Word: cropped
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Dates: during 1930-1939
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...demand assurance that the loan would be repaid. A room full of newshawks who had never seen $10,000 a year blinked appreciatively at this interesting statement. Franklin Roosevelt beamed at the response it got. He was drawing a fanciful parallel to describe his views on a practical matter: crop loans to U. S. farmers...
...parallel was obvious. The President had asked Congress for crop control legislation and had failed to get it. Now, with a bumper crop threatening to depress cotton prices, Southern Congressmen wanted him to use Commodity Credit Corporation's $135,000,000 kitty to grant farmers loans of 10? a lb. on their cotton and to peg the price at 12? a lb. Only assurance that such loans would be repaid lay, according to the President, in legislation to limit next year's crop. Before granting them he wanted as assurance the equivalent of a "banker's acceptance...
Three days later, as everyone had anticipated, the President announced that he would grant crop loans after all. To a delegation of the Senate's Agricultural Committee he promised to order the Commodity Credit Corporation to make loans of 9? or 10 ? a lb. on the new crop, pay farmers the difference between what they eventually get for their cotton and 12? a lb. Similar means will be taken to meet any serious price declines which may follow anticipated bumper crops in corn & other grains...
...Roosevelt's promise last week did not give the Committee precisely what it wanted. It left to the Department of Agriculture the decision whether to make the loans at 9? or 10? a lb., made the 12? subsidy contingent on the willingness of farmers to agree to whatever crop restrictions Congress may impose next year. On the other hand, the President's end of the bargain was by no means the equivalent of a ''banker's acceptance." All he got was a promise that Congress would pass a resolution to make crop control legislation...
President Roosevelt had the opportunity to take immediate advantage of his opposition's adversity and demand whatever he wished. Without promising to release any pegging funds, he had so far contented himself with a sermon on the need of crop control...