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

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

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

Collection:: Economics Books

AGRICULTURAL RELIEF 355 do just one thing, and that is to raise the price on American products above the world market by the difference in cost of production at home and abroad. If our prices are already above the world market, the debenture will immediately become inoperative and will not cost the Treasury anything, because nobody will export if it is above the world market. Mr. KincHELOE. I can not understand what is the difference be- tween issuing these debentures and paying in cash. If you have these debentures you are going to kite all over the country, and the growers and speculators are going to get them, and the poor devils are going to have to discount them. I do not see why when this transaction is completed you do not pay him out of the Treasury. Mr. Goss. Mr. Hall raised that question, and I asked if he would not let this be answered by the gentleman following me, because it is a constitutional question that I can not discuss as intelligently as one who has all the law and constitutional points and can bring them to you. Mr. KinxcHELOE. I do not think there is much of a constitutional question to it. Mr. Kercuam. Have you got down to the question I wanted you to cover? Mr. Goss, I got down to it and I got off of it. Mr. Kercaam. The section that gives the power to the board to lower the debenture rate when there is evidence of overproduction. Mr. KincHELOE. The same power is given the President under the Fordney-McCumber tariff bill, is it not? Mr. Goss. There is one other provision I would like to cover, Mr. Ketcham, before I reach that in section 7. It comes under (c), page 10, and this provision is designged to assure against an overissue of debentures. It provides that whenever there is an indication that the amount of debentures issued is likely to exceed half the total amount of tariff receipts during the coming fiscal year the board shall present a report to the President, and he shall reduce ratably the amount of the debenture rate on all commodities so that it will not exceed 50 per cent; and the purpose of that 50 per cent is to assure ample margin so that the debentures would always be im- mediately redeemable. Some think it might be higher. After ex- perience has demonstrated just how these provisions are going to work out it probably would be wise to raise that, if it seemed advis- able. But to start with, it provides against overissue of debentures. [t is plain that there would be a demand for twice as much exchange to pay import duties with as there are debentures issued, thus avoid- ing the condition thdt Doctor Aswell raised here, where the deben- tures would be discounted: and we give 12 months in which to redeem ‘hem. The provision which Mr. Ketcham has referred to to curb over- production is found in subsection (d), section 7, on page 11. It provides, first, that if the President finds at the beginning of the crop year—and the crop year is defined as follows: The term “crop year,” as used in this subdivision, means a 12 months’ period reginning at a time designated by the President. If the President finds at the beginning of a crop year that the prob- able production of any debenturable acricultural commodity during

Access restriction

Copyright

fullscreen: Export debenture plan (Pt. 5)

Multivolume work

Volume

Chapter

Table of contents

Download

Volume

Chapter

This page

Image fragment

Citation links

Citation recommendation