used as part of such revolving fund shall be paid into the Treasury as miscellaneous receipts.

Exchanges,

SEC. 13. That whenever the President finds it essen- boards of trade, tial in order to prevent undue enhancement, depression, etc. or fluctuation of prices of, or in order to prevent injurious speculation in, or in order to prevent unjust market manipulation or unfair and misleading market quotations of the prices of necessaries, hereafter in this section called evil practices,' he is authorized to prescribe such regula- Regulations tions governing, or may either wholly or partly prohibit, govern dealing operations, practices, and transactions at, on, in, or under at.

[p. 636]; Act authorizing the person administering the government of this state to grant warrants of impress, 1780, id. p. 264 [p. 642].

Pennsylvania: See supplement to act entitled "an Act for the regulat ing of wagons, carriages, and pack horses for the public service," 1778, 9 Stats. at L. 218 [p. 727]; Act for regulating the prices of the several articles herein mentioned, for a limited time, 1778, id. p. 236 [p. 729]; Act suspending foregoing, 1778, id. p. 249 [p. 733]; Act supplemental to "Act for the regulation of wagons, carriages, and pack horses for the public service," 1778, id. p. 287 [p. 737]; Act amending certain acts relative to wagons, 1779, id. p. 384 [p. 755].

Rhode Island: See Act to prevent monopolies and oppressions, by excessive and unreasonable prices for many of the necessaries and conveniences of life, etc., Laws of Rhode Island, December, 1776, p. 30 [p. 823]; Act additional to an act to prevent monopolies and oppressions, etc., Laws of Rhode Island, March, 1777, p. 24 [p. 832]; Act to prevent monopolies and oppressions, id. May, 1777, p. 17 [p. 835]; Act repealing the foregoing, id. August, 1777, p. 7 [p. 851].

Virginia: See, as to impressing artificers, ordinance for raising troops, 1775, 9 Hening's Stats. at L. 9, 24-25 [p. 915]; Act for providing against invasions and insurrections, 1777, id. p. 291, 293 [p. 936]; As to impressing tailors, shoemakers, etc., see Act for speedily clothing troops, etc., 1777, id. p. 375 [p. 940]; Act to empower the commissioners of the gun manufactory at Fredericksburg to take apprentices therein, 1777, id. p. 426 [p. 946]; Act to embody militia for the relief of South Carolina, etc., 1780. 10 Hening's Stats. at L., 221, 224 [p. 962]; Act for procuring a supply of provisions and other necessaries for the use of the army, 1780, id. p. 233 [p. 966]; Act for recruiting this state's quota of troops to serve in the continental army, 1780, id. p. 326, 335 [p. 969]; Act to exempt artificers employed in iron works from militia duty, 1781, 10 Hening's Stats. at L. 397 [p. 981]; Act giving certain powers to governor and council, 1781, id. p. 413, 414, 416 [p. 982]; Last named act continued, 1781, id. p. 425 [p. 983]; Same act further continued, 1781, id. p. 444 [p. 985].

1 Revolutionary War Statutes.

Georgia: See Act to regulate and extend the trade and commerce of this State and to establish an insurance office for the encouragement thereof and also to restrain the selling of merchandise by public auction within the same, Sept. 16, 1777, 19 Col. Records of Georgia, Pt. II, p. 72 [p. 279].

Maryland: See Act to punish forestalling and engrossing, and for other purposes, June Session, 1777, Laws of the State of Maryland, c. XI [p. 296]; Same, October Session, 1778, c. VIII [p. 321]; Same, July Session, 1779, c. XVII [p. 348]; Same, November Session, 1779, c. XVIII [p. 372]; Act to regulate auctions, October Session, 1780, c. XXX [p. 395].

Massachusetts: See Act to prevent the selling of goods at public vendue, Original Acts, 1777, p. 139 [p. 437]; Continued, id. 1777, p. 146 [p. 439; Revived, id. 1778, p. 165 [p. 440]; Act to prevent the sale of

authorized to

in necessaries

Records and

kept.

house tions.

transac

the rules of any exchange, board of trade, or similar institution or place of business as he may find essential in order to prevent, correct, or remove such evil practices. accounts to be Such regulations may require all persons coming within their provisions to keep such records and statements of account, and may require such persons to make such returns, verified under oath or otherwise, as will fully and correctly disclose all transactions at, in, or on, or under the rules of any such exchange, board of trade, or similar institution or place of business, including the making, Clearing execution, settlement, and fulfillment thereof. He may also require all persons acting in the capacity of a clearing house, clearing association, or similar institution, for the purpose of clearing, settling, or adjusting transactions at, in, or on, or under the rules of any such exchange, board of trade, or similar institution or place of business, to keep such records and to make such returns as will fully and correctly disclose all facts in their possession relating to such transactions, and he may appoint Agents to in agents to conduct the investigations necessary to enforce the provisions of this section and all rules and regulations made by him in pursuance thereof, and may fix Punishment and pay the compensation of such agents. Any person

vestigate, etc.

for violations.

goods at public auction, id. 1779, p. 212 [p. 440]; Added to, id. 1779, p. 229 [p. 445]; Continued, id. 1780, p. 271 [p. 453]; Act to regulate the sale of goods at public vendue and to limit the number of auctioneers, id. 1780, p. 48 [p. 458]; Added to, id. 1781, p. 54 [p. 460];

New Hampshire: See Act to prohibit the selling of goods at public vendue, 4 Metcalf's Laws of New Hampshire, 115 [p. 476]; Same, id. p. 211 [p. 480].

Pennsylvania: See Act to prohibit the sale of goods, wares and merchandise by public vendue and to regulate peddlers and hawkers in this state, 1777, 9 Stats. at L. 136 [p. 706]; Act for more effectually preventing engrossing and forestalling, for the encouragement of commerce and the fair trader, and for other purposes therein mentioned, 1779, id. p. 421 [p. 761]; Act for effectual suppression of public auctions and vendues, and to prohibit male persons, capable of bearing arms from being peddlers or hawkers, 1779, 10 Stats. L. 16 [p. 775]; Act amendatory thereof, 1780, id. p. 81 [p. 783]; Same, 1780, id. p. 229 [p. 795]; Supplement thereto, 1782, id. p. 468 [p. 817].

Rhode Island: See Act to prevent monopolies and oppression, etc. December, 1776. Laws of Rhode Island, p. 30 [p. 829].

South Carolina: See Act to prohibit the sale of goods, wares and merchandises, by public vendue in this state, 1777, 4 Cooper's Stats. 395 [p. 887]; Act repealing above and otherwise regulating the same practice, 1778, id. p. 402 [p. 892]; Ordinance for the better defense and security of this state, during the recess of the general assembly, 1779, id. p. 504 [p. 902].

Virginia: See Act to prevent forestalling, regrating, engrossing, and public vendues, 1777, 9 Hening's Stats. 382 [p. 943]; Same revived, 1779, 10 Hening's Stats. at L. 157 [p. 961]; Continued, 1781, id. p. 425 [p. 983].

who willfully violates any regulation made pursuant to this section, or who knowingly engages in any operation, practice, or transaction prohibited pursuant to this section, or who willfully aids or abets any such violation or any such prohibited operation, practice, or transaction, shall, upon conviction thereof, be punished by a fine not exceeding $10,000 or by imprisonment for not more than four years, or both.

1

Guaranteed

tablished for,

[281]. SEC. 14. That whenever the President shall find Wheat. that an emergency exists requiring stimulation of the price to be esproduction of wheat and that it is essential that the by public noproducers of wheat, produced within the United States,la te producshall have the benefits of the guaranty provided for in

1 Resolutions of the Continental Congress.

See Resolution of the Congress regarding the securing of supplies of powder, June 10, 1775, II Journals of the Continental Congress [Library of Congress] pp. 85-86 [p. 201]; Resolution modifying non-exportation agreement, July 15, 1775, II id. 184 [p. 202]; Resolutions providing for the publication of the last foregoing, October 26, 1775, III id. 306 [p. 202].

Revolutionary War Statutes.

Georgia: See Act to regulate and extend the trade and commerce of this state and to establish an Insurance office for the encouragement thereof, etc., Sept. 16, 1777, 19 Col. Records of Georgia, Pt. II, p. 72 [p. 276]. Maryland: See Act to punish forestalling and engrossing, and for other purposes, June session, 1777, c. 11 [p. 298]; Act to encourage the importation of salt within the state, 1780, October Session, Laws of the State of Maryland, c. 20 [p. 394].

New Jersey: See Act to encourage the making of salt in the State of New Jersey, Acts of the State of New Jersey, October 7, 1777, c. 51 [p. 502]; Act for granting a bounty upon wool, flax, and hemp raised and sold within the State of New Jersey, id. April 14, 1778, c. 21 [p. 524]; Aet for encouraging the manufacture of paper in the state of New Jersey, id. June 20, 1778, c. 32 [p. 528].

North Carolina: See Act for encouraging the importation of arms, ammunition, and other warlike stores, and for other purposes, 24 Clark's Laws of North Carolina, 1781, c. 7, p. 380 [p. 690].

Rhode Island: See Act encouraging the manufacture of saltpetre and gunpowder, Laws of Rhode Island, January, 1776, p. 246 [p. 819]; Act granting a bounty on salt, id. May, 1776, p. 49 [p. 822].

South Carolina: See, as to advancing government funds for building iron manufactories, 1778, 4 Cooper's Stats. 404 [p. 893].

Virginia: See Ordinance for providing arms and ammunition for the use of this colony, 1775, 9 Hening's Stats. 71 [p. 916]; Act for the encouragement of iron works, 1777, 9 Hening's Stats. at L. 303 [p. 936]; Act to encourage the importation of salt, 1779, 10 Hening's Stats. at L. 150 [p. 960]; Act to exempt artificers employed in iron works from militia duty, 1781, id. p. 397 [p. 981]; Same continued, 1781, id. p. 425 [p. 983]; continued, 1781, id. p. 444 [p. 985].

Confederate Statutes-Civil War.

See Act to provide for the connection of the railroad from Selma, in Alabama, to Meridien, in Mississippi, February 15, 1862, Provisional Congress, Sess. V, c. 82, p. 276 [p. 1030]; Act to encourage the manufacture of saltpetre and of small arms, April 17, 1862, First Congress, Sess. I, e. 34, p. 33 [p. 1031]; Joint Resolution relating to the production of provisions, April 4, 1863, First Congress, Sess. III, Res. 2, p. 166 [p. 10381; Act to authorize the manufacture of spirituous liquors for the use of the Army and hospitals, June 14, 1864, Second Congress, Sess. 1, c. 41, p. 271 [p. 1051].

tice, to stimu

tion.

to standards.

482.

Basis.

ducer.

this section, he is authorized, from time to time, seasonably and as far in advance of seeding time as practicable, to determine and fix and to give public notice of what, under specified conditions, is a reasonable guaranteed price for wheat, in order to assure such producers a reasonable profit. The President shall thereupon fix such Conformable guaranteed price for each of the official grain standards Vol. 39, p. for wheat as established under the United States grain standards Act, approved August eleventh, nineteen hunRegulations dred and sixteen.1 The President shall from time to governing, etc., to be issued. time establish and promulgate such regulations as he shall deem wise in connection with such guaranteed prices, and in particular governing conditions of delivery and payment, and differences in price for the several standard grades in the principal primary markets of the United States, adopting number one northern spring or its equivalent at the principal interior primary markets as Price to pro- the basis. Thereupon, the Government of the United States hereby guarantees every producer of wheat produced within the United States, that, upon compliance by him with the regulations prescribed, he shall receive for any wheat produced in reliance upon this guarantee within the period, not exceeding eighteen months, prescribed in the notice, a price not less than the guaranteed price thereTerms and for as fixed pursuant to this section. In such regulations the President shall prescribe the terms and conditions upon which any such producer shall be entitled to the Minimum benefits of such guaranty. The guaranteed prices for price for сгор of 1918. the several standard grades of wheat for the crop of nineteen hundred and eighteen, shall be based upon number one northern spring or its equivalent at not less than $2 per bushel at the principal interior primary markets. Guaranty ab- This guaranty shall not be dependent upon the action of the President under the first part of this section, but is hereby made absolute and shall be binding until May first, nineteen hundred and nineteen. When the President finds that the importation into the United States of any wheat produced outside of the United States materially enhances or is likely materially to enhance the liabilities of the United States under guaranties of prices therefor made pursuant to this section, and ascertains

conditions.

solute.

1 See, generally, for price-fixing statutes, Sec. 25, Food Control Act, p. 76.

on imports auto thorized maintain price.

No existing rate reduced,

the

Purchase, etc., by Governto sustain guar..nty.

what rate of duty, added to the then existing rate of duty Added on wheat and to the value of wheat at the time of importation, would be sufficient to bring the price thereof at which imported up to the price fixed therefor pursuant to the foregoing provisions of this section, he shall proclaim such facts, and thereafter there shall be levied, collected, and paid upon wheat when imported, in addition to the then existing rate of duty, the rate of duty so ascertained; but in no case shall any such rate of duty be fixed at an amount which will effect a reduction of the rate of duty upon wheat under any then existing tariff law of the United States. For the purpose of making sale, any guaranteed price effective under this section, or ment whenever he deems it essential in order to protect the Government of the United States against material enhancement of its liabilities arising out of any guaranty under this section, the President is authorized also, in his discretion, to purchase any wheat for which a guaranteed price shall be fixed under this section, and to hold, transport, or store it, or to sell, dispose of, and deliver the same to any citizen of the United States or to any Disposition. Government engaged in war with any country with which the Government of the United States is or may be at war1 or to use the same as supplies for any department or agency of the Government of the United States. Any Continuing moneys received by the United States from or in connection with the sale or disposal of wheat under this section may, in the [282] discretion of the President, be used as a revolving fund for further carrying out 'he purposes of this section. Any balance of such moneys not used as part of such revolving fund shall be covered into the Treasury as miscellaneous receipts.

1 Revolutionary War Statutes.

New York: See Act authorizing certain persons to make contracts on behalf of this state, with respect to provisions to be procured within the same, for public uses, 1780, 1 Cook's N. Y. Laws, p. 318 [p. 665].

Rhode Island: See act providing pasturage for cattle of French forces, July, 1780, Laws of Rhode Island, p. 21 [p. 864]; Act providing teams for the French Army, May, 1781, id. p. 31 [p. 868].

Pennsylvania: See Act for procuring an immediate supply of provisions for the purposes therein mentioned, 1779, 9 Stats. at L. 437 [p. 771]. Virginia: See Act to enable the governor and council to supply the armies and navies of the United States and of their allies with grain and four. 1778, 9 Hening's Stats. at L. 584 [p. 955]; Act continuing the act above named, 1779, 10 Hening's Stats. at L. 107 [p. 957]; Same, 1779, id. p. 142 [p. 958]; Act reviving first named act, 1781, id. p. 426 [p. 984].

use of receipts

Balances.