When it comes to subsidies, cotton is king. The Federal Government has long subsidized cotton growers. Then, when exporters complained that the farmers' subsidy priced American cotton out of overseas markets, the U.S. started subsidizing exporters. And last year, after textile mill owners protested that the exporters' subsidy permitted foreign mills to buy U.S. cotton cheaper than American mills could, the Johnson Administration pushed through Congress a subsidy for the mills.
The argument was that with the Government shelling out 6½¢ of the 30¢ per Ib. paid by the mills, textile prices would fall and the consumer would benefit....
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