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

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

AGRICULTURAL RELIEF 529 Mr. CLarRkE. Purely psychological and not economic? Mr. KixcaeLOE. The point I tried a while ago: You said you were of the opinion that if this board was properly created and properly financed it would eventually be of assistance to the farmer. Mr. ANDERSON. Yes. Mr. KincHeLoE. And then, if I understood you, you undertook to draw somewhat of a comparison with the reserve board. The point I had in mind was this: Of course, the purpose of the Federal reserve act was to mobilize and stabilize and conserve credit? Mr. ANDERSON. Yes. Mr. KincueLok. I understand what you are trying to get at here, not to do that for the farmer so much as to take care of the surplus? Mr. AnpErsoN. That is true, but in the course of taking care of that surplus you are attempting one of two things, either to stabilize his price over a period of years by the orderly control and marketing of the surplus, or to stimulate that price above the level which that surplus will economically bring in the market. My objection to the whole procedure is that the theory upon which it has been predicated is the stimulation of the price to domestic consumers above the level which the economic relation of supply and demand would justify. Mr. KiNcHELOE. You answer, In response to a question by Mr. Andresen—and I want to say right here I am anxious to get your idea about it, because I am frank to say I have great respect for your opinions about these matters, because of your years of experience here and natural ability—you said in response to his question that you thought that a board with sufficient financing could be of assist- ance to the farmer. Of course, if I understand your position, you are against an equalization fee, as you have always been; I presume that 1s true? Mr. ANDERSON. Yes. Mr. KincaeLoE. Here is what is in my mind, when you eliminate the equalization fee, as I said in my speech, when I supported the bill, I do not know whether it is constitutional and my research as a lawyer found so few cases in any wise parallel to this proposition that I could not convince my own mind about it; and I am still not convinced but I resolved the doubt in favor of the farmer. But I am convinced of this fact, that if there is any virtue in the equalization fee at all that it will come nearer preventing overproduction than anything that has ever been offered. Now, what I wanted to ask you is that if you have this board and just simply give them -the funds to take care of the surplus, how in your opinion could they keep down overproduction in this country, when we have already raised a surplus of practically every basic product in the country? Mr. ANDERSON. You would not get complete stabilization over a period of years, that is, one price for a period of years. Your price level would have to move as it does now, depending upon supply and demand but fluctuation could be ironed out to some extent and abnormal surpluses prevented from unduly depressing the price. It makes a difference as to the point at which your stabilization 1s placed. It is one thing to stabilize your price on the basis of an economic level representing your present and prospective expectations as to the total world crop or vour total domestic crop, and quite

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