US Presidency
1929

Every other plan of agricultural relief was rejected in that campaign and this plan was one of the most important issues in the principal agricultural States and was given as a mandate by an impressive majority in these States. Subsidies were condemned in the course of the campaign and the so-called debenture plan that is the giving of subsidies on exports -was not raised by either party, nor by its proponents. No serious attempt has been made to meet the many practical objections I and leaders in Congress have advanced against this proposal. It [ p.184 ] was not accepted by the House of Representatives and has been overwhelmingly condemned by the press and is opposed by many leading farm organizations. For no matter what the theory of the export subsidy may be, in the practical world we live in, it will not bring equality but will bring further disparity to agriculture. It will bring immediate profits to some speculators and disaster to the farmer.