608 
AGRICULTURAL: RELIEF 
is no wheat that can be produced nowadays, considering labor and 
other conditions, including the difficulties they are operating under 
and the high prices—we might mention the tariff and other things— 
for less than $1.45; that is the cheapest. 
Therefore, you should have a board that would bé national in 
operation, and the board would be approved by the President of the 
United States or such authority as the legislation would give; it 
would be sent to him for his approval—he would not name them; let 
us keep it out of that if we can. In that way you would then estab- 
lish what? Authority in 14 States the same as the authority, with- 
out being written into law, as to-day handles 10 organizations handling 
82 per cent of all the steel in the United States, which is of twice the 
value of all the wheat. 
Mr. Apxins. As to the credit. I suppose you have studied this 
cooperative business. I do not presume you know of a single com- 
modity cooperative organization that has ample assets to-day that has 
any more trouble getting credit than private organizations. It is 
only the ones that are bankrupt that can not get credit. So that such 
an organization and set-up as that, which was sound financially and 
het sufficient assets, would not need any particular legislation to get 
credit. 
Mr. Yoakum. Yes. We cover the whole United States, which is 
the only way to handle any competitive product. You would have 
to have assets that would enable you to operate just the same as 
your machinery of the Federal reserve would do. 
Mr. FuLmMer. Mr. Yoakum, do you propose under your bill to 
allow this board to fix a fair price on the commodity based on the 
cost of production, etc.? 
Mr. Yoakum. Yes, sir; it would have to. There is no use taking 
this half way. If we can not do that, what is the use? If you can 
not fix the price. If you go to a peanut stand the fellow fixes the 
price, but the fellow who grows the peanuts in Georgia has nothing 
to do with fixing the price. 
Mz. Chairman, I am very much obliged. 
Mr. KincuELOE. Mr. Yoakum, may I make a request? Exhibit A 
you have filed contains a whole lot of information. If you can 
amplify that I would like to have you do it. Of course, you have 
said it is impossible to put in the cost of processing, but I would like 
for you to take the time to go over your remarks carefully, and I 
think the committee would not object if there is anything you can 
think of in the way of statistics to go ahead and put them in, because 
I am frank to say that I have had the pleasure of hearing you several 
times before, but I think your talk this morning is the most funda- 
mental, not only so far as American agriculture is concerned, but 
agriculture of the world, I have heard before this committee in my 
short term of eight years I have been a member of the committee. 
Mr. CrLarkE. And I want to compliment you upon your presenta- 
tion. I think it is not alone fundamental, it is far-reaching, it is 
instructive. We have got brains enough around this table so that 
if we could sit down with a few of you fellows and get together we 
could whip this into something that could be made of everlasting 
benefit to agriculture, and I am grateful to you for coming here. 
Mr. Fort. Have you any copies of your memorandum other than 
the one you left with the reporter?