AGRICULTURAL RELIEF 
391 
The Bundesrat was further authorized to permit the acceptance of these 
mport certificates in payment for duties on goods otter than grains and 
regumes, and the permission was in fact granted in the case of a series of arti- 
les subject to purely revenue duties, including coffee, cocoa, tea, spices, 
tropical fruits, olives, rice, herring, petroleum, ete. The first limitation was 
mposed by a ruling of the Bundesrat on November 9, 1911, reducing the term 
of validity of the certificates from six to three months, and restricting their 
acceptability in place of cash in duty payments to grains, legumes, rape, and 
rape seed. These import certificates were extensively employed in grain expor- 
cation, but in the case of flour the older provisions for manufacture in bond 
were found preferable. The immediate effect was that the prices of grain in 
those parts of the country which depend on exportation for their market and 
which formerly had to contend with depressed prices, rose to a point higher 
than the general world-market price by approximately the amount of the im- 
port duty. As a result, an equalization in grain prices within the German 
customs domain has come about, as in the exporting districts also the domeste 
price could now rise to the height of the world-market price plus the amount of 
he duty. 
(NoTE.—Since the publication of this volume by Doctor Grunsel in 1916 
the German Government readopted import certificates, restoring certain provi- 
sions of the tariff act of November 25, 1902, so far as to make these instru- 
mentilities effective in the case of rye, wheat, spelt, barley, oats, and pulse. 
See the Reichagesetzblatt, Part I, No. 44, September 12, 1925, for the text of a 
lecree of September 3. 1925, based upon the tariff revision act of August 17. 
19925.) 
Mr. Kercuam. Thank vou. Now, Mr. Chairman, we are faced 
with this situation: Mr. Newsom, who is here ready to give testi- 
mony, is a very busy man, having a 400-acre farm to care for, and 
other responsibilities, and he has a brief statement which he would 
like to submit, and I would like very much if he might just be intro- 
duced and then have permission to submit his statement. if that is 
aoreeable to the committee. 
STATEMENT OF JESSE NEWSOM. OF INDIANA 
Mr. Newsom. Mr. Chairman and gentlemen, it will be impossible 
for me to wait over until Tuesday. I have a few lines to present to 
the committee that I desire very much to present, along the line of 
Mr. Ketcham’s first question. I think it will answer very well some 
of the other questions, particularly the background of precedent 
of the entire debenture idea, that is founded largely upon Alexander 
Hamilton’s Report on Manufactures. If it is agreeable, I would 
like to present it in written form in a day or two. I do not have it 
ready at this time. 
The CHAIRMAN. Without objection, it is so ordered. 
, The committee will now adjourn until Tuesday morning at 10 
o’clock. 
(Thereupon, at 11.55 o’clock a. m., the committee adjourned to 
meet Tuesday, February 14, 1928, at 10 o’clock a. m.) 
R6160—28—BERE, PT5— 7