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.
Famous quotes containing the words cotton, futures and/or act:
“It is remarkable with what pure satisfaction the traveler in these woods will reach his camping-ground on the eve of a tempestuous night like this, as if he had got to his inn, and, rolling himself in his blanket, stretch himself on his six-feet-by-two bed of dripping fir twigs, with a thin sheet of cotton for roof, snug as a meadow-mouse in its nest.”
—Henry David Thoreau (1817–1862)
“One of the things that is most striking about the young generation is that they never talk about their own futures, there are no futures for this generation, not any of them and so naturally they never think of them. It is very striking, they do not live in the present they just live, as well as they can, and they do not plan. It is extraordinary that whole populations have no projects for a future, none at all.”
—Gertrude Stein (1874–1946)
“The last act is bloody, however pleasant all the rest of the play is: a little earth is thrown at last upon our head, and that is the end forever.”
—Blaise Pascal (1623–1662)