[New York Cotton Exchange Circular No. 56, December 6, 1963] Page: 1 of 4
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CIPCULAPI LETTER
TE RE OFFICE OF THE PRESIDENT
NO. 56 December 6, 1963
HOUSE OF REPRESENTATIVES PASSES COTTON BILL - 32 Republicans joined 184
Democrats to pass the amended Cooley Cotton Bill by vote of 216 to 182. The
bill had been languishing on the House calendar since July waiting to be
brought up for consideration. It is very doubtful this bill would have been
voted on during this session of Congress except for the death of former
President Kennedy and the "era of good feeling" which currently permeates
the Congress of the United States. During the past few days both President
Johnson and the Speaker of the House, John McCormack, have strongly sup-
ported the passage of this bill.
Although getting a cotton bill of any kind through the House of Representa-
tives is a major accomplishment, the Cooley Dill as amended meets with the
approval of very few people in the cotton industry. The principal pro-
visions of the bill as passed provide for the following:
1. Payments-In-Kind - The Commodity Credit Corporation, from
the date of enactment of this bill until July 31, 1967, is
directed to make payments-in-kind to persons other than pro-
ducers in such amount as the Secretary determines will
eliminate inequities due to the differences in the cost of
raw cotton between domestic and foreign users of cotton.
Payments-in-kind would also be made in such amount as may
be necessary to make raw cotton in inventory on the date of
enactment available for consumption at prices consistent with
the purposes of the legislation.
2. Level of Basic Price Support - This bill would set the basic
level of price support for Middling-inch cotton produced in
1964 at 30 cents per pound, for cotton produced in 1965 at
not more than 292 cents per pound and for cotton produced in
1966 and thereafter at not more than 29 cents per pound. The
bill also directs the Secretary, beginning with the 1965 crop,
to make such further reductions in the price support level as
will reflect reductions in the costs of producing cotton.
Additional Price Support for Small Producers - The bill also
authorizes the Secretary to set the level of price support
on not to exceed the first 15 bales of each farmer's produc-
tion up to a level of 10 per cent higher than the basic price
support level (as outlined in the preceding paragraph) except
that the higher level of support cannot exceed the rate of
32.47 cents per pound for Middling-inch cotton established
for the 1963 crop of cotton.
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New York Cotton Exchange. [New York Cotton Exchange Circular No. 56, December 6, 1963], letter, December 6, 1963; (https://texashistory.unt.edu/ark:/67531/metapth1300752/m1/1/?rotate=270: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Rosenberg Library.