Agricultural relief: Agricultural relief

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

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

Volume

Identifikator:: 1831935244

URN:: urn:nbn:de:zbw-retromon-232156

Document type:: Volume

Title:: Agricultural relief

Volume count:: Pt. 8

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 591 - 642

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 hon. Butler Hare, representative in Congress from the State of South Carolina

Collection:: Economics Books

616 AGRICULTURAL RELIEF banks—you are proposing they should be allowed to loan 100 per cent’ Mr. Hare. No; not the intermediate credit bank. I do not pro- pose to change any regulations of the intermediate credit banks whatever. Mr. Fort. Where does the loan of 100 per cent come from? Mr. Hare. I am coming to that in just a minute. If any organiza- tion of producers wants to sell its crops through this commodity organization, the board will arrange with the intermediate credit bank for the financing of that operation. If under the rules of the intermediate credit bank they are unable to secure more than 75 per cent of the market value of the commodity at that time, then the board will have the right—it is not compulsory, and it would only be in the case of emergency—through the revolving fund provided for in this bill to take care of the difference of the 25 per cent. Mr. Fort. The chief difference between your bill and the Crisp bill in that respect is that the Crisp bill puts some limitations in the law itself on the points at which the board may make loans, and you leave it entirely to the board to make its own rules. Mr. Hare. I leave that out, for the reason that under the Crisp bill where you would begin to fix the price of the crop or the point where you would peg the price, as it was referred to, there was the criticism that it is the purpose of Congress or the purpose of the Government to fix the price of a commodity; whereas I am leaving it with the producers of a particular commodity to fix the price and to say when they will ask for this advance or for this loan. After they ask for it, then it will be referred to the board to say whether or not the circumstances and the conditions under which they are operating justify it. The producers themselves, therefore, under that condi- tion will determine when the price is below the cost of production or when it approaches the cost of production, plus a reasonable profit, and whether they want to store the surplus of their commodity and take it off of the market and remove it from the channels of trade. Mr. Fort. They have no individual liability on the loan? Mr. Hare. No. Mr. Fort. Therefore, there is no restraint on the point at which they would use their judgment. Mr. Hare. Except by the action of the board. In other words, if the board would say, “Now, gentlemen, understand, this price-is far above the cost of production as shown by the existing agencies of our Government, and we think it unwise to begin operations at this period.” The board would have this right, and operations would not egin. Mr. Former. In other words, Mr. Hare, your 100 per cent loan would only operate when this board would find that we had a surplus of any commodity that was so depressed, the price that it was at or below the cost of production, and therefore it would want a hundred per cent loan, because if they would take care of the surplus naturally there would be a profit. Otherwise, it would not be of any interest? Mr. Hare. Exactly. Mr. Fort. If that is clear, I see that is your purpose and I see Mr. Fulmer agrees that is what it should be, why should not we in some way in the legislation indicate that that is what Congress thinks is

Access restriction

Copyright

fullscreen: Agricultural relief (Pt. 8)

Multivolume work

Volume

Chapter

Table of contents

Download

Volume

Chapter

This page

Image fragment

Citation links

Citation recommendation