ECON 2200 Lecture Notes - Lecture 9: Morrill Land-Grant Acts, Money Supply, Reflation
16 Dec 2016
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Organizations formed to voice farmers" discontent (p. 274-277) The grangers (roughly 1867-1880): 1st major u. s. farm organization. Goals/activities: lobbied midwestern legislatures for rate regulations (sometimes successful) successful in some midwestern states. Illinois created a regulatory commission that oversaw the rates that rrs and grain elevator operators could charge. Note: the first u. s. regulatory commissions were created at the state (not federal) level: cooperatives: offered members (farmers) equipment, supplies and household goods at reduced prices, munn v. illinois (1877) Court"s decision: the supreme court upheld the illinois regulatory law, finding that states may regulate businesses that are utilities or whose goods/services are clothed with the public interest. : the wabash case (1886) The supreme court"s decision rests on the u. s. constitution"s interstate commerce clause. Limits (but does not overturn) the munn decision; can only regulate if its in your state, cannot cross state lines. Interstate commerce commission created (1887): 1st federal regulatory agency .
