To Prevent Sale of Cotton and Grain in Future 
Markets 
—— 
SATURDAY, JANUARY 16, 1926 
UNITED STATES SENATE, 
COMMITTEE ON AGRICULTURE AND FORESTRY, 
Washington, D. C. 
The committee met, pursuant to adjournment, at 10 o'clock, a. m., 
in room 326, Senate Office Building, Senator George W. Norris, pre- 
siding. 
Present: Senators Norris (chairman), McNarry, Keyes, Deneen, 
Ransdell, Kendrick, Caraway, and Ferris. 
The CHAIRMAN. When the committee had this up the other day, 
I had read into the record a letter from the former Secretary of Agri- 
culture. At that time I had not received an answer from a com- 
munication I had sent to the present Secretary of Agriculture, in re- 
gard to this bill, although the letter of ex-Secretary Wallace was in 
reference to a bill identical with this. Is that not right? 
Senator CARAWAY. Yes. 
The CHAIRMAN. This morning I am in receipt of a letter from the 
Secretary, which I will have the clerk read to the committee. 
Senator CARAWAY. Inasmuch as the Secretary has sent his repre- 
sentative here to testify, why not have it put into the record? 
The CHAIRMAN. Without reading? 
Senator CARAWAY. Yes, sir. 
The CHAIRMAN. All right. Just put it in the record at this point. 
(Letter referred to is as follows:) 
DEPARTMENT OF AGRICULTURE, 
Washington, January 13, 1926. 
Hon. G. W. NORRIS, 
Chairman Committee on Agriculture and Forestry, 
United States Senate. 
DEAR SENATOR NORRIS: In accordance with your letter of Decem- 
ber 9, I wish to submit the department comment on S. 454, entitled 
“A bill to prevent the sale of cotton and grain in future markets.” 
This bill, which is based upon the power of Congress to regulate 
interstate commerce, is intended to prevent the sale of cotton or 
grain for future delivery without intending actual delivery of the 
product and to impose upon the purchaser the obligation to accept 
delivery. The seller is required, before transmitting any message 
offering to enter into such a contract, to furnish an affidavit stating, 
among other things, his inténtion to deliver the product and the 
buyer is required to furnish an affidavit that he intends to receive