( 95 ) 



would occur for hogs, followed by chickens, beef cattle, dairy 

 calves and heifers, and dairy cows in about that order. Fur- 

 thermore, liquidation would be heaviest in the Western Corn 

 Belt states and least in the dairy areas. 



When administrative action is substituted for freely fluc- 

 tuating prices, the same principles should be followed. Fail- 

 ure to make prompt adjustment in the hog-corn ratio will 

 only increase the severity of the resulting disaster. The same 

 general principles apply to prices of some of the other live- 

 stock and livestock products, but the hog-corn ratio is so far 

 out of line and so important that it deserves first considera- 

 tion at this time. 



Under administrative action, it is difficult to devise a 

 policy that would meet the tests of "equality of sacrifice/' 

 of "national interest," and of "political expediency." 



"Equality of sacrifice" would call for a 10-, 20-, or 30-per- 

 cent reduction in the numbers of all classes of livestock for 

 all parts of the nation. 



The "national interest" would call for a sharp reduction 

 in heavy grain-consumers in all parts of the United States. 

 This is exactly what happened in England. The number of 

 hogs and poultry was reduced. Denmark reduced the num- 

 ber of hogs 50 per cent, but cattle only 13 per cent. National 

 interest would call for a more rapid reduction of hogs in the 

 Western Corn Belt than in other areas. Corn Belt hogs eat 

 more grain than hogs of other areas, many of which are 

 scavengers. National interest would call for a smaller reduc- 

 tion in cattle, which are largely fed on pasture and roughages 

 unfit for human consumption. National interest would call 

 for a more rapid reduction in the number of beef cattle than 

 dairy cattle, because the dairy cow is the more efficient pro- 

 ducer. Therefore there should be a minimum liquidation of 

 livestock in predominantly dairy areas like Wisconsin, New 

 York, New England, and the like. If there were any differ- 



