Word: prongs
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Dates: during 1933-1933
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...Prong No. 1 of the Wallace pitchfork authorizes the Secretary to reduce production by contracting with farmers to rent the land they leave idle. What that rental will be has yet to be determined but estimates have ranged around $3 per acre. In theory the farmer who last year harvested 1,000 acres of wheat will get more by raising only 700 this year and collecting Government rent on 150. Declares Secretary Wallace: "The taking out of acreage on a wide scale is one necessary line of attack. I don't contemplate such reduction of acreage as meaning that...
...Prong No. 2 is the Domestic Allotment Plan refurbished. It permits the Secretary to pay a farmer who reduces his 1933 crop what the law euphemistically calls a "benefit." How this crop cut is to be effected is left to the Secretary. The 1931 proposal to plow up every third row of cotton might be one method. Another might involve allowing a percentage of a crop to go unharvested. The farmer agreeing to cut his 1933 production would get a Government certificate on which he could borrow at the bank, the loan being repaid after the harvest when the Secretary...
...Prong No. 3 was welded on to the pitchfork by South Carolina's cotton-minded Smith who devised a price-upping scheme especially for cotton planters. Under it Secretary Wallace takes control of 2,144,937 bales of stabilization cotton from the old Farm Board. John Planter, who normally raises 90 bales of cotton, steps up and promises to raise only 60 this year. Secretary Wallace gives him an option on 30 bales of Government cotton at 6? per lb., the current market price. When hundreds of thousands of John Planters repeat this process, cotton demand starts to exceed...