Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-04-15
FAVORABLE REPORT
IN SENATE IS GIVEN
FARM RELIEF BILLS
Definite Prices for Conmcd-
tiles Would Be Government
tally Determined Under
Proposed Plans

WASHINGTON, April 12.-The
McNary- Haugen and the Norris'Sln'
clair bills, designed for the relief OIL
q AGRICULTURAL districts were reported
favorabIy today by the senate az
riculturaI committee. Several MINOR
amendments were attached to the
McNary.Haugen bill, but the Norris
Sinclair bill was reported Wl'iio0'
change. IN
Action on the McNary-HauSeh pIil
ia expected to be taken by tne house
!, before it's consideration III tne So
sfons which are required to orlg1-
mate in the house. The mousse aS
ricultural committee now is engageo
in redrafting passages of the Dill
The tariff features of the McNary'
Haugen bill brought communlca'
tion from the tariff committee to the
house ways and means coil uleos,
TODAY in which the committee con-
tended if domestic prices of agrlcul-
t,1raI STAPLES are raised substantial
lv above world prices as result OIL
such legislation, the application py
foreign nations of anti-dumplng
]avSs. would prevent the sale in those
countries of surplus American farm
products. The commission further
said that the foreign countries also
NAV claim that the policy is lncon-
sistent with the tariff act of 192Z.
The life of the McNary-Haugen
bill is limited to five years, it beng
framed as an emergency measure
The farm bloc plan to have the
Norris Sinclair bill entered as per
manent legislation and eventually 10
substitute the acknowledgment DILL
Export Commission Planned
The McNary-Hauge bill provides
for, the creation of the United
States Agricultural export commits
sion" and the Omitted States Agrl'
cultural export corporation. An ap'
propriation of $200,000,0 900 would be
authorized as capital stock for the
export corporation.
The commission would be directed
to determine a ratio price for basic
agricultural commodities by comput-
ing the average price of all com
modities for the period of 1913 TO
1914 inclusive. When the commas
sion finds that the domestic price OF
farm commodity is lower than the
ratio price it shall recommend to
the corporation the purchase OF a
sufficient quantity Of this COM
modify to bring the domestic price
IN to the level of the ratio price.
The corporation function would
he to sell the surplus crop TO the
export trade, but 1t also would De
nermitted to sell it in the domestic
market. at not less than the ratio
price. anv commodity in its CUSTODY
as the commission may designate.
The bill authorizes the president
TO direct/the United States tarlif
commission or the secretary OF az
riculture to make Investigations
from time to time to determine the
rate of duty upon any agricultural
commodity necessary to MAINTAIN
the domestic price at the level OIL
the ratio price.
The Norris Sinclair bill would
create the farmers and consumers
financing corporation" with a capl-
tai stock. of 500, OO0,O to be ap-
propriated out of the treasury.
To Provide Market
The purpose of the corporation
would be. to provide, a market Tor
the sale of agricultural products and
to promote a more direct contact
between producer and consumer
with a decreased price to the con-
sumner through a reduction in com
mission charges.
To obtain reduced rates for ex-
port shipments, the corporation
would be authorized to operate free
of charge any idle vessels owned by
the United States for the transpor-
tation of products to foreign ports.
The net earnings Of the corpora
ton would be accumulated as a re-
serve until this amounted to $780,
900 900, and, thereafter, the net
earnings would be paid into the
treasury until payments equal the
amount advanced for the capital
stock.
n The corporation would be author
siged to issue tax exempt bonds not
'Nxceeding five times its paid-up
capital, the bonds ito mature not
later than ten years after issue, and
. the rate of interest to be determined
! with the approval of the secretary of
i the treasury.
Authority would be given the cor
poration to obtain and operate ele.
r vators and storage warehouses, buy
and sell agricultural products and
. make advances to any person for
. the sale or expectation of farm com
/ modities.
The corporation would be manag.
ed by a board of directors, three OF
whom would be appointed by the
president. and the principal offices
/ located in the District OF Columbia