HEARINGS BEFORE THE COMMITTEE ON AGRICULTURE AND FORESTRY UNITED STATES SENATE SIXTY-EIGHTH CONGRESS FIRST SESSION ON S. 1642 A BILL TO PROVIDE FOR THE PURCHASE AND SALE AND S. 2012 A BILL DECLARING AN EMERGENCY IN RESPECT OF Printed for the use of the Committee on Agriculture and Forestry PURCHASE AND SALE OF FARM PRODUCTS. MONDAY, JANUARY 7, 1924. UNITED STATES SENATE, COMMITTEE ON AGRICULTURE AND FORESTRY, Washington, D. C. The committee met, pursuant to call, at 10 o'clock a. m., in room 326, Senate Office Building, Senator George W. Norris presiding. Present: Senators Norris (chairman), Capper, Gooding, Ladd, Norbeck, Harreld, McKinely, Smith, Kendrick, Ralston, and Johnson. The CHAIRMAN. I will ask Senator Ladd to preside at the hearings this morning. (Senator Ladd here assumed the chair.) Senator LADD. I understand this morning that this meeting was called to give those who desired to appear an opportunity to express their views with regard to the pending legislation in agricultural matters, and with regard to any specific bill that they may be interested in. I will ask the reporter to have printed in the hearings the bills under consideration. (The bills referred to are here printed in full, as follows:) [S. 1642, Sixty-eighth Congress, first session.] A BILL To provide for the purchase and sale of farm products. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the short title of this act shall be "The Farmers' and Consumers' Financing Corporation Act." 66 SEC. 2. When used in this act the term person" includes partnerships, corporations, associations, cooperative organizations of producers, cooperative organizations of consumers, and municipal corporations, as well as individuals. SEC. 3. A board of directors, consisting of three members appointed as hereinafter provided, are hereby created a body corporate by the name, style, and title of "The Farmers' and Consumers' Financing Corporation (herein called the corporation), and shall have succession until dissolved by act of Congress. SEC. 4. That the capital stock of the corporation shall be $100,000,000, all of which shall be subscribed by the United States of America, and such subscription shall be subject to call upon the vote of two-thirds of the board of directors of the corporation at such time or times as may be deemed advisable; and there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the sum of $100,000,000, or so much thereof as may be necessary, for the purpose of making payment upon such subscriptions when and as called. Receipts for payments by the United States of America for or on account of such stock shall be issued by the corporation to the Secretary of the Treasury and shall be evidence of stock ownership. SEC. 5. That the management of the corporation shall be vested in a board of directors, consisting of three members, to be appointed by the President, by and with the advice and consent of the Senate. The term of office of members 1 |