Agricultural relief: Agricultural relief

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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:: 1831935066

URN:: urn:nbn:de:zbw-retromon-232142

Document type:: Volume

Title:: Agricultural relief

Volume count:: Pt. 7

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 521 - 590

Digitisation:: 2022

Collection:: Economics Books

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528 ' AGRICULTURAL RELIEF is going to function directly on this you would get a whole lot further with & commissioner and an assistant commissioner for each particular commodity than you will ever get with a board, because a board has to act by majority and it takes time to determine a majoirty, and all sorts of internal difficulties might prevent its functioning properly; and you gentlemen know who come in contact with them it is true just as well as I do. While they can function as a regulatory organi- zation, in general, they can not function as a direct commercial instrumentality. Mr. Crarke. How long would it take to get a decision by the Tariff Commission, if you wanted to get an increase or decrease in the tariff under the 50 per cent law? Mr. ANDRESEN (interposing). Mr. Anderson, do you think this board should be a board of business men or a board of economists? Mr. AnpERsON. I should think that such a board should be made up—I1 am expressing merely a personal opinion about it—I should think that such a board should be made up of a proportion of farmers who have given special consideration to agricultural marketing prob- lems, and who understand not merely farming and the selling of farm products to a country elevator or otherwise, but who know something about the general movement of those commodities in commerce, not only in the raw state but in their manufactured state; that it could be composed in part of business men who also have a similar experience and knowledge of marketing. I would not have it composed of economists at all. You can always hire economists—and being somewhat of an economist myself I know that economists ordinarily need some sort of a balance, which such a board composed of farmers and business men would probably give it. Mr. AxpresEN. The bill before us provides for the President to appoint a board. It also provides for finances, so that the board may carry the purposes of the bill into operation. Now, as far as the bill goes, with those provisions in it there, is it quite satisfactory to you and the interests you represent? Mr. AnpersoN. If we understood that such a board was to func- tion on the basis of creating and aiding commercial organizations— and I include cooperative organizations in that designation—in a program of price stabilization, understanding that that would have to be undertaken gradually, and the effect of, the action of the board and these commercial organizations’ interference with the market carefully determined, I think that that would be quite all right. The point I am trying to make is that the difficulties which we have had in the Federal Reserve System is that nobody knew what the effect of an increase or decrease in the discount rate or of open-market transactions might be. In Great Britain they have had a hundred or two hundred years’ experience in it. The effect of a slight increase or decrease in the discount rate can be calculated almost on an actuarial basis. But we have not had that experience; consequently we go in and raise or lower the discount rate and overlook the psy- chological factors and the state of mind of the poeple; and the result is that we get just as we had on the stock market the other day. . Mr. CLarkE. Just as day before yesterday, because of the increase in the rediscount rate, and then when those speculators found out the reason, dropping down again? Mr. ANDERSON. Exactly so.

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