AGRICULTURAL RELIEF 
611 
further, That any loan or advance under this section shall bear interest at a rate 
not exceeding 414 per centum per annum and that such loans or advances on 
any crop or commodity for any one year shall not exceed the sum of $50,000.000., 
(b) Loans or advances made under this section may be secured or unsecured; 
however, the board shall provide stipulations, rules, and regulations so as to 
insure reasonable prospect of repayment of same, but shall not require for the 
repayment of such loans or advances any assessment or charge against any 
member of such cooperative association or farm organization: Provided, That 
the books or accounts of any cooperative association or farm organization to which 
advances have been made shall at any time be subject to inspection by said 
board, and that all financial transactions of the board shall be subject to exami- 
nation, at such time and in such manner as the Comptroller General of the United 
States may by regulation prescribe. 
Sec. 6. (a) For the purpose of carrying out the provisions of this act there is 
hereby appropriated, out of any money in the Treasury of the United States not 
otherwise appropriated, the sum of $250,000,000 to be used and administered bv 
the board as a revolving fund in accordance with the provisions of this act. ” 
\b) For expenses incurred in the administration of this act, as herein provided, 
there is hereby appropriated, out of any money in the Treasury of the United 
States not otherwise appropriated, the sum of $200,000, or so much as mav be 
necessary, to defray expenses incurred prior to July 1, 1929. 
SEc. 7. The term “cooperative association or farm organization’ referred to 
in this act shall be interpreted to mean any association of persons engaged in 
the production of agricultural products, such as farmers, planters, ranchers, 
dairymen, nut growers, or fruit growers, organized to carry out any purpose 
specified in section 1 of the act entitled ‘An act to authorize association of pro- 
ducers of agricultural products,” approved February 18, 1922, if such associa- 
tion is qualified under such act, and any such association or organization enter- 
ing into an agreement with the board under the provisions of this act shall, to 
the extent of its operations in accordance with the provisions of the antitrust 
laws as designated in section 1 of the act entitled ‘“ An act to supplement existing 
laws against unlawful restraints and monopolies, and for other purposes,” ap- 
proved October 15, 1914. 
Sec. 8. If any provision of this act is declared unconstitutional or the applica- 
bility thereof to anv person, association, organization, circumstances, or com- 
modity, or class of transactions in respect of any commodity is held invalid, 
the validity of the remainder of the act and the applicability of such provision 
bo other persons, associations, organizations, circumstances, commodities, and 
transactions shall not be affected thereby. } 
Sec. 9. That this act shall become effective upon approval by the President 
of the United States. 
The CuairmaN. Congressman Hare of South Carolina wishes to 
make a statement on his hill H. R. 10562, and I am sure the com- 
mittee will be glad tu near hun. 
STATEMENT OF HON. BUTLER HARE, REPT""7NTATIVE IN 
CONGRESS FROM THE STATE OF SOU YA 
Mr. Hare. Mr. Chairman and gentlemen of the committee, I 
am very sorry that I did not have the pleasure and the privilege of 
hearing the first part of Mr. Yoakum’s testimony. I was very much 
impressed with the part that I heard, and while he has made some 
very valuable suggestions he said that he was unable to suggest a 
definite legislative program. 
I am glad to report that in my judgment, in view of the statements 
he has made, H. R. 10562 will in a measure accomplish the results he 
seems to approve. 
The CuairMAN. That is, you refer to your own bill. 
Mr. Hare. That is the one I have the honor to have introduced. 
[ believe it will in a measure take care of the ideas he has advanced. 
My idea is that in legislation we should be governed very much in 
the same way that any business enterprise is directed. In other