AGRICULTURAL RELIEF
373
Mr. Jones. That is very possible, at least for the present. It
would be unfortunate if it should break down the system so far as
cotton is concerned; that is, if we put the debenture too high.
Mr. Stewart. Without a tariff?
Mr. Jones. I say, without a tariff; and the system might require a
tariff in order for it to work to the best advantage.
Mr. AsweLL. Let us not consider that discussion final.
Mr. KincBELOE. Why ¢
Mr. AsweLL. Because the Department of Agriculture estimates
the average cost is about 18 cents. Now, when cotton is selling at
11 cents, as it was a year ago, 2 cents more is still 5 cents below the
cost of production. You say it helps a little. But that is not what
[ want; I want to do something worth while.
Mr. KincHELOE. You do not want to close the debentures on 5
cents?
Mr. Jones. I just want to say in that connection, when cotton is
11 cents, I do not know in all the history of the country when the
farmer in the South needed $10 a bale more than he did then; and
[ want to say this also in that connection if I may have the atten-
tion of the committee, that in so far as that is concerned the $10 a
bale that would come in might enable them to have a pooling
system that would enable them to hold the cotton and get a price
that was much greater than 11 cents. If through this means of
securing a fund the cotton crop when it was 11 cents last year, or the
surplus of that crop, could have been carried over until this year
we would have gotten 20 cents.
Mr. AsweLL.- You would not oppose 5 cents, would you?
Mr. Jones. I would not oppose anything the committee was will-
ing to give.
Mr. AsweLn. You would not oppose 5 cents, would you?
Mr. Jonzs. I would not oppose anything the Government might
want to give. But I know it does not do a fellow any good to ask
for more than he has any chance in the world of getting under the
circumstances.
Mr. AsweLr. Unless you ask for plenty in some things you do
not get anything.
Mr. Jones. That may be your political philosophy; it is not mine.
[ try to ask what is right.
The Cumarrman. Have you any estimate about cost under this bill ?
Myr. Stewart. The estimates which have been made and presented
in that chart, which, I believe, has traveled part of the wav around
the committee table.
Mr. KiNcrELOE. Do you mean this one?
Mr. STEWART. Yes.
The Crairman. It has been suggested that we advance the de-
senture to 5 cents. There would not be enough tariff to go around,
would there? I understood you to say the average amounts to
$45,000,000 a month.
Mr. Stewart. That is the fact, I believe.
The Crarrman. That would be $540,000,000.
Mr. Stewart. No; more than that. Last year it was $605,000,000,
The Crarman. Last year we exported 11,550,000 bales, and that,
at $5, would be $557,750,000, and the income is only $540.000.000. so
we would be short $37.950.000.
