Word: grains
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Dates: during 1930-1939
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Congress moved swiftly toward Federal regulation of the nation's stockmarkets, handing the President the Securities Exchange Act of 1934 a few months after he asked for it. Largely because grain markets were already regulated to some extent, the commodity measure was put off until 1935, then until 1936. Last week President Roosevelt finally squiggled his name to a series of amendments converting the old Grain Futures Act into the Commodity Exchange Act. It was supposed to do for commodity markets what the Securities Exchange Act had done for stockmarkets. Actually, it did no such thing...
...Commodity Exchange Commission set up by the Act bears little resemblance to the Securities & Exchange Commission. It is merely the old Grain Futures Administration under a new name, members being the Secretary of Agriculture, the Secretary of Commerce and the Attorney General. Its purview was broadened from grains, sorghums and flax to include rice, mill feeds, butter, eggs, potatoes and, more important, cotton. But entirely ignored by the Act were such commodities as coffee, sugar, cocoa, rubber, silk, tin, hides...
...farm aid bill differs from the invalidated AAA program in that it (1 double the benefits to farmers, 2 includes only cotton and grain, 3 provides that benefits be pai only to those who sign contracts with the Government, 4 provides benefits on the bas of total yield per acre, 5 will pay benefits on the basis of soil control...
They burn the grain in the furnace while men go hungry...
...Federal banking and agricultural policy at that time. Born 48 years ago on an Iowa farm, Chester Davis has spent his entire adult life thinking about farmers, first as an editor of a farm paper, then as organizer of Montana's State Department of Agriculture, later as grain-marketing director of the Illinois Agricultural Association, finally winding up in the George Peek-Henry Wallace group of professional farm-aiders. An able administrator, a persuasive negotiator, he has kept his old friendships through all the convulsions that have rocked the Department of Agriculture in the past three years...