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 without consideration of more factors than have yet come to my attenton. Mr. CLARE. Are these rates going to be determined in the long run as experience dictates? Mr. Stewart. There is some desirability of keeping in line the debentures on various products. In the case of Illinois, with our 20,000,000 acres of land in crops, a debenture that would be too high on wheat, as compared with corn, would not be a desirable factor. An attempt should be made to stabilize rather than to disturb the economic relations between different belts and within the different belts in the United States. That is a pretty big story in itself. Mr. Fort. On cotton—you may be coming to this later, and if so you need not answer it now—the effect of this plan would be to make the cotton cost the American spinner 2 cents a pound more than it cost the European spinner, less differential of freights and insurance. Should not the tariff on cotton goods be correspondingly increased ? Mr. Stewart. I should imagine that the Tariff Commission, mak- ing a study of cotton textiles, would take that factor into account. Mr. Fort. It would have to. would it not, for the protection of American spinners? Mr. STEWART. I could not see how they could help doing it. Mr. Jones. They probab™s alreadv have enough tariff to cover that. Mr. Fort. But manufactured cotton goods come into this country .n spite of the fact. Mr. Jones. But there is not anything like the amount that would pe coming in but for the tariff. However, I agree it might be neces- sary. That could be adjusted if found necessary. Mr. KincrELOE. Doctor, let me ask you right there: I have tried to get these other gentlemen to go into it. I am asking the ques- tion for my own information. Take cotton here, with no tariff on it. Suppose you put a debenture upon it at 5 cents a pound, by which, of course, you hope to obtain for the cotton grower 5 cents a pound above the world’s price. I do not know how much cotton ls grown in other countries; I do not know anything about the markets there. But the thing I would like to know and would like to have you tell us, because we will be asked on the floor of the House, and I do not know—how you are going to keep the importa- tion of cotton out of this country in the absence of a tariff, say. with a debenture of 5 cents a pound on it? Mr. Stewart. If you are going to try to have an export premium under any kind of a plan, either debenture or any other kind of a plan, designed to raise the American price of cotton 5 cents ahove the European price, you ought to have a tariff on cotton. Mr. KincueroE. I was just thinking perhaps it would not do. Suppose there is no tariff on it. I am talking about a fact. because now there is no tariff on it. Mr. Stewart. I think that you could administer it for 2 cents advance, or $10 a bale advance, by requiring proof of origin in the case of any cotton of the typical American description coming nto our ports, in such a way that you could prevent imposition apon the United States Treasury. But if you make it 3 or 4 or 5 cents, you invite “ bootlegging ** of cotton. 371

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