326 
AGRICULTURAL RELIEF 
Mr. ConnarLy. Absolutely negotiable. That plan would bring a 
raise in price to every farmer, whether a member of the cooperative 
or not, because that export corporation would afford healthy com- 
petition with all other exporters; 1t would afford a competitive 
market, and if the exporter bought that cotton or that wheat he 
would have to pay the price that would move 1t away from the 
export corporation itself. Then I would, under the debenture sys- 
tem, allow the exporter and the cooperatives to have the same privi- 
lege of getting the debentures that the export corporation would 
have; and the reason for that is that you would then be setting up 
competitive agencies there, each one bidding for the farmer’s prod- 
uct, and naturally that would stimulate the price and make it go to 
its highest possible level. } 
Mr. Jones. Mr. Connally, do you not think it would take an export 
corporation or something similar to that to take care of this indi- 
vidual farmer? 
Mr. Connarry. That is what I was saying. 1 want the export 
corporation tied right in here with the debenture system. 
Mr. Jonzs. I think the gentleman is exactly right. I am thinking 
along the same line. 
Mr. Connarry. I understand Mr. Jones has a bill that provides 
that in a way. 
Mr. Jones. The gentleman is giving some new suggestions in con- 
nection with it, and I am glad to hear him on it. 
Mr. Connarry. That is my idea and my plan. 
That is workable. Let me show you why: The export deben- 
tures, according to the master of the grange here, would probbaly 
supplement that revolving fund of $150,000,000 a year, would it 
not? And every farmer in America would get a reflection of that 
advance in price. That plan would add $140,000,000 annually to 
the price of farm products, and on cotton 2 cents per pound, or $10 
per bale. It would not be confined to the cooperatives, because it 
would raise the whole commodity market. The man would not have 
to wait until next summer to get his returns. That would be the 
direct result, but the indirect result in stimulating the market would 
be still greater. 
Let us get to one other point. Why did I vote against the 
McNary-Haugen bill? I voted against the McNary-Haugen bill, 
gentlemen, just like a great many of you voted against it, because 
it had that equalization fee in 1t. The Attorney General of the 
United States has said that equalization fee is unconstitutional. 
The law makes the Attorney General the adviser of the President on 
legal questions; and do you suppose any President with any self- 
respect is going to approve a bill that the Attorney General tells 
him has got a clause in it that is absolutely unconstitutional? If 
you think that Mr. Coolidge is that kind of a man, you are simply a 
Spt Science farm-relief man. You think you are for farm 
ive : really thnt not. [Laughter.] That is all there is to that, 
and i hi. that he 1s not going to do it, you don’t know; 
mot inet 2 he 1eves he is believes in ghosts. [Laughter.] He 
So, now, bid fst situation, what do you want to do? 
* - He says he is going to do that way, anyway.