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highest notch. And if you take away 1 minute's time and ask them to do a single thing extra, they will strike on the job.
Mr. Cox. They will shut down. In the past week there has been one job closed down.
Mr. BLANTON. In the last 20 years, Congress has spent $200, 000,000 in beautifying Washington, out of the Federal Treasury, none of which the District has paid $1 of. It makes the people come here. Why, during the cherry blossom time, there were nearly a million people visited Washington, and every one of them spent from $40 to $100 apiece before they got out of town. It is a bonanza to the merchants of Washington,
Why, the chambers of commerce back in our home cities would pay a tremendous amount of money each year for the benefits that the Government's expenditure of money brings to the city of Washington and the commercial interests here. And I think it would be ridiculous, Mr. Chairman, for the Rules Committee to provide for this expenditure. Here they have a $1.50 tax rate with 2 cents tax on gasoline. Down in Tennessee, it is 7 cents on gasoline, and it is only 2 cents here. Why, down in my State, it costs you $10.40 to get your license on an ordinary Ford, and here you can register a Rolls Royce limousine for just $1 a year. Down in my State it would cost you $50. And here the trucks that do business pay $1, when the Mapes bill has been turned down year after year.
In conclusion, let me say this: The proof of the pudding is the eating of it. We know what is going to happen in the future by what has happened in the past. We have given this District, in addition to the $30,000,000 Congress appropriated for it, with the $5,700,000 donation by the Government—the P.W.A. and the C.W.A. have given over $10,000 in cash to the District without a dollar to be paid back. And on the sewage disposal proposition of $1,800,000 that the P.W.A. advanced, earmarked that they should pay back 70 percent of it, when Congress the other day, in the House of Representatives, provided that should be paid back, these very people here went to the Senate and got the Senate to take that provision for the allotment of that 70 percent out of the bill. And unless we stand here until hell freezes over and we make the Senate recede, they will never pay one dollar of that.
Now, if they are not willing to pay 70 percent of the $1,800,000 advanced for their sewers, why would they be willing to pay part of this $20,000,000 back?
Mr. SABATH. Will you yield ?
Mr. SABATH. I am under the impression the underlying reason for their asking for this loan is that there would be a grant of 30 percent, which would be additional.
Mr. BLANTON. Oh, yes; they have already been granted $10,000,000.
Mr. Sabath. In addition to that, there will be 30 percent more, and that will be $6,000,000.
Mr. BLANTON. Why, Washington has gotten ten times as much from the Federal Government this year as my entire district with 400,000 people in has gotten from the Federal Government-ten times as much!
(Thereupon the committee adjourned subject to the call of the chairman.)
COMMITTEE ON RULES
HOUSE OF REPRESENTATIVES
SEVENTY-THIRD CONGRESS, SECOND SESSION
WILLIAM B. BANKHEAD, Alabama, Chairman JOHN J. O'CONNOR, New York
HARRY C. RANSLEY, Pennsylvania ADOLPH J. SABATH, Illinois
JOSEPH W. MARTIN, JR., Massachusetts ARTHUR H. GREENWOOD, Indiana
CARL E. MAPES, Michigan E. E. COX, Georgia
FREDERICK R. LEHLBACH, New Jersey WILLIAM J. DRIVER, Arkansas HOWARD W. SMITH, Virginia J. BAYARD CLARK, North Carolina
fent Cult. Are 5. 2-3 ч
COMMODITY EXCHANGE BILL
WEDNESDAY, MAY 16, 1934
Washington, D.C. The committee met at 10:30 a.m., Hon. William B. Bankhead (chairman) presiding.
The CHAIRMAN. The committee will be in order. Mr. Jones, chairman of the Committee on Agriculture, has a matter to present to the committee.
(H.R. 9623, 73d Cong., 2d sess.) A BILL To amend the Grain Futures Act to prevent and remove obstructions and burdens upon interstate commerce in grains and other commodities by regulating transactions therein on commodity futures exchanges, by providing means for limiting short selling and speculation in such commodities on such exchanges, by licensing commission merchants dealing in such commodities for future delivery on such exchanges, and for other purposes
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That section 1 of the Grain Futures Act (U.S.C., title 7, sec. 1) is amended to read as follows: “This Act shall be known by the short title of "Commodity Exchange Act.'
Sec. 2. The Grain Futures Act (U.S.C., title 7, secs. 1 to 17, inclusive) is amended by striking out the word “grain” wherever it appears in such Act and inserting in lieu thereof “commodity”, “any commodity", or commodities”, as the case may require.
Sec. 3. Section 2 of the Grain Futures Act (U.S.C., title 7, sec. 2) is amended by
(a) striking out the third sentence of paragraph (a) and inserting in lieu thereof the following: “The word 'commodity' shall mean wheat, cotton, rice, corn, oats, barley, rye, flaxseed, grain sorghums, and mill feeds."; and
(b) adding at the end of paragraph (a) the following sentences: “The words 'cooperative association of producers' shall mean any bona fide cooperative association, corporate or otherwise, owned or controlled by producers of agricultural products whether or not qualified under the Act of Congress of February 18, 1922 (U.S.C., title 7, secs. 291 and 292), or any organization acting for a group of such associations and owned or controlled by such assosciations. The words 'member of a contract market shall mean and include individuals, associations, partnerships, corporations, and trusts owning or holding membership in, or admitted to membership representation on, a contract market or given members' trading privileges thereon. The words 'futures commission merchant' shall mean and include individuals, associations, partnerships, corporations, and trusts engaged in soliciting or in accepting orders for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market and that, in or in connection with such solicitation or acceptance of orders, accepts any money, securities, or property (or extends credit in lieu thereof) to margin, guarantee, or secure any trades or contracts that result or may result therefrom. The words 'floor broker'shall mean any person who, in or surrounding any 'pit', ‘ring', 'post', or other place provided for the meeting of persons similarly engaged, shall engage in executing for others any order for the purchase or sale of any commodity for future delivery on or subject to the rules of any contract market, and who for such services receives or accepts any commission or other compensation. The words the commission' shall mean the Secretary of Agriculture, the Secretary of Commerce, and the Attorney General.”
Sec. 4. Section 4 of the Grain Futures Act (U.S.C., title 7, sec. 6) is amended by