Sep

2

And, then, we have Mr. Hoover:

I declare I never saw any but technical corners until 1931, when the Farm Board had title to all the visible supply of wheat in the United States. Theirs was an unsuccessful deal of fabulous proportions…. Broadly speaking, the purpose of the Farm Board was to obtain for farmers better prices for their products. In the hope that it might accomplish this, it was intrusted with powers broader than were ever before conferred upon any board or commission of government; and the $ soo,ooo,ooo of which it had unlimited control was more money than ever before in peacetime was put at the disposal of an independent group of Government employes. Now then, what they did with this power and money was to speculate in farm produce. Fix that firmly in your minds; and then realize that all their speculation resulted in failure. Whether they bought wheat, cotton, livestock, dairy products, soy beans, wool, cherries or what not, prices declined.


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