JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org.. Duke University School of Law is collaborating with JSTOR to digitize, preserve and extend access to Law and Contemporary Problems.It was natural that the Agricultural Adjustment Administration which was created "to relieve the existing national economic emergency by increasing agricultural purchasing power" should have turned its attention at the earliest possible moment to the control of cotton prduction. In no section of the country had purchasing power sunk to such disastrously low levels as it had in the Cotton Belt. Over a period of years, the World War, the boll weevil, and the depression had thrown cotton production so out of line with consumption that in I932 the supply of American cotton was practically double the amount which could find a market. The existence of such a surplus had its inevitable effect upon the price level, which since 1923 had fallen from 29 cents a pound to 6/2 cents. The plight of the cotton farmer was aggravated further by the fact that there were no other staple crops which he was capable of producing on a commercial basis, and the southern farming population was being swelled constantly by the return of families from the overcrowded industrial centers where they had sought their fortunes during the halcyon days of the industrial boom.In the spring of I933 it was clear that immediate action of a rather far-reaching kind had to be taken if southern agriculture was to be saved from one of the most serious crises of its history. Such action was authorized by the Agricultural Adjustment Act,1 which provides for the reduction in acreage or production of designated "basic" agricultural commodities.2 On May 23, eleven days after the President had * A.B., I929, LL.B., I929, University of California; J.S.D., 1930, Yale. Associate Professor of Law, Duke University School of Law. Member of the California Bar. Contributor to legal periodicals. 'Act of May 12, I933, 48 STAT. 3I, 7 U. S. C. A. (Supp.) c. 26."The Congress of the United States declared in section 2 of the Agricultural Adjustment Act that its policy is to establish and maintain such balance between the production and consumption of agricultural commodities and such marketing conditions therefor, as will reestablish 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 is the pre-war period, August I909 to July 1914. In the case of tobacco the base period is the post-war period, August I919 to July 1929 ... Roughly, the principal powers granted by Congress to effectu...
As to the importance of the law of gifts, one of the writers on the subject makes the following statement: "A very brief examination of the authorities is sufficient to convince one that recent years have witnessed a large increase, both in the number of litigated gifts, and in the value of the property involved." Mechem, op. cit. supra note 1, at 341, n. 5.
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