Cotton Futures Act

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	the63rd 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
Introduced in the Senate as S. 110 Committee consideration byHouse Agriculture Committee,Senate Agriculture and Forestry Committee Reported by the joint conference committee on July 27, 1914;agreed to by the Senate on July 27, 1914 (146-77) and by theHouse on July 27, 1914 (passed) Signed into law by PresidentWoodrow Wilson on August 18, 1914

TheCotton Futures Act of 1914 (also known as theSmith-Lever law) authorized theUnited States Department of Agriculture to establish physical standards as a means of determining color grade, staple length and strength, and other qualities and properties forcotton.^[1][2] It was intended to minimize speculative manipulation of the cotton market.

The Act was renderedunconstitutional inFederal district court because itoriginated in theSenate. As a revenue act, it should have been drafted in theHouse. It was replaced by theCotton Futures Act of 1916.^[3]

• 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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