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

326 AGRICULTURAL RELIEF Mr. ConnarLy. Absolutely negotiable. That plan would bring a raise in price to every farmer, whether a member of the cooperative or not, because that export corporation would afford healthy com- petition with all other exporters; 1t would afford a competitive market, and if the exporter bought that cotton or that wheat he would have to pay the price that would move 1t away from the export corporation itself. Then I would, under the debenture sys- tem, allow the exporter and the cooperatives to have the same privi- lege of getting the debentures that the export corporation would have; and the reason for that is that you would then be setting up competitive agencies there, each one bidding for the farmer’s prod- uct, and naturally that would stimulate the price and make it go to its highest possible level. } Mr. Jones. Mr. Connally, do you not think it would take an export corporation or something similar to that to take care of this indi- vidual farmer? Mr. Connarry. That is what I was saying. 1 want the export corporation tied right in here with the debenture system. Mr. Jonzs. I think the gentleman is exactly right. I am thinking along the same line. Mr. Connarry. I understand Mr. Jones has a bill that provides that in a way. Mr. Jones. The gentleman is giving some new suggestions in con- nection with it, and I am glad to hear him on it. Mr. Connarry. That is my idea and my plan. That is workable. Let me show you why: The export deben- tures, according to the master of the grange here, would probbaly supplement that revolving fund of $150,000,000 a year, would it not? And every farmer in America would get a reflection of that advance in price. That plan would add $140,000,000 annually to the price of farm products, and on cotton 2 cents per pound, or $10 per bale. It would not be confined to the cooperatives, because it would raise the whole commodity market. The man would not have to wait until next summer to get his returns. That would be the direct result, but the indirect result in stimulating the market would be still greater. Let us get to one other point. Why did I vote against the McNary-Haugen bill? I voted against the McNary-Haugen bill, gentlemen, just like a great many of you voted against it, because it had that equalization fee in 1t. The Attorney General of the United States has said that equalization fee is unconstitutional. The law makes the Attorney General the adviser of the President on legal questions; and do you suppose any President with any self- respect is going to approve a bill that the Attorney General tells him has got a clause in it that is absolutely unconstitutional? If you think that Mr. Coolidge is that kind of a man, you are simply a Spt Science farm-relief man. You think you are for farm ive : really thnt not. [Laughter.] That is all there is to that, and i hi. that he 1s not going to do it, you don’t know; mot inet 2 he 1eves he is believes in ghosts. [Laughter.] He So, now, bid fst situation, what do you want to do? * - He says he is going to do that way, anyway.

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