Cotton Futures Act
|This article does not cite any references or sources. (November 2008)|
|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|
|Statutes at Large||38 Stat. 693|
|Titles amended||7 U.S.C.: Agriculture|
|U.S.C. sections created||Chapter 1 §§ 1-22|
The Cotton Futures Act of 1914 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. It was intended to minimize speculative manipulation of the cotton market.
The Act was rendered unconstitutional in Federal district court because the Act 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.
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