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37The CHAIRMAN. I do not think it is contemplated they will furnish any security, but they can indicate whether or not there is any question but what these bonds will be subscribed.Mr. LEATHERWOOD. I did not know but what you had in mind the same thought which you expressed in an address in Los Angeles upon that question.The CHAIRMAN. In what respect?Mr. LEATHERWOOD. In respect to the security which should be furnished to the Government.The CHAIRMAN. That is a matter concerning which we need not go into detailed discussion now.Mr. LEATHERWOOD. Oh, no.The CHAIRMAN. I think, in order to present this matter to Congress, one of the important arguments that will appeal to Congress is that we have the money in sight to assure the Government that no loss will be sustained by the Government.Mr. LEAVITT. You mean that a market exists, that can be demonstrated in advance?The CHAIRMAN. Absolutely so.Mr. SWING. Well, the bill provides that no money is to be appropriated until the Secretary has received and has accepted, or has ready for acceptance, contracts which will assure him a return on this money.Mr. LEATHERWOOD. I was thinking that was perhaps contemplated in the bill.Mr. SWING. Yes; it is.The CHAIRMAN. The committee will stand adjourned until Wednesday morning at 10 o'clock.(Whereupon, at 12 o'clock noon, the committee adjourned.)HOUSE OF REPRESENTATIVES, COMMITTEE ON IRRIGATION AND RECLAMATION,Wednesday, March 3, 1926.The committee met, pursuant to adjournment at 10 o'clock a. m., in the committee room, 333 House Office Building; Hon. Addison T. Smith, chairman, presiding.The CHAIRMAN. The committee was called to meet at 10 o'clock on the assumption that Mr. Hoover, Secretary of Commerce, would be here at that time. He informed me this morning that he would be delayed until about 10.30. I assume it is the pleasure of the committee to wait until he arrives.Mr. SWING. Mr. Squires, of Nevada, is here, and he intended to make a short statement after Mr. Hoover was through. If it is agreeable to the committee, I suggest that he make his statement now.The CHAIRMAN. If there are no objections, that may be done.STATEMENT OF CHARLES P. SQUIRES, EDITOR OF IAS VEGAS AGE,LAS VEGAS, NEV.Mr. SQUIRES. I am a member of the Colorado River Commission of Nevada and appear before your committee by direction of the Governor of Nevada and said Colorado River Commission, for the

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