AGRICULTURAL RELIEF 
‘““dead horse’ and got off of it. Here is the point I want to put up to 
you: You are a practical man here in Congress and you have some 
idea what public policy is, and what Congress will probably do. -At 
the beginning of this session—and I put that also in the record—I 
wrote Dr. Stewart to know if he had any figures about how much 
money it would stop coming into the Federal Treasury, operating 
under the debenture plan. He took six or seven commodities, end 
think he included tobacco, corn, cotton, etc.—but, anyhow, on the 
theory we would issue debentures for half of the import tariff on all 
these commodities—only six of them—if he had any figures as to how 
much money that would stop coming into the Treasury of the United 
States in a year, based on our exports of those commodities. He sent 
me figures compiled by some man in California—I do not know who 
the man was—but I presume he is a reliable authority, and I presume 
an economist, in which he took these six commodities for ten months in 
1926, based on the exports of those commodities at half the present 
income tariff, and his figures showed that it would stop in ten months 
$214,000,000 from coming into the Treasury, and the question I 
wanted to ask you, as a man who is familiar with the operations of 
Congress and who has more than average information on public policy, 
as to whether in your opinion there would be any chance of passing 
any bill here that would take annually out of the Treasury every 10 
months, or stop that much from coming in—§214,000,000; if you 
believed Congress would approve such a proposition as a matter of 
public policy? 
Mr. Kenok. No, I do not quite think they would, if it affected 
the richt of wage of any American citizen, that they would, if they 
took that view of it; and if the Government needed the money, 
I do not think they would. But I do not think the debenture propo- 
sition will ever reach back to the farmer; he is too far from the sea- 
board. The middleman will be the beneficiary. The farmer can 
not go to Europe and buy stuff and use this as an offset: he can not 
do that, gentlemen. 
Mr. Jones. If this department is authorized under the present 
machinery to organize a corporation that can handle this. the deben- 
ture will get the money according to the statement of Mr. Adkins 
and yourself, both. The only purpose of the eaualization fee is to 
get the money, is it not? 
Mr. Kenoke. The purpose of the equalize t: 
a fund out of which losses may be paid. 
Mr. Jones. That is the thing that is provid. f. 
Mr. Kenoe. Nobody gets the money. 
Mr. Jones. It will provide a fund, will it not: 
Mr. KenoEe. Yes, sir. 
Mr. Joxes. The debenture plan will also provide a fund, will 
it not? The debenture, or certificates, being negotiable and being 
in demand, will provide a fund, will it not? 
Mr. Keno. It will not on our product. 
Mr. Joves. It would on all products in which there is a surplus? 
Mr. Kenoe. It would not unless those products are exported. 
Mr. Jones. It would on all exportable commodities? 
Mr. Keno. On all exported, it would. 
Mr. Joxes. If we have the same machinery then in this bill it 
would be effective on all the commodities that it covered, would 
it not? 
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