ADMINISTRATION OF IMPORTANT REGULATORY LAWS 89 



part which has to do with the imposition and collection of 

 the tax is administered by the Secretary of the Treasury. 

 Each of these officers is authorized and instructed to make 

 and promulgate such rules and regulations as may be deemed 

 necessary for the enforcement of the various provisions of 

 the act. In this, as in so many other instances, cooperation 

 between the two departments is essential to the eftective ad- 

 ministration of the law. 



The enforcement of that part of the act which was as- 

 signed to the Secretary of Agriculture has been delegated by 

 him to the Chief of the Bureau of ^Markets. This work con- 

 stitutes one of the principal functions of this newly created 

 bureau. Rather logically, it falls under four main heads : 

 (i) general administration or supervision; (2) the deter- 

 mination of disputes; (3) the establishment and promulga- 

 tion of official cotton standards, and the preparation and 

 distribution of practical forms thereof; and (4), the investi- 

 gation of future and " spot " cotton markets, primarily to see 

 that the provisions of the law are being observed in the first, 

 and to secure reliable information regarding cotton market- 

 ing and prices in the second. This information is supple- 

 mented by daily market quotations from all of the principal 

 markets and exchanges. 



The general supervision of the enforcement of the cotton 

 futures act is under the immediate direction of the Chief of 

 the Bureau of Markets. In this work, he is assisted by a 

 board of examiners and by a committee on final inspection. 

 Their principal function is to formulate and enforce the 

 rules and regulations which are promulgated by the Secre- 

 tary. They also pass upon general questions of policy and 

 method. The personnel of these committees is very nearly 

 the same as that of the other administrative units in this 

 division. They are merely required to act in a somewhat 

 different capacity. 



Practically all of the men who are made responsible for 

 the technical work involved in the administration of this law 

 have had extensive experience, either in the production or 

 the handling and marketing of cotton. 



