasure it would be the same thing,
only it would take it off the general channels of trade and would not
depend on Tom, Dick, and Harry in the country.

Mr. Fort. He does not carry it; your organization carries it if
you take it out of his bin?

Mr. CaverNo. I am not figuring that any organization is required;

I am not figuring basically that you will need a cooperative asso-
ciation for this transaction.

Myr. Fort. Who is going to buy it?

Mr. Caverno. Anybody could contract, other agencies can
contract.

Mr. Fort. The board contracts with somebody to buy?

Mr. CaverNo. The board finances somebody to buy.

Mr. Fort. Then the moment the board buys it, it is out of the
farmer’s bin.

Mr. Caverno. But he has put up the equalization fee and that
is sufficient to buy back the surplus.

Mr. Fort. If he does not grow the same crop he gets no benefit.

Mr. Caverno. That is so. You can not get every adjustment to
fit every farmer in the country.

Mr. Fort. Another thing, to get back to where I started with Mr.
Adkin’s question: We have heard it from three or four witnesses—
you said it the other day— :

Mr. CaverNo. What I am talking about is cotton only, not the
northern crops.

Mr. Fort. Well, take cotton. The statement has been made by
three or four witnesses—and I do not know that you have put it in
these exact words—that any of these so-called loaning bills proposed
to buy from the necessitous farmer at a low price and make a profit
out of him. Do you believe that that is true?

Mr. CaverNo. Yes; under the Jardine bill, as he presented it to
the cotton growers last summer, that is exactly what he said.

Mr. Fort. I have never seen the Jardine bill, and I do not know
what you mean.

Mr. CaverNo. Mr. Jardine has a farm-relief plan, and he sent Mr.
Englund down to the American Cotton Growers’ Exchange to explain

at.

Mr. Fort. That is the Englund plan, you mean?

Mr. CavERNO. It is the Jardine plan published in the Washington
Star July 21, 1927. That is the first time 1 ever saw the plan to buy
in accordance with that scientific curve of probable prices. And 1
think, by the way, that if the equalization fee were added. that
would be a fine bill.

Mr. Fort. Take Judge Crisp’s bill—you are familiar with Judge
Crisp’s bill?

Mr. CaverNo. Yes.

Mr. Fort. The argument has been made against it, that that type
of legislation proposes to buy from the necessitous farmer at a low
price in order to make a profit.
tar. Cavgany Let me put it another way: The board would not
bill th ezn Oprations in buying at as high a price under the Crisp

ey would under the McNary-Haugen bill, because under the