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 Albert S. Goss, Master Washington State grange and member Executive Committee, national grange, Seattle, Wash.

Collection:: Economics Books

336 AGRICULTURAL RELIEF Mr. Goss. Yes; and we have had a bill before Congress two ot three sessions ago aiming to do that. We are in entire sympathy with that method of approach, but we have not made any attempt to incorporate that in this bill. It is aimed at just one thing. Mr. Kincueroe. I do not see why you could not take a few lines in there and make a provision in the way of export corporation or some agency to not only store but to hold a whole lot of surplus in this country for the benefit of the American people. : Mr. Kerouam. We entirely agree with that. Mr. KincHELOE. I just suggested that. Mr. Goss. Just a word as to our attitude on that, Mr. Kincheloe. Mr. Crarke. That is included in the Jones bill. Mr. Kincueroe. I understand. Mr. Goss. Just a word as to our attitude on that. We are merely trying to bring to this committee the sound principles of an export debenture. Whether they be incorporated in another bill, or whether other things be added to this bill which will bring in some other sound principle, makes no difference to us. We do believe in the sound principle of the export debenture. It is designed to enable us to meet the difference in cost of produc- tion between home and abroad, just as the tariff enables other industries to meet the difference in the cost of production between home and abroad. That is the one principle which we are bringing to this committee, and we have full confidence that this committee will do as they have in the past—when all the facts are laid before them, all the information, that they will choose and sift and take the best, and put out a bill which in their judgment will best meet the situation. We are not trying to cover the whole field, Mr. Kincheloe; just this one thing we are trying to cover. Mr. Kixcurroe. I think piecemeal legislation is not satisfactory. We hoped you had them both. Mr. Goss. We are in entire sympathy with what you bring up. _ Section 4 provides for the export debentures. Mr. Taber went into that, I think, quite fully, telling you just what the export debenture consisted of and how it was applied. Mr. Aswerr. If the export debenture remains at full par value during the year—— Mr. Goss. I did not get the question. “Mr. Aswern. I say, how do you think that those debenture cer- tificates would remain full par value during the life or the vear. or would they have to be sold at a discount? Mr. Goss. There is no question but what the debentures would have to be sold at a discount equal to the rate of interest needed for carrying them, which economists—and one of them will follow me—will discuss. But the economists have told us—and some of the officers of the Treasury Department with whom we have dis- cussed this have assured us that it is their belief that the discount would be nominal. We have protected that, Doctor Aswell, in this way, as you will see a little later on in the bill. When I come to that 1 will touch on that, Doctor Aswell. as we come to that section the bill

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