Future Trading in Grain. Hearings Before the Committee On Agriculture And Forestry, United States Senate, Sixty-Seventh Congress, First Session, On H.R.5676, Taxing Contracts for the Sale of Grain for Future Delivery, And Options for Such Contracts, And P

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Yes. • , ,, .
Mr. Hargis. I disapprove of that part of it which makes the rules and regulations of the exchange subject to the approval of the Secre- tary of Agriculture. I would cast no reflection on the present Secre- tary of Agriculture who I know to be, from reputation, a very high- grade man. What I do feel is this, Mr. Chairman, that any clause of a law where the question of personal judgment is involved can not be any stronger than the weakest man who may be designated to apply it. - The
... Chairman. I think that is true, Mr. Hargis. Ordinarily speaking, I do not want to give the power to any administrative officer to make regulations if we can put the regulations in the law ; but is it not true, as has been said before, that a rule that would apply to Duluth might not properly apply to Kansas City?
Mr. Hargis. Yes; that is the difficulty that you encounter.
.'The Chairman. That statement, on its face, makes it impossible for us to put the rules in the law itself, it seems to me.


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