Agricultural relief: Agricultural relief

Bibliographic data

Multivolume work

Identifikator:: 1831932415

Document type:: Multivolume work

Title:: Agricultural relief

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Collection:: Economics Books

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Volume

Identifikator:: 1831932598

URN:: urn:nbn:de:zbw-retromon-232069

Document type:: Volume

Title:: Agricultural relief

Volume count:: Pt. 1

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III, 69 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of Chester H. Gray, Washington representative of the American Farm Bureau Federation

Collection:: Economics Books

AGRICULTURAL RELIEF 3 the equalization plan and those which are based upon other plans, in that the equalization bills have, from the beginning, made provi- sions to make the revolving fund that what its name implies it to be— a fund that will revolve back into the Treasury, eventually. I do not know how many years it will take for that to transpire, but in time the money will go back very similar to that $9,000,000 which was taken out of the Federal Treasury 10 years ago to start the farm-loan system. All of that money either has been paid back to the Treasury or else lies in the Federal farm-loan banks ready to be turned back into the Treasury with 4 per cent interest. That $9,000,000 was a revolving fund, which was a loan, and the success of the farm loan system has permitted the F ederal Treasury to get this money back with 4 per cent interest; and the system is growing as a result of having had its first capital supplied from the Federal Treasury. Now, in this bill and in other farm relief bills, large amounts of money are asked, of course, because we are tackling a bigger problem than was tackled 10 years ago when the farm loan bill was started with only $9,000,000. But it is immaterial, as I said awhile ago, what the amount is, providing the bill is so drawn, as H. R. 7940 1s drawn, that the money will go back into the Treasury, be safeguarded, protected, and guaranteed by the equalization plan. Another point that we have gone forward on is that the obligations, which might be entered into by the Federal Farm Board, should not be such as will require the Federal Treasury to advance more money than is named in the revolving fund. Some point of criticism has been made to various farm relief bills, that there was no limit in the wording of the bills to the extent of the obligation which the Federal Government might be bound by the operations of the various boards named in the different farm bills. In this bill which we advocate the limit of obligations is specifically whatever amount is designated in the revolving fund. There 1S no possibility of Uncle Sam being obligated beyond that amount, and there is every reason to expect that he will get that amount back eventually with interest thereon at 4 per cent. I have given these facts to you as a sort of historical review of some of the things in farm relief that have advanced. and have placed it on a sounder basis. I am asked to point out some of the things in this bill which are to be changed, in order to make this bill read better than it does now, in our estimation. I will say that H. R. 7940 very accurately repre- sents the desire of all those groups which you heard President Thomp- son read the names of awhile ago, but, like other bills, in its formation various minds and various ideas have been expressed. I believe the chairman of this committee will permit us to bring to your attention, in the form of recommendations a few changes which we have made. If you will turn first to page 5, section 4, you will find some para- graphs on that page and subsequent pages relative to advisory councils. Mr. Fort. Up to section 4 everything is satisfactory, and the organizations mentioned all agree to the bill up to that point? Mr. Gray. Yes, sir. We have discussed at full length the make up of the Federal Farm Board and the method of filling vacancies and ceneral powers. and all of those details as shown on the pages prior

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