AGRICULTURAL RELIEF 
101 
Mr. KincaHELOE. How would you finance your corporation? 
Mr. GRENNAN. We don’t need any financing. 
Mr. KiNncHELOE. You don’t need any money at all? 
Mr. GRENNAN. No, sir. This extra money that is coming in on 
this corn and wheat will finance that, and that will give us the right 
and the opportunity to dig out of this hole ourselves and not have to 
ask for aid from the Government; but we do ask aid to put that 
proposition before the farmer and let him take care of himself. 
Mr. FuLMER. You contend the farmer taking care of the surplus 
himself will keep him from producing a surplus next year, by having 
it on hand and not allowing him to sell it anywhere? 
Mr. GRENNAN. No, sir. That is just the same as this insurance 
man explained to you, only to eliminate the insurance fee of the Gov- 
ernment; each man carrying his own surplus. It is exactly the same 
thing. 
Mr. McSweeNEY. Have you read the plan of Mr. E. T. Meredith, 
of Towa? 
Mr. GrenNaAN. He does not go back to the percentage each 
month, the percentage of my crop each month as an individual. 
Mr. McSweeNEY. What do you do with it? Feed it into the 
hogs and cattle? 
Mr. GRENNAN. No, sir. You keep it yourself. 
Mr. McSwEENEY. As material? 
Mr. GRENNAN. Yes, sir. Certainly if I have 600 bushels of corn 
to carry over, I don’t want to take that 600 bushels and go over to 
Europe and sell it at a loss and go right back into that soil and 
deteriorate it next year for the mere fun of raising more corn. 
Mr. KincHELOE. Supposing the domestic buyer took 80 per cent? 
Mr. GRENNAN. You have to carry the rest. 
Mr. KiNncHELOE. Is it your idea to make the wheat farmer hold 
the other 20 per cent? 
Mr. GRENNAN. Why, absolutely. 
Mr. KincHELOE. How do you do that? 
Mr. GreNNAN. If he signs a cooperative contract he will do it. 
Mr. KiNcHELOE. Suppose there is 250,000,000 bushels surplus of 
wheat in this country. Are you going to prorate that out to the 
farmer? 
Mr. GrexNaN. No; I am not going to prorate it out. He has got 
it to start with. 
Mr. KiNcHELOE. Suppose the cooperative goes and buys enough—— 
Mr. GreNNAN. They don’t buy anything. They are just selling 
corn. 
Mr. KincreLoe. Well, selling corn. Your illustration is good 
about your corn, but that is the individual farmer. Do you Suppose 
that each individual farmer will keep back his surplus? 
Mr. GRENNAN. Certainly. 
Mr. KincHELOE. Suppose he did not do it, but disposes of it in 
the world market? 
Mr. GrRenNAN. He has got more dollars for that what he sold than 
he could sell the whole thing for. 
Mr. KincaELOE. There is no doubt about that. 
Mr. Apkins. Would he violate that contract?