330 AGRICULTURAL RELIEF 
tribute to this group and let them dissipate it in their unwisdom, as 
they may dissipate it Ӣ 
Gentlemen, 1 can not take up all of your time. I do not want to 
take up much more of your time. 
But here is the Grange, as I understand it, the largest and the 
oldest agricultural organization on the earth advocating this deben- 
ture doctrine. I approve the plan as outlined in my remarks a few 
minutes ago and substantially that of my distinguished colleague 
from Texas, Mr. Marvin Jones, and that is the establishment of an 
export corporation with sufficient capital or a revolving fund out 
of the Treasury, to be replenished from time to time by the debenture, 
and then tied into that system this debenture plan; and it will oper- 
ate for the benefit of every farmer that produces a bushel of wheat 
or a bale of cotton anywhere in these United States. And you will 
not have this great army of employees and fee collectors and inspec- 
tors and auditors and officials. You will have a very small organiza- 
tion. It will not cost the Government a dollar, except in the method 
of this debenture system. And I submit that it is workable; it 1s a 
practical system and it really offers some hope of relief. While 
everybody knows who knows anything that the McNary-Haugen 
bill as it was in the last session with the equalization fee, even if it 
passes both Houses, can not pass the White House. And we are 
mad—we are mad or else we are insincere and we are mountebanks— 
we are either mad or mountebanks if we try to bunco the American 
farmer again with the Mc-Nary-Haugen bill with the equalization 
fee in it, that you know is going to be vetoed the moment it is laid 
on the President’s desk. The man who insists on passing the Me- 
Nary-Haugen equalization fee when he knows it will be vetoed does 
not want any farm relief. He is merely trying to fool the farmer. 
The Cuairman. Do you yield for a question? 
Mr. CoNNALLY. Yes. 
The CuammaN. Something was said about fooling the farmer. 
Let us examine the two measures before us and see which one fools 
the farmer. Let us assume that we export wheat to the extent of 
200,000,000 bushels, where under the debenture plan it would cost 
the Government $42,000,000. Under the equalization fee plan, if 
you advance the price 50 cents the equalization fee would be 1235 
cents, which would leave the farmer 3715 cents net. The farmer 
would be receiving 871% cents instead of 21 cents, which is 1615 cents 
above the debenture plan. Hence, a profit to the farmer of 1614 cents 
a bushel over the debenture plan, or $300,000,000 net, and the cost to 
the Government under the debenture plan would be $42,000,000. 
Mr. ConnarLy. I thought the gentleman was asking me a question. 
The CraRMAN. I want you to tell the committee which plan has 
the best values for the farmer. 
Mr. Connarry. You ask me to tell you. and I am telling you. I 
want to answer your question. 
The CrammaN. Which plan is the better for the farmer? The 
equalization plan that pays $300,000,000 net, or the debenture plan 
that pays $168,000,000 with $42,000,000 at the expense of the Treas- 
ik the equalization plan which gives the farmer 3714 cents, or 
the debenture plan which gives him 21 cents; the equalization plan 
giving him $300,000,000 net, or the debenture plan giving him 
000.000 at an expense of $42,000,000 borne by the Treasury? As