March 2, 1965 CONGRESSIONAL RECORD- HOUSE 3991 ter at Bath, N.Y.; to the Committee on Vet­ of the United States, Inc., Department of and fac111ties in the State of New York known erans' Affairs. New York, Herkimer, N.Y., petitioning con­ as · Sunmount, Castle Point, and Bath, and 117. By the SPEAKER: Petition of the sideration of their resolution with reference elsewhere in the Nation; to the Committee commander, Italian American War Veterans to opposing the closing of veterans hospitals on Veterans' Affairs.

EXTENSIONS Of REMARKS

Appointment of the Honorable Kenneth bring to positions of high responsibility neral expenses of certain veterans from E. BeLieu as Under Secretary of the in Government, persons of rare ability. $250 to $300. Several years ago, then-Senator John­ In these days, it is not only the cost Navy son, recognized Ken BeLieu's ability as of living that is going up, but the cost a member of the professional staff of the of dying as well. The present allowance EXTENSION OF REMARKS Senate's Armed Services Committee. It of $250 for burial expenses is obviously OJ' was not long before then-Senator John­ inadequate today. son appointed him to be the staff director I am therefore proposing that this HON. L. MENDEL RIVERS for rboth the Preparedness Investigating burial allowance be increased to a more OF SO~ CAROLINA Subcommittee and the Space Committee reasonable and more realistic amount . . IN THE HOUSE OF REPRESENTATIVES of the Senate. Both of these committees Even $300 is by no means enough, but it Tuesday, March 2, 1965 were chaired by then-Senator Johnson. is at least a step in the right direction We all know of the loyal and able man­ in trying to take care of our veterans Mr. RIVERS of South Carolina. Mr. ner in which Ken BeLieu handled these who pass on. I hope the Members of this Speaker, under unanimous consent, I di:fficult and very important assignments. House will give this bill its strong sup­ insert in the CONGRESSIONAL RECORD' my Shortly after the Kennedy-Johnson port. views · regarding the appointment of the administration took o:ffice, Ken BeLieu Honorable Kenneth E. BeLieu as Under was appointed Assistant Secretary of the Secretary of the Nayy. Navy. In his testimony before the WLW Radio Station Wins Award The Senate confirmation of a Presi­ House Armed Services Committee, he has dential appointee to even the highest impressed the members with his profes­ EXTENSION· OF REMARKS positions in the Department of Defense­ sional knowledge of his job, his under­ OF or any of the executive departments of Government--is usually a rather routine standing of people, his loyalty to his HON. WILLIAM H. HARSHA proceeding, particularly when the in­ superiors, and his honesty. dividual concerned has been unani­ At a time when our Nation and our OJ' omo mously recommended by the committee Armed Forces are faced with growing IN THE HOUSE OF REPRESENTATIVES which held hearings on his qualifica­ crisis in Asia,. President Johnson has, iil Tuesday, March 2,1965 tions. his promotion of Ken BeLieu, made a Mr. HARSHA. Mr. Speaker, I wish to However, there was a confirmation by timely and widely appreciated contribu- commend one of Ohio's outstanding the Senate on Friday, February 18, that tion to the morale of our fighting men, radio stations, WLW, Cincinnati, Ohio, was far from routine. It concerned a and the confidence of Congress and the for receiving a well-deserved honor and person well known and much admired Nation in the Department of the Navy recognition for meritorious service ren­ by the members of the Armed Services and the Defense Department as a whole. dered on behalf of its listening audience.., Committee of this House, and by the Throughout the Navy, o:fficers and blue on February 22, 1965, WLW radio House as a whole. I refer to the Honor­ jackets alike know that, in the new station was awarded the George Wash­ able Kenneth E. BeLieu. Under Secretary of the Navy, they have 1ngton Honor Medal Award by the Free­ Mr. Speaker, I share with my col­ a person who understands the problems doms Foundation at Valley Forge, Pa., leagues · in this House the pleasure of of the man in uniform. They know he for its 1964 radio program, "That Cer­ noting the unusual enthusiasm with learned these things the hard way, in tain July in Philadelphia." which Secretary BeLieu's nomination combat in World War II, and in Korea, This marks the second consecutive was endorsed by the Senate. Among where he had his leg blown off in action. · year WLW-radio has been so honored. those endorsing his nomination, and Mr. Speaker, I am confident that Mem- Last year WLW won the highest award speaking specifically to it, were the bers of this House will join with me in presented to a radio station-the encased majority leader, Senator MANSFIELD; the extending our congratulations to Ken George Washington Honor Medal-for minority leader, Senator DIRKSEN; Sen­ BeLieu on his appointment and confir- its "Government Under Law" series. ator STENNIS; Senator AIKEN; Senator mation as Under Secretary of the Nayy, WLW's winning entry this year was SALTONSTALL; Senator JACKSON; and Sen­ and in complimenting President Johnson · part of a regular feature, "People and ator DoDD. These distinguished Mem­ for making such a wise and timely con- Places" carried within "An Evening at bers of the Senate, all of whom have tribution to the morale and e:fficiency of Crosley Square" on a daily basis and been closely associated with Secretary our fighting forces. hosted by WLW's Jac~ G\vyn. The BeLieu during his years on the staffs of award-winning show was written and the Armed Services Committee, the narrated by Mr. Gwyn and produced by Space Committee, and Preparedness In­ the WLW program department. Recog­ vestigating Subcommittee, expressed A Bill To Increase Veterans' Funeral nizing the negligible amount of material deep satisfaction that one of such high featured on the airwaves commemorat­ personal and professional qualifications Benefits ing our national holidays, "Of People as Secretary BeLieu had been appointed and Places" dramatically revisited Phila­ to the position of Under Secretary of EXTENSION OF REMARKS delphia that certain July to trace the the Nayy. OF events which inspired Thomas Jefferson In the course of the Senate colloquy to write the draft for the Declaration of endorsing Secretary BeLieu, President HON. PAUL A. FINO Independence. Johnson was complimented on making OF NEW .YORK Each year the Freedoms Foundation such an outstanding appointment. I IN THE HOUSE OF REPRESENTATIVES honors companies, individuals, organiza­ would iike, for myself, Mr . .Speaker, to Tuesday, March 2, 1965 tions, and schools who best exemplify the say that President Johnson's appoint­ '!Credo of the American Way of Life." ment of Secretary 'BeLieu iS another Mr. FINO. Mr. Speaker, today I have The news media industry is indeed for­ demonstration of the President's well­ introduced legislation to increase the tunate to have such an outstanding serv­ known ability to recognize, develoP •. ·and amount payable on account of the fu- ice to the public and it is an honor and 3992 CONGRESSIONAL RECORD- HOUSE March 2, 1965 privilege to commend radio station WLW The aim and intent of the right-to­ sume that athletes are not midshipmen or for its patriotic programs. WLW has work advocates is to weaken the existing that midshipmen are not athletes. contributed much in its broadcasting . strong unions, destroy the weaker ones, In varsity sports alone, approximately 1,000 participate each season-fall, winter, service to the people and such contri­ and hamper and prevent the formation and spring-representing the Naval Academy butions are generally left unrecognized. of new ones. in intercollegiate athletics in 21 sports. For their efforts and valuable service to Congress should no longer provide this About 2,300 midshipmen each season are the listening audience, a commendation haven and shelter for this group. It members of intramural teams involving a is in order. should close this legislative umbrella total of 28 sports. which would require this group to move A program of physical education is con­ over to the sunny side of the street and tinued throughout the 4 years so that all midshipmen receive instruction in such H.R. 2027: A Bill To Repeal Section 14 exercise its rights in the democratic way activities as swimming, wrestling, boxing, (b) of the National Labor Relations Act under the free elective process and col­ hand-to-hand combat, tennis, golf, hand­ lective bargaining. ball, squash, personal conditioning and The quickest, easiest, and simplest way athletic administration. EXTENSION OF REMARKS to close this umbrella is by repeal of sec­ The midshipmen are in a period of their 01' tion 14(b). lives which is important to their physical development and to the establishment of HON. THADDEUS J. DULSKI habits of healthful exercise and competitive OF NEW YORK Service Academy Athletes Are Unjustly spirit and teamwork that will serve them IN THE HOUSE OF REPRESENTATIVES throughout their lives. Maligned We believe that it is important for the Tuesday, March 2, 1965 midshipmen to be in good physical condi­ Mr. DULSKI. Mr. Speaker, I have EXTENSION OF REMARKS tion, for them to know how to stay in good sponsored a bill, H.R. 2027, to repeal sec­ condition, and for them to have acquired tion 14(b) of the National Labor Rela­ OF a genuine personal interest in physical rec­ tions Act. This section reads as follows: HON. F. EDWARD HEBERT reation and competition. Nothing in this act shall be construed as OF LOUISIANA The report further points out that authorizing the execution or application of IN THE HOUSE OF REPRESENTATIVES Naval Academy varsity lettermen in foot­ agreements requiring membership in a labor ball and basketball had excellent high organization as a condition of employment in Tuesday, March 2, 1965 school academic records before entering any State, or territory in which such ex­ ecution or application is prohibited by State Mr. HEBERT. Mr. Speaker, follow­ the Academy and have maintained high or territorial law. ing the cheating scandal disclosed at the academic standing after entering. Air Force Academy, a few persons seized The college board scores of these par­ The strongest advocates of preserva­ upon this issue to point the finger of ticular athletes differ very little from the tion of this section of the law have blame at Academy athletics. scores for the entire classes of which they banded together under the misnomer of Noting that 42 Air Force Academy were members. The Naval Academy ''right-to-work" organizations. A more athletes were among the 105 cadet res­ football and basketball varsity lettermen honest title for these groups should be ignations in the wake of the scandal, the as a group have 38 percent of their num­ "antiunion security" organizations be­ inference was made that varsity athletics ber standing in the top half of the class cause that-and that alone--is the sole was the real culprit. for the classes of 1964 through 1967. intent and purpose of the right-to-work The apparent assumption is that an A Naval Academy professor made a advocates. athlete is not really a cadet-that ath­ statistical study covering a 10-year pe­ Actually, there is no such thing as a letics is an ersatz function of the service riod-classes 1953-62-concerning mid­ right to work. Work opportunities are academies. shipmen athletes in comparison with the ·based upon the economic laws o{ our Mr. Speaker, I say that these assump­ rest of the brigade. The professor's system and the law of supply and de­ tions and inferences fly in the face of the study noted: .mand. actualities, and as a result the service What the right-to-work advocates A fairly comprehensive study of the mod­ academy athletes have been unjustly ern era (classes of 1953 through 1962) shows overlook or fail to mention in their ·fever­ maligned. that the student athlete is hardly distin­ ish propaganda to promote their cause The fact of the matter is that every guishable from his counterpart in the brigade is that a union under Federal law, which cadet or midshipman who participates in every facet of his full Navy career. As a attains certification as a bargaining · in intercollegiate athletics mUst pass the group, entering student athletes win their agent for a majority"of the workers, must same rigorous entrance requirements as share of prizes and awards, consistently stand represent all of the workers in that unit the nonathlete. Furthermore, the ath­ higher in first class aptitude, and con­ whether they are members or not. lete must maintain the same high level sistently stand slightly lower in relative The philosophy of the right-to-work standing for the completed course. The of proficiency as any other cadet while group of student athletes has a good reten­ advocates may be compared to the argu­ in the Academy. · tion rate for service careers. ment of a childless couple that they As for the cry of "professionalism," should not be required to pay school taxes one only has to consider that a so-called Other studies at the Air Force Acad­ because they do not directly use the edu­ professional athlete would hardly pick emy and the U.S. Military Academy have cational facilities of the community. one of the service academies. An acad­ produced similar statistics with regards The prohibition of management and emy graduate must serve on active duty to the relative standing of the varsity labor unions from freely negotiating and a minimum of 5 years after graduation; athletes. · executing union shop provisions in col­ if an athlete aspired to play pro ball, he The Military Academy, utilizing the lective bargaining agreements creates a would go to a university where he could . members of the classes of 1964-67 who legislative umbrella under which a mi­ immediately play in the pro ranks after were on the varsity football and basket­ nority group of free riders may scurry. graduating. ball teams as a sample of athletes, found While sitting in the shade with none of I believe ·it is a fallacy to attempt to their mean score on the college entrance the obligations or responsibilities to the differentiate between the "athletes" and examination exceed significantly the na­ union, they receive and .enjoy all of the the "nonathletes" at the academies, be­ tional mean for high school seniors who economic fruits and security provided cause all cadets and midshipmen par- enter college. them by the union. ticipate in some form of athletics. Additionally, a review of the high To put this issue in simple basic terms, This is amply stated in a report pre­ school standings of this sample indicates it is merely this: Should an individual pared for the Superintendent of the U.S. that 70 per.cent were in the top 20 per­ employee for any reason at all in his own Naval Academy. A portion of this re­ cent of their class and 90 percent in the mind have the p:r:ivilege of not paying port said: top half. Considering that the high dues to support a union which a majority The physical education and athletic pro­ school standing is .generally accepted as of his fellow employees have chosen by gram is so integral to the activities of the the one best predictor 'of academic suc­ the election process to represent all of brigade, just as are the academic and mili­ cess, this group of athletes demonstrates them? tary programs, that it is erroneous to as- outstanding potential. March 2, 1965 CONGRESSIONAL RECORD- HOUSE 3993 A review of the Military Academy schools in the Fourth Congressional Dis­ CoHon and the U.S. Balance-of-Payments classes of 1955-60 indicates no significant trict of Florida whose .students continue Problem differences between retention rates of to excel academically and in extra­ athletes and that of their class. In addi­ curricular activities. tion the officer performance of athletes On February 21, 1965, the Coral Gables EXTENSION OF REMARKS is not significantly different from their High debate team was awarded the OF contemporaries. . As an example, the se­ trophy as it made a clean sweep in win­ HON. HALE BOGGS lection rate to captain for those first con­ ning all three categories in the lOth an­ OF LOUISIANA sidered was 97.9 percent for athletes as nual high school Cherry Blossom Na­ IN THE HOUSE OF REPRESENTATIVES compared to 97 percent for their con­ tional Invitational Debate Tournament temporaries. It is further interesting to sponsored by Georgetown University. Tuesday, March 2, 1965 note that a survey made of Military · Dani.el S. Schwartz took top honors, Mr. BOGGS. Mr. Speaker, on Febru­ Academy graduates in Korea established being named the best speaker among the ary 10, the President of the United States that physical ability measures were more 400 competing debaters. Daniel has won submitted to the Congress a special mes­ related to the criterion of combat officer many other debating honors among sage containing proposals for solution success than any of the academic course which was his selection last year as the of our unfavorable · balance-of-pay­ grades or final class standing, Florida winner of the Veterans of For­ ments position. The balance-of-pay­ The Air Force Academy made a sur­ eign Wars Voice of Democracy contest. ments problem in the United States has vey of the high school records of mem­ Dave Weiss and Wayne Silver were been a persistent one. Although it has bers of its football and basketball squads. named in the top 20 and top 10 debaters, improved somewhat in the last 3 years, This survey, for the classes of 1964-67, respectively. the deficit in 1964 stood at $3 billion and, showed that 80 percent of the football Also, Daniel Schwartz and Wayne Sil­ because of developments in the last quar­ players were in the top quarter of their ver took top honors of the 182 teams ter of the year, was substantially above high school graduating class. A total in the 2-man debating competition. the anticipated level. The fourth quar-. of 77.3 percent of the basketball players, Meanwhile, the team composed of Joel ter deficit alone was over $1.5 billion. in the Air Force Academy classes of Perwin, Dave Weiss, Wayne Silver, and I do not propose in this statement to !1.964-67, were in the top quarter of their Daniel Schwartz won first place in the analyze our balance-of-payments prob­ high school graduating class. four-man debating team competition. lem or to discuss in detail various meas­ In a breakdown of the academic This team has won nearly every major ures proposed by the President in his grades for the spring semester of 1964, tournament entered this year. message to resolve it. I want rather to the Air Force Academy found that the The Georgetown University tourna­ focus attention on one issue: The fact average grade of all cadets was 2.81 on ment, which began on Friday, February that our present Government programs a 4.0 system. The average for the foot­ 19, and went through Sunday, February for cotton have prevented us from in­ ball squad was 2.67, and the average for 21, was one of the l~rgest high school creasing our commercial exports of cot­ the basketball squad was 2.56. tournaments ever held with over 100 ton and have, as a result, denied us an A similar correlation was found in schools from 30 States participating. important and sizable contribution to the percentage study of cadets below The winners of the two-man competi­ the solution of our balance-of-payments the 2.0-or C grade-average. The per­ tion, Dave Weiss and Dan Schwartz, were problem. If we had a cotton program centage below 2.0 for all cadets at the presented the Ryder Challenge CUp, attuned to economic realities, there is no Air Force Academy was 6.8. The per­ named in honor of Father Ryder who reason .in the world why we should not centage for the football squad was 7.0, established the Georgetown Philodemic be exporting-for payment in dollars-­ and the basketball s·quad, 4.5. Debating Society in 1831. The winners $500 million more each year. This alone These studies show that the high of the trophy went through six prelimi­ would make a contribution greater in school records and Academy records of nary rounds which narrowed the field to size than a number of the proposals ad­ varsity athletes are almost identical with 16 teams. These qualifying teams then vanced in the President's message. the overall cadet averages. The ath­ met in four sudden-death rounds, leav­ Moreover, it would do so by expanding lete is clearly no drag on the academic ing eight teams, then four, then two, and trade and would reduce the need to rely excellence of any of the three academies. finally the winning team. The Coral on measures that are restrictive. In fact, a substantially greater propor­ Gables team won a total of 10 straight If U.S. cotton could obtain a reason­ tion of the basketball and football debates, defeating Fordham College able share of the world market--a share squads than of their classmates were Preparatory School of New York in the that we have traditionally supplied-we on the Commandant's merit list at the final round for top honors. could in the case of this single key ex­ Air Force Academt. The topic for the debates was "Re­ port commodity strike continuing and Athletics and intercollegiate competi­ solved, That Nuclear Weapons Should telling blows against our payments def­ tion are healthy and essential to all Be Placed Under the Control of an In­ icit. Unfortunately, the U.S. Govern­ three academies. ment program for cotton drives it into ternational Organization." The judges storage at the taxpayer's expense instead It is all too easy to hunt for a ''whip­ awarded the debate to Coral Gables by ping boy'' in the case of the Air Force of encouraging it into trade channels, in­ cheating, but the facts and figures a score of 6 to 1. cluding the all-important export market. clearly proclaim the folly of trying to Each year many of us in Congress, if This results from the fact that our pro­ make athletics the bete noir of this not all, on request, furnish material on gram involves loans to producers at situation. the national debate topic to students all above-the-market prices. The effect, of over the country. I am sure my col­ course, is to peg our cotton at predict­ leagues will be pleased to learn that stu­ able prices. As long as prices are thus Coral Gables, Fla., High School dents appreciate and do use the material established by the U.S. Department of successfully. Dan Schwartz in a recent Agriculture instead of in the market, our Debaters Take Top Honors letter to me said in part: cotton competitors abroad know in ad­ I am writing this to you, sir, because you vance what our prices will be. The re­ EXTENSION OF REMARKS were very instrumental in helping us achieve sult has been that we have become re­ the honors we have won this year. sidual suppliers in markets that have OF been growing and for which we were at HON. DANTE B. FASCELL The real credit, of course, goes to one time the chief suppliers. OF FLORIDA these fine young competitors, their out­ Foreign cotton production has more standing coach Kenneth N. Rosenthal, than doubled over the past 30 years while IN THE HOUSE OF REPRESENTATIVES and to the excellent teachers of their output in the United States has con­ Tue~d,_ay, March 2, 1965 schooL I am sure my colleagues join tinued at about the same level. Produc­ Mr. FASCELL. Mr. Speaker, Coral me in extending hearty congratulations tion in foreign countries has been in­ Gables High is one of the many fine to them all. creasing year after year to meet rising OXI-253 3994 CONGRESSIONAl:- RECORD- HOUSE · ~ March 2, 196'5

demand abroad while we have continued1 tive prices. Th~re is no substitute for price one and all to see, because trading was con­ actually to lose markets-markets in and quality when it comes to competing for ducted openly, and because anyone with the commercial markets abroad. Therefore, every wherewithal to trade could participate in the whose growth we formerly shared. policy that we pursue must be to try to market, and in the pricemaking process.· Our exports of cotton during the post­ strengthen what we call the operation of World War II years have averaged little the market--including the market price. Finally, Mr. HUMPHREY asked a key more than half of what they were for the question concerning our agricultural 20 years before the war. Then Mr. HUMPHREY went on: programs generally that carries par­ Mr. M. K. Horne, Jr., chief economist 'I want to make my position clear: I do ticular force in the case of cotton. After of the National Cotton Council of Amer­ not believe Government programs ought to observing that the American people have supersede the operation of our normal mar­ a multibillion-dollar investment in in­ ica, recently summed up our cotton ex­ kets. Government programs should be de­ port position in an admirable paper de­ signed not to supplant but to supplement; ventories of a relatively few agricultural livered to delegate members of the coun­ not to take over but to assist; not to move in · commodities, he said: cil at Houston, Tex., on January 25. If as a competitive force, but to make cempeti­ Fundamentally, we must ask ourselves we are serious about staying in cotton, tion more jus~ and to make it.more effective whether the present programs boost our op­ says Mr. Horne, there has to be some for the farm producer and for the Nation. portunities to increase efficient production kind of basic change for the better in and at the same time expand profitable mar­ What Mr. HUMPHREY said last August kets here and abroad. We should reexamine the export market. should not be done is precisely what our our entire governmental control mechanism He points out that if we had shared in Government has been doing in the case to see whether it is helping us to develop a the growth of the free foreign world mar­ of cotton for some 30 years-with the loss rational agricultural· policy. It is time the ket for cotton since the late fifties, our of exports and the mounting interna­ Congress asked for a complete examination exports would now be at 7 million bales tional payments difficulties that have of the commodity program structure. instead of a prospective 4.2 million for the been described. Although it was hard I agree most heartily with Mr. current marketing year which ends next to conceive of the cotton mess becom­ HuMPHREY that it is time for Congress July 31. By exporting 7 million instead ing worse, that is exactly what has hap­ to examine the commodity program of only 4.2 million bales in the current pened since· the passage of the new cot­ structure, and I suggest that cotton is year, we could reduce our international ton law which took effect last season and the obvious place to begin. Among other payments deficit approximately $350 will continue in effect throughout the reasons we should begin with cotton, it million. coming season-and perhaps will be ex­ seems to me, is that it is the commodity There is only one way of getting our tended beyond that, unless we take firm with which we can move most quickly cotton back into competition, and that is action to prevent it. toward substantially larger markets by meeting competitive prices-which, as What has happened under the new abroad, and, therefore, toward an im­ Mr. Horne points out, "only can be done law? proved balance-of-payments position. in a free market." U.S. cotton exports are today running Cotton is a volatile market that can ex­ There is the nub of the matter. We at a rate some 40 percent less than last pand or contract substantially in a short no longer have a free market in cotton year. Government stocks continue to period of time. Cotton is not a product despite the fact that it is historically our accumulate and promise by next August the importation of which is restricted by most important agricultural export. 1 to approach the previous alltime high our major customers-if we do not ex­ We have instead an above-the-market of some 14% million bales-the equal of port cotton, it is our own fault. loan program which drives our cotton in­ almost 1 year's production. Interest How, then, can we bring cotton back to Government warehouses. This is ask­ and warehouse charges alone on the Gov­ onto the world market? The solution ing cotton to bear an unusual burden. ernment's inventory and loan stocks of is not difficult. The first requisite is to We have a price-supporting producer's cotton are in excess of $100 million an­ eliminate or reduce price-support loans loan for feed grains, but it is well below nually, or some $274,000 every day of the to producers to levels that will restore the level of the market, and does not in­ year. cotton to the channels .of trade, and al­ terfere with the movement of grains into When the current cotton program was low it to compete freely with foreign the channels of trade. We sell many mil­ authorized, Congress was told that its fiber. Certainly, however, the producer lions of bushels of corn, grain sorghum, first-year cost would be $481 million. should not ·be penalized. Consequently, barley, and oats around the world. The Instead, it now appears likely that the a step to be taken simultaneously with producer of feed grains is compensated, first-year cost will be between $850 mil­ reduction or elimination of the loan rate in addition to the loan, by direct pay­ lion and $1 billion. Yet the total value is to provide for direct or compensatory ments to make up a total fair price for his of the annual American cotton crop, ex­ . payments to producers that will bring labor and investment. We also have a cluding seed products, is about $2.25 bil­ them fair returns for their labor and price-supporting loan for soybeans, but it lion, so our current cotton legislation is investment. Compensatory payments, of is well below the level at which our soy­ costing more than one-third the value course, do not interfere with the move­ beans are being ·sold in great quantities of the entire crop. ment of cotton through trade channels around the world. Soybeans move free­ Meantime, our cotton exchanges are and allow the market free play. More­ I· ly in world markets and are being traded dying. The New Orleans exchange sus­ over, our cotton textile industry will con­ today on our commodity markets in the pended operations last year. Trading tinue to be able to buy cotton at world . liveliest fashion. We have a special wheat program with a price-support loan, volume on the New York Cotton Ex­ market prices. but, again, it is a loan which is below the change last year reached the lowest point If we enact legislation along these level of the world market. We do notal­ in the 94 years of its history: less than lines, the cotton futures markets will low the wheat loan to obstruct our ex­ a million bales were traded. This year again perform their normal function, ports, as in the case of cotton, and wheat less than a quarter million bales will be cotton will move in the channels of trade growers realize fair prices through the traded, based on current estimates. instead of into Government storage, and certificate plan. In his· August 18 speech, Mr. HuM­ cotton stocks will be inventoried by mer­ It is vitally important that we free the PHREY had this to say of the importance chants and mills rather than by the tax­ cotton market and get our fiber back of commodity exchanges: payer. The overall cost of our cotton into the channels of trade. As Vice Futures trading on commodity exchanges program will be reduced. Finally, cotton President HUBERT H. HUMPHREY, then developed as a highly effective form of free exports will increase and thus bolst~r Senator HUMPHREY, said in the Senate market trading and competitive pricing be­ our balance-of-payments position. With last August 18: cause it grew up with, and proved adaptable this program for cotton I think it is not Export markets are vital to the American to, our other free institutions-- too optimistic to suppose that additional farmer. • • • If we are going to maximize exports of this one commodity could re­ our exports-which is a matter of interest to He said: our country-to the Common Market and It became an integral part of agricultural duce our international payments deficit to the other-areas of the world, we must offer, marketing because it focused supply and de­ by some $500 million on an annual as I have said, the best quality at competi- m~nd forces into a central price picture for b_asis-and perhaps more than that.

.