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

AGRICULTURAL RELIEF 345 Mr. Goss. That certificate of $10,000 will be expended in the payment of $10,000 worth of duties, whether they be diamonds or steel or anything you want to import, it does not make any difference. Mr. AsweLr. I know that is true. Would not the diamond im- porter pay me more than a low-tariff importer? Mr. Goss. No; because he has to go out and buy exchange. He is probably paying one-eighth to one-fourth per cent discount in buying exchange now, whatever the market is; and it does not make any diiference to him what he is importing; he has got to have $10,000 worth of cash or its equivalent to pay his import duties, and this is cash or its equivalent. It does not make any difference what he is importing; he has got to have the cash. Mr. Fort. Mr. Goss, right there: It is cash or equivalent. The only difference between it, as I see, and direct cash present at the point of export, 1s that it is not instantly available for anv purpose rxcept the payment of customs duties. Mr. Goss. That is the only difference. Mr. Fort. It 1s practically issuing a legal currency that will be accepted as legal currency for the payment of import duties, but for no other purpose? Mr. Goss. That is it; it is negotiable, of course. Mr. KincHELOE. Doctor, let me ask you a little further: You said awhile ago it is the purpose of the proponents of this bill to raise he debenture prices of these basis commodities—the price of the debenture above the world price. Well, what makes you think it will do it? The tariff does not do it on wheat to-day. Mr. Goss. No; because it is just the opposite of the tariff. Mr. KincuELOE. If the tariff will not do it, if the American farmer does not get the world’s price, plus 42 cents a bushel by reason of the tariff to-day, why will he get it on the debenture? Mr. Goss. Let us take 42 cents, since that has been quoted. Mr. KincHELOE. That is the law. Mr. Goss. And assume that your committee will establish the rate at 42 instead of 21, because I presume if your committee should write this into a measure that you will establish your own rates. Let us assume that you establish it at 42 cents. The farmer to-day does not get 42 cents tariff because he is selling on the Liverpool market, and the tariff does not help him. But the farmer to-day, if he knew that he could continue to sell on the Liverpool market and get a certificate of debenture of 42 cents a bushel for every bushel he sold, he would not sell for less than the Liverpool market plus 42 cents. Mr. KixcHeELOE. You would be exporting all of the wheat out of the country if you were going to get that and the world’s price. Mr. Goss. No. Mr. KixcHELOE. Everybody would want to sell over in Liverpool. y Mr. Goss. No; because they can get the same price richt here at ome. Mr. KincueLoe. That is what I want to get ot. Mr. Goss. All right. Let us assume that the Liverpool price, less freight, is $1 a bushel. We are wheat raisers. We know that we can sell at $1 a bushel plus 42 cents and get $1.42 for our wheat. ess any—— Je. KixcueLoe. How do you know? That is what I am talking anbont.

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