The Cotton Futures Act of 1914 (also known as the Smith-Lever law) authorized the United States Department of Agriculture to establish physical standards as a means of determining color grade, staple length and strength, and other qualities and properties for cotton.[1][2] It was intended to minimize speculative manipulation of the cotton market.
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| Other short titles | Cotton Futures Act of 1914 |
|---|---|
| Long title | An Act to tax the privilege of dealing on exchanges, boards of trade, and similar places in contracts of sale of cotton for future delivery, and for other purposes. |
| Enacted by | the 63rd United States Congress |
| Effective | August 18, 1914 |
| Citations | |
| Public law | Pub. L. 63–174 |
| Statutes at Large | 38 Stat. 693 |
| Codification | |
| Titles amended | 7 U.S.C.: Agriculture |
| U.S.C. sections created | 7 U.S.C. ch. 1 § 15b |
| Legislative history | |
| |
The Act was rendered unconstitutional in Federal district court because it originated in the Senate. As a revenue act, it should have been drafted in the House. It was replaced by the Cotton Futures Act of 1916.[3]
References
edit- ^ Hoffmann, I. Newton (1915). "The Cotton Futures Act". Journal of Political Economy. 23 (5): 465–489. doi:10.1086/252663. ISSN 0022-3808.
- ^ Conant, Luther (1915). "The United States Cotton Futures Act". The American Economic Review. 5 (1): 2–11. ISSN 0002-8282.
- ^ Markham, Jerry W. (2002). A Financial History of the United States. M.E. Sharpe. p. 96. Retrieved 19 January 2020.
External links
edit- 23866584
- "Rules and regulations of the Secretary of Agriculture under the United States Cotton Futures Act of August 18, 1914". U.S. Government Printing Office. 1915.
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