10 TO PREVENT SALE OF COTTON AND GRAIN IN FUTURE MARKETS
cessive selling or purchasing of such contracts on the part of power-
ful sinister interests. |
Therefore, I am inclined to believe that Congress should give the
grain futures act and also the cotton futures act more time to dem-
onstrate their worth before it resorts to far-reaching legislation pro-
posed by S. 626, because I am convinced that the insurance facility
is of great value and is largely dependent for its existence upon pub-
lic speculation in grain and cotton contracts, and this hedging
privilege should not be destroyed until these ‘industries find some
better way to insure themselves against price. fluctuations.
In view of the foregoing considerations, it has not been thought
advisable to enter upon a discussion of the legal phases of the bill.
Sincerely yours,
HENRY C. WALLACE, Secretary.
After the reading of the letter it was agreed by the committee
that a final vote should be had on the reporting of this bill at a meet-
ing of the committee to be held on the 29th day of January, 1926,
at 0 Jans and that in the meantime hearings should be had on
the bill.
(The committee then adjourned the hearing until 10 a. m., Satur-
day, January 16, 1926.)
