The Agricultural Marketing Act of 1929, under the administration of Herbert Hoover, established the Federal Farm Board from the Federal Farm Loan Board established by the Federal Farm Loan Act of 1916 with a revolving fund of half a billion dollars.[1] The original act was sponsored by Hoover in an attempt to stop the downward spiral of crop prices by seeking to buy, sell and store agricultural surpluses or by generously lending money to farm organizations. Money was lent out to the farmers in order to buy seed and food for the livestock, which was especially important since there had previously been a drought in the Democratic South. However, Hoover refused to lend to the farmers themselves, as he thought that it would be unconstitutional to do so and if they were lent money, they would become dependent on government money.
Agricultural Marketing Act
Other short titles
Agricultural Marketing Act of 1929
Long title
An Act to establish a federal farm board to promote the effective merchandising of agricultural commodities in interstate and foreign commerce, and to place agriculture on a basis of economic equality with other industries.
Reported by the joint conference committee on June 13, 1929; agreed to by the House on June 13, 1929 (250-113) and by the Senate on June 14, 1929 (74-8)
Signed into law by President Herbert Hoover on June 15, 1929
President Herbert Hoover signs the Farm Relief Bill (June 15, 1929)
Effectsedit
The Federal Farm Board's purchase of surplus could not keep up with the production; as farmers realized that they could just sell the government their crops, they reimplemented the use of fertilizers and other techniques to increase production. Overall, the deflation could not be countered because of a massive fault in the bill: there was no production limit. Had there been a production limit, the deflation might have been helped somewhat. The funds appropriated were eventually exhausted and the losses of the farmers kept rising.
The H.R. 1 legislation was passed by the 71st Congressional session and enacted by the 31st President of the United States Herbert Hoover on June 15, 1929.[2]
^Gerhard Peters; John T. Woolley. . The American Presidency Project. University of California - Santa Barbara. Archived from the original on 2016-03-04.
External linksedit
Peters, Gerhard; Woolley, John T. "Herbert Hoover: "Letter to the Speaker of the House Recommending Appropriations for the Federal Farm Board.," June 17, 1929". The American Presidency Project. University of California - Santa Barbara.
Peters, Gerhard; Woolley, John T. "Herbert Hoover: "Executive Order 5200, Transferring the Division of Cooperative Marketing to the Federal Farm Board.," October 1, 1929". The American Presidency Project. University of California - Santa Barbara.
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agricultural, marketing, 1929, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jst. This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Agricultural Marketing Act of 1929 news newspapers books scholar JSTOR December 2013 Learn how and when to remove this template message The Agricultural Marketing Act of 1929 under the administration of Herbert Hoover established the Federal Farm Board from the Federal Farm Loan Board established by the Federal Farm Loan Act of 1916 with a revolving fund of half a billion dollars 1 The original act was sponsored by Hoover in an attempt to stop the downward spiral of crop prices by seeking to buy sell and store agricultural surpluses or by generously lending money to farm organizations Money was lent out to the farmers in order to buy seed and food for the livestock which was especially important since there had previously been a drought in the Democratic South However Hoover refused to lend to the farmers themselves as he thought that it would be unconstitutional to do so and if they were lent money they would become dependent on government money Agricultural Marketing ActOther short titlesAgricultural Marketing Act of 1929Long titleAn Act to establish a federal farm board to promote the effective merchandising of agricultural commodities in interstate and foreign commerce and to place agriculture on a basis of economic equality with other industries Acronyms colloquial AMANicknamesFarm Relief BillEnacted bythe 71st United States CongressEffectiveJune 15 1929CitationsPublic lawPub L Tooltip Public Law United States 71 10Statutes at Large46 Stat 11Legislative historyIntroduced in the House as H R 1 by Gilbert N Haugen R IA on April 17 1929Passed the House on April 25 1929 365 35 Passed the Senate on May 14 1929 54 33 Reported by the joint conference committee on June 13 1929 agreed to by the House on June 13 1929 250 113 and by the Senate on June 14 1929 74 8 Signed into law by President Herbert Hoover on June 15 1929President Herbert Hoover signs the Farm Relief Bill June 15 1929 Effects editThe Federal Farm Board s purchase of surplus could not keep up with the production as farmers realized that they could just sell the government their crops they reimplemented the use of fertilizers and other techniques to increase production Overall the deflation could not be countered because of a massive fault in the bill there was no production limit Had there been a production limit the deflation might have been helped somewhat The funds appropriated were eventually exhausted and the losses of the farmers kept rising The H R 1 legislation was passed by the 71st Congressional session and enacted by the 31st President of the United States Herbert Hoover on June 15 1929 2 The Act was the precursor to the Agricultural Adjustment Act References edit Chapter 4 Crisis and Activism 1929 1940 United States Government Printing Office Gerhard Peters John T Woolley Herbert Hoover Statement on the Enactment of the Farm Relief Bill and on Plans for the Federal Farm Board June 15 1929 The American Presidency Project University of California Santa Barbara Archived from the original on 2016 03 04 External links editPeters Gerhard Woolley John T Herbert Hoover Letter to the Speaker of the House Recommending Appropriations for the Federal Farm Board June 17 1929 The American Presidency Project University of California Santa Barbara Peters Gerhard Woolley John T Herbert Hoover Executive Order 5200 Transferring the Division of Cooperative Marketing to the Federal Farm Board October 1 1929 The American Presidency Project University of California Santa Barbara nbsp This United States federal legislation article is a stub You can help Wikipedia by expanding it vte Retrieved from https en wikipedia org w index php title Agricultural Marketing Act of 1929 amp oldid 1154099208, wikipedia, wiki, book, books, library,
