Evening star. [volume] (Washington, D.C.) 1854-1972, 1929-07-28
BROOKHART. TO ASK
EXPORT DEBENTURE
Plans Amendment to Tariff
Bill Because of Western
Sentiment.

Declaring that feeling in the West is
"bitter against the tariff bill, Senator
Smith w Brookhart of Iowa, one of the
insurgent Republicans, said on return
ing to Washington yesterday that he
would press for the adoption of an ex-
port debenture amendment to the tariff
measure.
Senator Brookhart also said he would
support the Glass amendment for a tax
of SIS per hundred on speculative stock
transactions wherein the stock has been
held for less than 60 days.
In general, Senator Brookhart said
he would make a fight for increases In
a number of the agricultural rates and
decreases in a number of the indus
trial rates, as compared with the rates
of the House bill.
Senator Brookhart declared public
support for the debenture amendment
and for the modification of the House
bill Is strong. He has been motoring
through a number of Western States.
going as far as Idaho, and has had full
opportunity, he said, to find out how
the people are feeling.
The Iowa Senator will press his de-
benture plan instead of the debenture
amendment which was offered to the
farm relief bill and defeated. Under
his plan, the debenture would be meas
ured by the full amount of the tariff
instead of half of it. Moreover, Sena-
ator Brookhart would have the de-
benture paid over to the Farm Board.
on the theory that in this way the
board could cause the price OF wheat
or other agricultural products on which
drawback was pair to be increased by
the amount of the drawback or deben-
ture. Senator Brookhart maintains
that not only is this plan simple and
workable but that it will meet the
charge that the debenture is sub
sidy to the farmer, or tend to make It
more difficult to sustain the charge.
Senator Brookhart said that he be-
lieved there would be strong support
for the stock tax amendment He said
business men the country over were
getting more and more opposed to the
great volume of brokers' loans in New
York While he does not think the
stock tax proposed will meet the stu
alton entirely and will not stop specu-
lation entirely, he thinks that this
amendment will be step in the right
direction. He looks for an investiga-
ton by the Senate banking and cur
rency committee soon into speculative
matters, the workings of the Federal
Reserve system, the brokers loan stu
alton and its effects and related mat
tiers.
Senator Brookhart, who was shut
out of an executive meeting of the
farm board at Chicago, Friday. said he
did not wish to comment on this. He
made it plain he is watching the opera
tions of the farm board closely. He
said he wanted to know what came out
of the secret meetings" of the farrA
board and indicated he might oppose
confirmation of some Of the farm board
nominees.
Meets Senators.
On arriving here Senator Brookhart
saw Senator Simmons of North Caro-
lima, ranking Democrat on the finance
committee, and Senator Borah of
Idaho, one of the Republicans who are
against the bill. Indications are the
Democrats and insurgents will cooper
at closely. Senator Brookhart said
he WIS opposed to tho flexible tariff
provision OF the House bill.
Discussing the sliding scale on sugar
yesterday, Chairman Smoot of the
Senate finance committee predicted 1t
on as a forecast that it would be put
into the bill by the finance committee
and kept there.
After the sugar schedule is reached,
Senator Smoot intends to reopen the
hearing for a discussion Of his pro-
posed sliding scale. which would regu-
late the sugar tariff according to mar
ket conditions.
Taking notice of the organization of
the Cuban sugar producers by the
Cuban government with a view to re-
Stricting exports, Senator Smoot said
this apparently would work in the in
terest of controlling the world market.
He did not look upon the action as
particularly favorable to this country,
although he reserved judgment pend
ing study Of the program planned by
the CubanS.