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

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of hon. Tom Connally, representative in congress from the State of Texas

Collection:: Economics Books

325 farmers. It seems to me, as I say, that the time has come to really pass some bill that can pass, one that will not be vetoed. Well, now, what is that bill? I want to indorse it—I want to go a little farther than the bill of the gentleman from Michigan, Mr. Ketcham; and I want to indorse in very large part what the master of the grange has said this morning. I do no agree with him about tariffs. I am a low-tariff man. But, be that as it may—he did not state his own view—the bill T have here does not look like the attitude of these farm relief fellows from Iowa, Mr. Haugen and Mr. Dickin- son, who stood in the halls of Congress and wept copious tears over the high tariff running and robbing the farmer. And yet a few days ago when they had an opportunity to vote for the McMaster resolu- tion to reduce the tariff, they wrapped their snug garments of po- litical fealty about themselves and voted to not have any reduction of the tarff. [Laugher.] They wept and shed tears last year about the misery and the poverty of the farmer and said it had been caused by high tariffs, and only the other day they voted to confirm him in that misery and consign him to several more years of that misery and that poverty. So, we are not going to get anything through tariff reduction as long as we have this farm-relief crowd from Iowa running the Government. [Laughter and applause.] Now, let us pass something practical; let us pass something that will give real relief. What will do it? I want to commend the bill of ny colleague, Mr. Jones of Texas, which is similar to the Ketcham ill. I want to say. that I was very much pleased this morning to hear ‘he master of the grange pay my colleague, Mr. Marvin Jones, that splendid compliment that he had shown a grasp of the farm situa- tion that few Members of Congress had shown. I would go still farther. T recently had an article in Texas Farm and Ranch, a lead- ing farm magazine of the United States. in which I proposed this sort of a plan, and I think my colleague has the very plan in mind. [ proposed the establishment of an export corporation, with a revolv- ing fund of $300,000,000 or $400,000,000, or whatever is necessary, out of the Treasury, on the same plan as the McNary-Haugen bill. Then I tied into that plan—I would tie into that this export de- denture system. So that if the exporter would not pay back to that producer you were talking about, Mr. Kincheloe, the fellow who lid not belong to the cooperative, the fellow with 15 kids and 10 bales of cotton, who has got to sell those 10 bales of cotton and can not hold them; he can not wait; he does not belong to a cooperative; he can not wait until next summer; he has got to sell it now; the corporation would give him a market. I would have this export corporation, with sufficient capital, so that when the price fell below 1 reasonable ficure, based on the cost of production, that that export corporation would get into the market and buy cotton and hold it, and then that export corporation when it exported that cotton could ‘ake the export debentures and either import the manufactured voods back on its own account or it could sell them to importers and ‘ake the money from the export debentures and put it into this revolving fund as capital account—— Mr. Kixcurroe. You would have those debentures negotiable, would vou not ? AGRICULTURAL RELIEF

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