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office equipment, travel, and other supplies and expenses, including reporting services, as shall be necessary to the administration of this chapter in the District of Columbia and elsewhere, and as may be appropriated for by Congress. This chapter shall not abrogate nor nullify any other statute, whether State or Federal, dealing with the same subjects as this chapter; but it is intended that all such statutes shall remain in full force and effect except insofar as they are inconsistent herewith or repugnant hereto. (June 10, 1933, ch. 59, § 7, 48 Stat. 124.)

$ 588. Separability clause. If any provision of this chapter or the application thereof to any person or circumstances is held invalid, the validity of the remainder of the chapter and of the application of such provision to other persons and circumstances shall not be affected thereby. (June 10, 1933, ch. 59, § 8, 48 Stat. 124.)

8 589. Definitions.—When used in this chapter

(1) The term “person" includes individuals, partnerships, corporations, and associations.

(2) The term "Secretary of Agriculture" means the Secretary of Agriculture of the United States.

(3) Except as provided herein, the term "foreign commerce" means commerce between any State, or the District of Columbia, and any place outside of the United States or its possessions.

(4) The term “apples and/or pears” means fresh whole apples or pears, whether or not they have been in storage. (June 10, 1933, ch, 59, $ 9, 48 Stat. 124.) Chapter 26.-AGRICULTURAL ADJUSTMENT ACT OF 1933

DECLARATION OF CONDITIONS AND POLICY 8 601. Declaration of conditions. It is hereby declared that the disruption of the orderly exchange of commodities in interstate commerce impairs the purchasing power of farmers and destroys the value of agricultural assets which support the national credit structure and that these conditions affect transactions in agricultural commodities with a national public interest, and burden and obstruct the normal channels of interstate commerce. (May 12, 1933, ch. 25, title I, § 1, 48 Stat. 31; June 3, 1937, ch. 296, SS 1, 2 (a), 50 Stat. 246.)

VALIDITY OF CERTAIN SECTIONS AFFIRMED Act June 3, 1937, ch. 296, §§ 1, 2, 50 Stat. 246, provided as follows:

"The following provisions of the Agricultural Adjustment Act, amended, not having been intended for the control of the production of agricultural commodities, and having been intended to be effective irrespective of the validity of any other provision of that Act are expressly affirmed and validated, and are reenacted without change except as provided in section 2:

"(a) Section 1 (relating to the declaration of emergency [this section]);

“(b) Section 2 (relating to declaration of policy [section 602 of this title]);

"(c) Section 8a (5), (6), (7), (8), and (9) (relating to violations and enforcement [section 608a(5)(6), (4), (8), and (9) of this title]);

(d) Section 8b (relating to marketing agreements [section 6086 of this title]);

"Pe) Section 8c (relating to orders (section 608c of this title));

as

"(f) Section 8d (relating to books and records [section 608d of this title]);

"(g) Section 8e (relating to determination of base period (section 608e of this title]); "(h) Section 10 (a), (b) (2), (c), (f), (g), (h), and (i) (miscellaneous (b)(2; 2, 223,944)

, ) "(i) Section 12 (a) and (c) (relating to appropriation and expenses); “(j) Section 14 (relating to separability [section 614 of this title]); "(k) Section 22 (relating to imports [section 624 of this title]). "SEC. 2. The following provisions, reenacted in section 1 of this act, are amended as follows:

[sections 601, 602 (1), 6082 (6), 608c (5) (B) (d), (6), (B), (18), (19), 610 (c), (f), 612 (a)).".

Section 2 of act June 3, 1937, also added subdivision (j) to section 610.

Said section 2 of act June 3, 1937, was amended by act August 5, 1937, ch. 567, 50 Stat. 563, which amending act provided for amendments to subdivisions (2) and (6) of section 608c of this title.

TERMINATION OF APPLICATION TO SUGAR Provisions of this section ceased to apply to sugar on Sept. 1, 1937. See section 1180 of this title.

8 602. Declaration of policy; establishment of base periods for prices. It is hereby declared to be the policy of Congress

(1) Through the exercise of the powers conferred upon the Secretary of Agriculture under this chapter, to establish and maintain such orderly marketing conditions for agricultural commodities in interstate commerce as will establish prices to farmers at a level that will give agricultural commodities a purchasing power with respect to articles that farmers buy, equivalent to the purchasing power of agricultural commodities in the base period. The base period in the case of all agricultural commodities except tobacco and potatoes shall be the prewar period, August 1909-July 1914. In the case of tobacco and potatoes, the base period shall be the postwar period, August 1919-July 1929; and, in the case of all commodities for which the base period is the pre-war period, August 1909 to July 1914, will also reflect current interest payments per acre on farm indebtedness secured by real estate and tax payments per acre on farm real estate, as contrasted with such interest payments and tax payments during the base period.

(2) To protect the interest of the consumer by (a) approaching the level of prices which it is declared to be the policy of Congress to establish in subsection (1) of this section by gradual correction of the current level at as rapid a rate as the Secretary of Agriculture deems to be in the public interest and feasible in view of the current consumptive demand in domestic and foreign markets, and (b) authorizing no action under this title which has for its purpose the maintenance of prices to farmers above the level which it is declared to be the policy of Congress to establish in subsection (1) of this section. (May 12, 1933, ch. 25, title I, § 2, 48 Stat. 32; Aug. 24, 1935, ch. 641, $$ 1, 62, 49 Stat. 750, 782; June 3, 1937, ch. 296, $$ 1, 2 (b), 50 Stat. 246, 247.)

VALIDITY OF SECTION AFFIRMED Act June 3, 1937, ch. 296, § 1, 50 Stat. 246, affirmed and validated, and reenacted without change the provisions of this section except for the amendment to subdivision (1) by section 2 of the act. See note to section 601 of this title.

650673-46-22

TERMINATION OF APPLICATION TO SUGAR Provisions of this section ceased to apply to sugar on Sept. 1, 1937. See section 1180 of this title.

COTTON OPTION CONTRACTS 8 603. Government owned cotton; transfer to Secretary of Ag. riculture; powers of Secretary.—The Farm Credit Administration and all departments and other agencies of the Government, not including the Federal intermediate credit banks are hereby directed

(a) To sell to the Secretary of Agriculture at such price as may be agreed upon, not in excess of the market price, all cotton now owned by them.

(b) To take such action and to make such settlements as are necessary in order to acquire full legal title to all cotton on which money has been loaned or advanced by any department or agency of the United States, including futures contracts for cotton or which is held as collateral for loans or advances and to make final settlement of such loans and advances as follows:

(1) In making such settlements with regard to cotton, including operations to which such cotton is related, such cotton shall be taken over by all such departments or agencies other than the Secretary of Agriculture at a price or sum equal to the amounts directly or indirectly loaned or advanced thereon and outstanding, including loans by the Government, department or agency and any loans senior thereto, plus any sums required to adjust advances to growers to 90 per centum of the value of their cotton at the date of its delivery in the first instance as collateral to the department or agency involved, such sums to be computed by subtracting the total amount already advanced to growers on account of pools of which such cotton was a part, from 90 per centum of the value of the cotton to be taken over as of the time of such delivery as collateral, plus unpaid accrued carrying charges and operating costs on such cotton, less, however, any existing assets of the borrower derived from net income, earnings, or profits arising from such cotton, and from operations to which such cotton is related; all as determined by the department or agency making the settlement.

(2) The Secretary of Agriculture shall make settlements with respect to cotton held as collateral for loans or advances made by him on such terms as in his judgment may be deemed advisable, and to carry out the provisions of this section, is authorized to indemnify or furnish bonds to warehousemen for lost warehouse receipts and to pay the premiums on such bonds.

When full legal title to the cotton referred to in (b) has been acquired, it shall be sold to the Secretary of Agriculture for the purposes of this section, in the same manner as provided in (a).

(c) The Secretary of Agriculture is hereby authorized to purchase the cotton specified in paragraphs (a) and (b). (May 12, 1933, ch. 25, title I, § 3, 48 Stat. 32; Ex. Ord. No. 6084, Mar 22, 1933.)

§ 604. Borrowing money; expenditures of funds; authority of Secretary of Agriculture.-(a) The Secretary of Agriculture shall have authority to borrow money upon all cotton in his possession or control and may, at his discretion, deposit as collateral for such loans the warehouse receipts for such cotton.

(b) The Secretary of the Tresaury is authorized to advance, in his discretion, out of any money in the Treasury not otherwise apropriated, the sum of $100,000,000 to the Secretary of Agriculture, for paying off any debt or debts which may have been or may be incurred by the Secretary of Agriculture and discharging any lien or liens which may have arisen or may arise pursuant to sections 603-607 of this title, for protecting title to any cotton which may have been or may be acquired by the Secretary of Agriculture under authority of sections 603-607 of this title, and for paying any expenses (including, but not limited to, warehouse charges, insurance, salaries, interest, costs, and commissions) incident to carrying, handling, insuring, and marketing of said cotton and for the purposes described in subsection (e) of this section. This sum shall be available until the cotton acquired by the Secretary of Agriculture under authority of this chapter, including cotton futures, shall have been finally marketed by any agency which may have been or may be established by the Secretary of Agriculture for the handling, carrying, insuring, or marketing of any cotton acquired by the Secretary of Agriculture.

(c) The funds authorized by subsection (b) of this section shall be made available to the Secretary of Agriculture from time to time upon his request and with the approval of the Secretary of the Treasury. Each such request shall be accompanied by a statement showing by weight and average grade and staple the quantity of cotton held by the Secretary of Agriculture and the approximate aggregate market value thereof.

(d) It is the purpose of subsections (b) and (c) to provide an alternative method to that provided by subsection (a), for enabling the Secretary of Agriculture to finance the acquisition, carrying, handling, insuring, and marketing of cotton acquired by him under authority of section 603 of this title. The Secretary of Agriculture may at his discretion make use of either or both of the methods provided in this section for obtaining funds for the purposes hereinabove enumerated.

(e) The Secretary of Agriculture is authorized to use in his discretion any funds obtained by him pursuant to the provisions of subsection (a) or (b) of this section or of section 605 of this title for making advances to any agency which may have been or may be established by the Secretary of Agriculture for the handling, carrying, insuring, or marketing of any cotton acquired by the Secretary of Agriculture, to enable any such agency to perform, exercise, and discharge any of the duties, privileges, and functions which such agency may be authorized to perform, exercise, or discharge.

(f) The proceeds derived from the sale of cotton shall be held for the Secretary of Agriculture by the Treasurer of the United States in a special deposit account and shall be used by the Secretary of Agriculture to discharge the obligations incurred under authority of sections 603-607 of this title. Whenever any cotton shall be marketed the net proceeds (after discharge of other obligations incurred with respect thereto) derived from the sale thereof shall be used, to the extent required, to reimburse the Treasury for such portion of the funds hereby provided for as shall have been used, which shall be covered into the Treasury as a miscellaneous receipt. If when all of the cotton acquired by the Secretary of Agriculture shall have been marketed and all of the obligations incurred with respect to such cotton shall have been discharged, and the Treasury reimbursed for any and all sums which may have been advanced pursuant to subsection (b), there shall remain any balance in the hands of the Secretary of Agriculture, such balance shall be covered into the Treasury as miscellaneous receipts.

The word "obligation" when used in this section shall include (without being limited to) administrative expenses, warehouse charges, insurance, salaries, interest, costs, commissions, and other expenses incident to handling, carrying, insuring, and marketing of said cotton. (May 12, 1933, ch. 25, title I, § 4, 48 Stat. 33; June 19, 1934, ch. 648, title II, § 1, 48 Stat. 1058; Aug. 24, 1935, ch. 641, $$ 35, 36, 49 Stat. 775.)

§ 605. Loans from Reconstruction Finance Corporation; warehouse receipts as collateral.—The Reconstruction Finance Corpotion is hereby authorized and directed to advance money and to make loans to the Secretary of Agriculture for the purpose of providing funds with which to enable the Secretary of Agriculture to perform the duties and functions which he is directed or authorized to perform under the provisions of sections 603-607 of this title, provided such advance of money or such loans shall not be for amounts in excess of the market value of the cotton, or the interest of the Secretary of Agriculture in the cotton, against which the advance or loan is to be made at the time such advance or loan may be applied for by the Secretary of Agriculture, plus costs, expenses, and commissions incurred incidental to handling, carrying, and marketing of such cotton. The Secretary of Agriculture shall not be required to pledge or deposit warehouse receipts or other evidences of title to cotton as security for any advance of money or loans made pursuant hereto, but it shall be sufficient if the Secretary shall give to the Reconstruction Finance Corporation a written statement showing the quantity of cotton by weight and the average grade and staple of the cotton against which the advance or loan is to be made. The amount of notes, bonds, debentures, and other obligations which the Reconstruction Finance Corporation is authorized and empowered to issue and to have outstanding at any one time under existing law is hereby increased by an amount sufficient to carry out the provisions of this section. (May 12, 1933, ch. 25, title I, § 5, 48 Stat. 33; June 19, 1934, ch. 648, title II, § 1, 48 Stat. 1059.)

CROSS REFERENCE Cancellation of notes of Reconstruction Finance Corporation given for loans under this section, see section 611a of Title 15, Commerce and Trade.

8 606. Repealed. Aug. 24, 1935, ch. 641, § 34, 49 Stat. 775. Section was from act May 12, 1933, ch. 25, title I, § 6, 48 Stat. 33.

607. Sale by Secretary; additional options; validation of as

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