The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1889-08-20
AN ACT TO SUPPRESS AND PRE-,
VENT CERTAIN KINDS OF
VICIOUS CONTRACTS.

Ina do enact:
Sec. l. That every contract. w.,S
in writing or not, whereby any neraor
or persons, corporation or corporationa
shall agree to sell and deliver anv cot
ton, Indian corn, wheat, rye, oatS
tobacco, meal, lard, bacon, salt, DorI'
salt fish, beef cattle, sugar, coffaa'
stocks, bonds, and chooses in action y,
a place orplaces and at time or tima"
specified and agreed upon therein. ~
any other person or persons, corporo
ton or corporations, whether the nar.
son to whom such article is so aprood
to be sold and delivered shall ho .
party to such contract or not, when
IN fact, and Notwithstanding the terms
expressed of such contract, it is not
intended by the parties thereto that
the articles or things so agreed to ha
sold and delivered shall be actua1Iv
delivered, Or the value thereof paid
but it is intended and understood by
them that money or other thing ~
value shall be paid to the one partvbv
the other, OF to a third party, tho
party to whom such payment NJ
money or other thing of value shall
be made to depend, and the amount
of such money or other thing Of valuo
so to be paid to depend upon whether
the market price or value of the
article so agreed to be sold and debv.
cred is greater or less at the time and
place so specified than the price
stipulated to be paid and received for
the articles so to be sold and delivered,
and every contract commonly called
" futures" as to the several articles
and things hereinbefore specified, or
any of them, by whatever other name
called, and every contract as to the
said several articles and things, or any
of them, whereby the parties thereto
contemplate and intend no real trans.
action a TO the article or thing agreed
to be delivered, but only the payment
OF a sum of money or other thing Of
value, such payment and the amour
thereof and the person to whom the
same is to be paid to depend On
whether or not the market price or
value is greater or less than the price
so agreed to be paid for the said
article or thing at the time and place
specified in such contract, shall be
utterly null and void and of no effect
in law CT equity; and no action shall
be maintained in any court in this
State to enforce any such contract
whether the same was made in or out
of the State, or partly in and partly
out of this State, and whether made
by the parties thereto by themselves
or by or through their agents, imme.
Pdiately or mediately; o shall any
such contract, or any agent or age1ts
of any such party, directly or remote
ly connected with any such contract
in any way whatever, have or main.
tain any action or cause of action on
account of any money or other thing
of value paid or advanced or hypothe,
Gated by him or them in connection
with or on account of such contract
and agency.
Sec. 2. That when the defendant OF
defendants in any action pending in
any court in this State shall allege
specifically in his or their answer thf
the of action alleged in the com
plant is in fact founded upon a con
tract such as is by this act made void,
and such answer shall be varied, then
and in that case, the burden shall be
upon, the plaintiff in such action to
prove by the proper evidence, other
than any written evidence thereof,
that the contract sued upon is a law.
full n in it's nature and purposes;
that the defendant may likewise pro.
duce evidence to prove the contrary;
ProVaded, nevertheless, that any allega-
ton or statement of fact made in any
pleading in any such action, or the
evidence produced on the trial in any
such action, shall not be evidence
against the party making or produc,
ing the same in any criminal action
against such party.
Sec. 3. That every person who shall
become a party to any such contract
as is by this act made void, and every
person who shall be the agent, direct.
ly or indirectly, of any such party in
making or furthering or effectuating
the same; and every agent or officer
of any corporation who shall, in any
way or manner, knowingly aid IN
making or furthering any such con,
tract to which such corporation shall
be a party, shall be deemed guilty OF
q misdemeanor, and on conviction In
the superior court shall be fined not
less than one hundred dollars nor
more than five hundred dollars, and
may be imprisoned in the discretion
of the court. O.
Sec. 4. That every person who
shall, while in this State, consent to
become a party to any such contract
made in another State, and every