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

-« AGRICULTURAL RELIEF 369 before the International Economic Conference in Geneva in May last, which have not made agreements that they will not impose export bounties. But if you use the export-debenture method you come at it in a different way; it becomes a more domestic proposition: more a matter of adjusting our own tariff system. Under those circum- stances the probability of foreign complication is markedly reduced. I am saying that not merely on the basis of my own judgment. 1 submitted the matter to Prof. Allyn A. Young, who attended the [nternational Economic Conference in Genera. and had from him a statement to the effect that in his opinion this method is less likely to lead to_ international complications than dumping would do. Professor Young, as you know, is connected with Harvard Uni- versity. Mr. Kercuay. At that point, suppose the debenture exceeded our lariff rate. Then the principle you have just announced would not apply: but so long as you kept your debentures beneath the tariff rate that principle could apply? Mr. Stewart. To make a debenture rate exceed the tariff rate on any product with a possible exception of cotton—which T would wish to discuss later—to make a debenture rate exceed the tariff rate 1s to invite trouble. Mr. Jones. That would simply reduce the value of the debenture. You could not give it a greater value without making it redeemable by the Treasury ? Mr. Stewart. It would invite trouble, Mr. Jones, in two ways. In the first place, let us assume that the Government would say to a man, * We will give you 50 cents a bushel on your wheat as it goes out of the United States.” I believe 50 cents was the figure which your chairman used yesterday—50 cents a bushel on your wheat going out. He could take it out a few miles, bring it back in, pay 12 cents a bushel to get it back into the United States, immediately whirl it about and repeat the process. Each time he would come off 3 cents to the better, except costs of transportation and inconvenience. In the second place if you try any export promotion scheme for 50 cents advance on a product where you have only 42 cents tariff on it, you are going to draw into the United States wheat from Canada and from other countries, and will be giving the foreign units the benefit of an operation which is carried on at the expense of the United States. In other words, you can not operate any of these ex- port promotion schemes, whether it be one plan or another, for a rise higher than that which is implied by the tariff, without inviting from Mexico or Canada or some other country wheat or other prod- ucts handled in untagged units to participate in the same price benefits, Mr. Kixcueroe. You would also have to take out of the Treasury nough to pay the difference ? Mr. Stewart. It would be an imposition upon Americans. Mr. AsweLL. Mr. Taber said the plan would be to put a metal tag on 1t when it comes in and keep it tagged all the time. So that plan you have outlined would not work. Mr. Stewart. I made an exception in the case of cotton. ~ Mr. Aswerr. On anything—if you put a tag on it, you can not ring it in and take it out again.

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