Agricultural relief: Export debenture plan

Export debenture plan (Pt. 5)

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:: 1831934671

URN:: urn:nbn:de:zbw-retromon-232129

Document type:: Volume

Title:: Export debenture plan

Volume count:: Pt. 5

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 299 - 427

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of Jesse Newsom, of Indiana

Collection:: Economics Books

414 AGRICULTURAL RELIEF and it is hardly to be presumed that the importer out of the goodness of his heart would bother with a little matter of bookkeeping in that way, that is, bother with these debentures, without charging some brokerage for the trouble he would be at. In other words, the figures used in presenting these matters are misleading so far as the farmer goes on all commodities. as to the benefit. Mr. Taser. I will touch that a little later in pointing out the re- lation of benefits. But it is just as fair to assume that the benefits would accrue in accordance with the equilization fee or any other set of figures. Mr. Apkixs. True, you have all this to contend with, and probably will have to amend later to meet the faults we find in the bill when we get to the practical operating of it. Mr. Taper. No legislation is perfect. The suggestion that we make simply is that if these fears materialize their correction is a matter of simple amendment. Mr. Apkrns. In all probabilities we will have to build up the machinery to protect ourselves against these various things as they come up. Mr. Aswerr. Mr. Taber, how would this do as a compromise— everybody seems to be anxious about it: Have the debenture plan limited to cotton at 5 cents a pound ? Mr. Taper. Why don’t you make it 10 cents a pound? Mr. AswerL. Well, now, let me ask my question. Let it be at 5 cents a pound on cotton, include tobacco and rice; and then let the chairman and his associates at the other end of the table arrange for an equalization fee on corn and things of that kind. How would that work? That would be a compromise. Mr. Taser. You will have to suggest that to the chairman, Mr. AsweLrL. Would not that be a good compromise? Mr. Taper. Not a very good compromise, I fear. Mr. AswerL. Why not? Then everybody would be happy. Mr. Haugen wants to pay a fee and everybody up there wants to pay a fee, and we do not. How about that? Mr. Taper. That would not be a very good compromise. A good compromise would be to try the debenture fee bill in its simplicity on the 1928 crop, and then if it did not work the next Congress would have time to get a full equalization fee program tested by the courts ready for the 1932 crop. That would be a compromise that would put money in the farmers pocket. solve the problem, and give us a chance to get ahead. Mr. Chairman, I would like to put in the record—I do not care to read it unless there is a request to read it—a point was raised in our hearing the other day that our penalty provision was not as drastic as could be desired. ‘And after going over the matter with Congressman Ketcham and others, we have suggested an amendment from pages 10 and 11 and 13, with a very much more drastic penalty provision and a much fairer penalty provision on all crops. : You remember that we commenced our reductions with the idea that there was no reduction unless we had a 20 per cent increase. It mas evident in the hearing on cotton that that would be a burden on the Treasury. A little consideration broucht us to the fact that we

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