Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1921-06-10
NORRIS HAS a WAY
Plan by Which Europe Can Buy
American Farm Products

fian py WHICH Europe Sdn Ooy
American Farm Products.
The bill which I have introduced is
intended to provide method by which
farm products in America can be sold
in foreign markets. writes Senator
George Norris, Of Nebraska.
We are confronted, with a condition
here to dispose of their products for
price that will pay the actual cost Of
production. In Europe there are mill
lions Of people suffering for these pro-
ducts, but they do not have the money
with which to buy.
The bill, in effect, provides for a
middleman between the producer in
America and the consumer in Eu-
rope. 1t follows the legislation OF con-
gress in creating the War Finance
corporation. under which the manu-
factured products Of America have
been sold in foreign markets, and if
enacted. would do for American agri-
culture what the War Finance corp0r-
alton did for American manufacturers.
The corporation would deal only in
farm products. 1t would have n CAPT.
tai of s100, 100000 double the original
suggestionl subscribed by the govern
ment Of the United States. The Sec
Iretary of agriculture would be chair
man of the corporation and the other
four members OF the board Of directors
would be appointed by the president
and confirmed by the senate.
The corporation would be empower
ed to buy farm products from pro-
ducers and associations Of producers,
and it is expected that it would work
through the farm organizations and
CO. operation with them.
1t was authorized to secure lower
freight rates for these farm products
and the Shipping Board is directed to
utilize some Of its ships that are not
in use for the purpose of carrying the
products across the ocean at the cost
of operation.
It is expected that purchasing cor
porations will be formed in the various
countries of Europe where they are in
need Of these products, particularly,
Poland, Czechoslorakia, Belgium and
Germany.
have been assured by representa-
tives of foreign nations that there will
be no difficulty or delay in organizing
cooperative institutions, the obliga-
tions of which in turn be guaranteed
by organizations Of banks, and in some
instances the guaranty will be further
indorsed by the government under
which the organizations are formed.
1t is intended that the agricultural
corporation organized under the bill,
will sell products to such foreign Or
ganizations, on time. upon such obliga-
tions thus guaranteed as are in the
Judgment Of the board of directors am
pie security.
These securities will be held by the
corporation and on the strength OF
them. the corporation will issue its de-
benture bonds, at a rate Of interest
that will enable them to be sold in this
country at par.
The money received from the sale of
these bonds will then be reinvested 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.
The bill provides that these bonds
shall be exempt from taxation to the
same extent and in the same way that
the bonds issued by the War Finance
board, are now exempt
In my judgment. the enactment oil
the bill into law will result in a mar
kct for American farm products at IL
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
corporation there was d net proht 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 sale
margin. and in doing this there proba-
bly, will result Il profit in it's operation.
The bill provides that The originaI
Ecapital stock contributed by the gov
crnment, together with all profits
thereon, shall, when the. affairs of the
corporation arc wound mp. hc paid III
to the treasury of the Unitcd states.