Encyklopädie der Rechtswissenschaft: Encyklopädie der Rechtswissenschaft

Export debenture plan (Pt. 5)

Bibliographic data

Multivolume work

Identifikator:: 1896404200

Document type:: Multivolume work

Title:: Encyklopädie der Rechtswissenschaft

Place of publication:: Leipzig

Publisher:: Duncker & Humblot [u.a.]

Year of publication:: 1904-

Collection:: Economics Books

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Volume

Identifikator:: 1896404294

URN:: urn:nbn:de:zbw-retromon-236881

Document type:: Volume

Title:: Encyklopädie der Rechtswissenschaft

Volume count:: Bd. 2

Place of publication:: Leipzig [u.a.]

Publisher:: Duncker & Humblot [u.a.]

Year of publication:: 1904

Scope:: 1184 S.

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: IV. Öffentliches Recht

Collection:: Economics Books

AGRICULTURAL RELIEF 23% Mr. Kercaay. Before you leave that, you would consent to a very moderate discount? Would you be willing to state what you think the range of the discount might be? } Mr. Goss. That would be merely an expression of opinion on my part. The debentures are redeemable within 12 months from date of issue. Mr. MENGES. Who would determine the amount of debenture ? Mr. Goss. The amount of discount would be determined by the demand for the debentures; that is no question about that. Our tariff duties now must be paid in American exchange. Much of our imports are now brought in by exporters. Of course, in that case there would be no exchange. But there is a demand for American exchange, and if the importer could buy American exchange at one- half of 1 per cent off, that is a saving which no sound business man, no man of sound business judgment would overlook. The rate of interest would depend upon the length of time between the issue of the debenture and the application of the debenture on the pay- ment of import duties. Undoubtedly they would be discounted for a period of a few months, until the organization got into operation and the flow of debentures determined the approximate length of time in which the debenture would remain at issue. Mr. Me~cEs. Does the so-called law of supply and demand come in there ? Mr. Goss. The matter of supply and demand would determine it. Mr. Me~xges. You would have the law of supply and demand im- posed upon your wheat and upon your debenture ? Mr. Goss. I did not get that question. Mr. Menges. You would have it both on the product von sell and smn your debentures ? Mr. Goss. That is true. Mr. Harn. What would be the objection to issuing a cash bonus without the debenture idea at all? Why not issue them an order on the Treasury for so much cash? Mr. Goss. I would prefer—— Mr. Harn (continuing). Avoiding the speculation that would natu- rally occur in the handling of those debenture certificates? Mr. Goss. I would prefer to have one of the speakers who is to follow me answer that question, because it involves a constitutional -nhibition or restriction that he is prepared to answer and that I can not discuss as intelligently as he. But he is in the room and he will make a note of that and will answer it when the question romes up. I feel it is particularly pertinent. Mr. A~preseN. The bill provides that the export debenture shall oe paid to the exporter. I am not particularly interested in the exporter, but I want to know how is the money to go back; where is this export debenture going to be reflected back to the individual producer ¢ . Mr. Goss. Let us take the question of wheat, which, I note in astening to hearings before this committee, is the commodity usually considered. This measure provides for an export debenture at the rate of 21 cents per bushel on wheat. Now, we must concede that the exporters of to-day are not doing business without a profit.

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