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Hill v. Wallace 259 U.S. 44 (1922) was a U.S. Supreme Court decision overturning the legality of the Futures Trading Act of 1921. The law approved August 24 1921 42 Stat. 187 187 c. 86 by the U.S. Congress attempted to institute Federal regulation of grain futures contract trading by imposing a prohibitive tax on futures contracts traded on any market other than those that met the statute’s requirements and were regulated by the Secretary of Agriculture.