336 
AGRICULTURAL RELIEF 
Mr. Goss. Yes; and we have had a bill before Congress two ot 
three sessions ago aiming to do that. We are in entire sympathy 
with that method of approach, but we have not made any attempt to 
incorporate that in this bill. It is aimed at just one thing. 
Mr. Kincueroe. I do not see why you could not take a few lines in 
there and make a provision in the way of export corporation or some 
agency to not only store but to hold a whole lot of surplus in this 
country for the benefit of the American people. : 
Mr. Kerouam. We entirely agree with that. 
Mr. KincHELOE. I just suggested that. 
Mr. Goss. Just a word as to our attitude on that, Mr. Kincheloe. 
Mr. Crarke. That is included in the Jones bill. 
Mr. Kincueroe. I understand. 
Mr. Goss. Just a word as to our attitude on that. We are merely 
trying to bring to this committee the sound principles of an export 
debenture. Whether they be incorporated in another bill, or whether 
other things be added to this bill which will bring in some other 
sound principle, makes no difference to us. 
We do believe in the sound principle of the export debenture. It 
is designed to enable us to meet the difference in cost of produc- 
tion between home and abroad, just as the tariff enables other 
industries to meet the difference in the cost of production between 
home and abroad. That is the one principle which we are bringing 
to this committee, and we have full confidence that this committee 
will do as they have in the past—when all the facts are laid before 
them, all the information, that they will choose and sift and take the 
best, and put out a bill which in their judgment will best meet the 
situation. 
We are not trying to cover the whole field, Mr. Kincheloe; just 
this one thing we are trying to cover. 
Mr. Kixcurroe. I think piecemeal legislation is not satisfactory. 
We hoped you had them both. 
Mr. Goss. We are in entire sympathy with what you bring up. 
_ Section 4 provides for the export debentures. Mr. Taber went 
into that, I think, quite fully, telling you just what the export 
debenture consisted of and how it was applied. 
Mr. Aswerr. If the export debenture remains at full par value 
during the year—— 
Mr. Goss. I did not get the question. 
“Mr. Aswern. I say, how do you think that those debenture cer- 
tificates would remain full par value during the life or the vear. or 
would they have to be sold at a discount? 
Mr. Goss. There is no question but what the debentures would 
have to be sold at a discount equal to the rate of interest needed 
for carrying them, which economists—and one of them will follow 
me—will discuss. But the economists have told us—and some of 
the officers of the Treasury Department with whom we have dis- 
cussed this have assured us that it is their belief that the discount 
would be nominal. We have protected that, Doctor Aswell, in 
this way, as you will see a little later on in the bill. When I come 
to that 1 will touch on that, Doctor Aswell. as we come to that section 
the bill