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.