Shorttitle: | Cotton Futures Act |
Othershorttitles: | Cotton Futures Act of 1914 |
Longtitle: | 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: | 63rd |
Effective Date: | August 18, 1914 |
Title Amended: | 7 U.S.C.: Agriculture |
Sections Created: | ยง 15b |
Introducedin: | Senate |
Committees: | House Agriculture Committee, Senate Agriculture and Forestry Committee |
Conferencedate: | July 27, 1914 |
Passedbody3: | Senate |
Passeddate3: | July 27, 1914 |
Passedvote3: | 146-77 |
Passedbody4: | House |
Passeddate4: | July 27, 1914 |
Passedvote4: | passed |
Signedpresident: | Woodrow Wilson |
Signeddate: | August 18, 1914 |
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 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.[1]