Word: wheats
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Dates: during 1950-1959
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...make a statesman out of me," rumbled Tennessee's Democratic Congressman Ross Bass on the House floor last week. "Let's talk politics." Rarely has Ross Bass or any other Congressman come closer to expressing the will of the House. Under debate was a wheat-subsidy bill-and the outcome was 100% political, unalloyed by the slightest pretense of statesmanship...
Just Peanuts. Trained as a lawyer (Washburn College in Topeka), Garvey gave up law practice in three years, was soon building a 100,000-acre wheat 'and cattle empire. In 1947 he became the world's No. i grower with a crop of close to 1,000,000 bushels. As any U.S. taxpayer should know, wheat is one of the basic commodities supported by the federal farm program-and in the last four years Garvey has received $791,488 in support loans for wheat he raised, plus $405,647 in cash from the federal soil bank program...
...trouble leasing elevator space enough to store his own huge crop, decided that for so long as politicians insisted on Government subsidy programs, there was money to be made in the storage business. He began building skyscraping wheat bins from Nebraska to Texas, renting them to the U.S. for the surplus wheat it had bought. Garvey's new C-G-F Grain Co. was aided by specific federal subsidy in the form of fast tax write-offs (five years), as good as any granted to defense-plant builders during Korean war mobilization...
Needless Worry. By last week, Garvey had just about finished this season's additions to his private grain-storage kingdom, now the world's biggest with a capacity of 150 million bushels. The U.S. Department of Agriculture pays him $14.7 million a year to store surplus wheat, corn and grain sorghums bought from his and other farms. Soon after the harvesting gets under way this month, the big 1959 crop will be piled on top of the two-year U.S. surplus already owned or under loan by the Agriculture Department (1.2 billion bushels...
Also in Congress last week: ¶ The Senate and House passed separate wheat bills, both opposed by the Eisenhower Administration. The Senate pegged price supports at 65% of parity for farmers who plant full allotments, 75% for a 10% acreage cut, 85% for a 20% cut. It also set $35,000 as the maximum individual payment in any calendar year. The House offered a choice of planting full acreage at 50% of parity, or 75% of acreage at 90%, made $50,000 the maximum payment. Agriculture Department experts estimated that the Senate bill would cost an additional $150 million...