Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1921-06-06

exports of farm products. 1t will
be given right of way in the SEN
ate Committee on Agriculture as
soon as hearings on the grain ex-
change bill are concluded-proba-
bly, by June 10. Just what the bill
provides and the relief it is ex-
pected to accomplish is set forth in
the following article by its author,
written especially for N. E. A.
newspapers.
BY SENATOR GEO. w. NORRIS.
The bill which | have introduced
is intended to provide a method by
which farm products in America can
be sold in foreign markets.
We are confronted with a condi-
ton here that makes it impossible
for farmers to dispose of their prod
ucts for price that will pay the ac-
tual cost of production. In Europe
there are millions of people suffering
for these products, but they do not
have the money with which to buy
The bill in effect provides for a
mlddleman between the producer in
America and the consumer in Europe.
1t follows the legislation in Congress
creating the War Finance corpora
tion under which the manufactured
products of America have been sold
in foreign markets, and if enacted,
would do for American agriculture
what the War Finance corporation
did for American manufacturers.
The corporation would deal only
in farm products. 1t would have
capital of $100,000,000 double the
original suggestion) subscribed by
the government Of the United States.
The secretary of agriculture would
be chairman of the corporation and
the other four members of the board
of directors would be appointed by
the president and confirmed by the
Senate.
Cooperative Plan
The corporation would be empow-
cred to buy farm products from pro-
ducers and associations Of producers,
and it is expected that it would work
through farm organizations and in
cooperation with them.
1t is authorized to secure lower
freight rates for these farm products
and the Shipping Board is directed to
utilize some of it's ships that are not
in use for the purpose of carrying
these products across the ocean at
the cost of operation.
It is expected that purchasing op-
erations will be formed in the vari-
OUT countries of Europe where they
are in need OF these products, partic-
ularly Poland, CzechoSlovakia, Bel
gium and Germany.
have been assured by representa-
tives of foreign nations that there
will be nj diiculty or delay in organ
ling cooperative institutions, the OBJ
legations of which will in turn be
guaranteed by organizations of banks
and in some instances the guaranty
will be further indorsed by the gov
ernment under which the organiza-
tions are formed.
It is intended that the agricultu-
raj corporations organized under the
bill. will sell products to such foreign
corporations, on time, upon such obll-
cations thus guaranteed as are IN the
Judgment of the board of directors
ample security
These securities will be held by the
corporation, and on the strength of
them, the corporation will issue its
debenture bonds, at rate of inter
est that will enable them to be sold
in this country, at par.
The money received from the ss4e
rriII 4bay, ho TniOupct-
ed the same as the original capital
stock and the same operation can be
repeated until the amount, of bonds
issued by the corporation is equal to
ten times the capital stock.
Tax-Exempt Bonds
The bill provides that these bonds
shall he exempt from taxation to the
same extent and in the same way
that the bonds issued by the War FL
nance board are now exempt.
In my judgment, the enactment OF
the bill into law will result in mar
ket to American farm products at
profit to the American farmer.
The American farmer is entitled to
the use of this much federal money
because in the operation of the grain
cornoration there was net profit of
60 or 70 million dollars. all of which
has been paid into the treasury Of the
United States, and every dollar of
which was contributed by the grain
growers of the country.
In addition to this it is expected
that the corporation will operate on a
safo margin. and in doing this there
probably will result a profit in its
opo~ati0r.
The bill provides that the original
carital stock contributed bv the gov
crnment. toqether with all profits
thereon shall, when the affairs of the
oornoration are wound IN, be maid
~ to the treasury of the United
States.