Herbert Hoover actually said...

If the increased price did reflect to the farmer, the plan would stimulate overproduction and thereby increase world supply which would in turn depreciate world prices and consequently decrease the price which the farmer would receive, and thereby defeat the plan.

Context

Letter to Senator Charles L. McNary on the Export Debenture Plan of Farm Relief.

04/21/1929

https://www.presidency.ucsb.edu...

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