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

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

368 AGRICULTURAL RELIEF Jose its force and its proper place. But if it is conservatively used it is available. i Mr. Aswrrn. Since the debentures take half of the tariff, how could it be used ? Mr. Stewart. It could go to the entire amount of the tariff, for that matter, as I see it. Mr. AswerL. Under your bill you make it 50 per cent. Mr. Stewart. Do not hold me responsible for the bill, you under- stand. These are suggestions. Mr. Aswerr. Under this bill how could it be abused ¢ Mr. Stewart. I beg pardon, Mr. Aswerr. I say, under this bill how could it be abused? Mr. Stewart. I think there is no possibility of abuse under the 50 per cent restriction. Certainly there is no intention to abuse the resources that are available under the arrangement. Some of you have inquired as to why the debenture plan seems to have taken the long way around. Why not simply pay by appropriation of cash out of the United States Treasury in the sum of these bounties? In the first place, that practice would have two or three objectionable features. It would mean that instead of hav- ing a fairly conservative stopping point automatically fixed by the productiveness of the tariff revenues, you would have a practically wide-open field, and instead of having 1t stop at $600,000,000, so long as established duties produce $600,000,000, there would be nothing in particular to prevent it running on to a billion or two billion dollars. On the other hand, there is a more important reason than that. It you make it a matter of cash or appropriation bounty, you run into a higher probability of retaliation on the part of other coun- tries. The export debenture is an application of the principle of remitted duties. It is a matter of establishing conditions under which goods may be brought in in such a way that there is a remission of taxes. There is nothing startling involved if you remit taxes that are being levied upon products coming into the United States, in order to allow more ease of egress of products going out of the United States. That corresponds in its essential character to what might be accomplished if the country should choose to reduce duties. A reduction of duty would tend to make easier the round-trip rela- tionship which all economic science teaches is involved in foreign trade. Foreign trade rests upon exchange of goods for goods. Here is an arrangement whereby agricultural exports can be given a higher value in exchange for dutiable goods with the tariff in effect and without impairment of established duties. It is to be conceded that it is within the right of any country to modify the ease with which its goods can be exchanged for the goods of another country, so far as it is done by reference to import duties. On the other hand, most of the countries on the globe have anti- dumping laws. Under those antidumping laws retaliation can be undertaken in the case of a cash or appropriation bounty being paid by the Government of any other country. The United States, Great Britain. and one other country, the name of which does not come right now, are the only three countries. according to a report laid

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