The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1892-01-28
THE OPTION BILL.
A Beneficient Measure that
Should Become a Law
Without Delay.

Senator Washburn Entitled
to the Thanks of North
western farmers.
A bill defining Options and
futures and imposing special
taxes on dealers therein, and for
other purposes.
Be it enacted by the senate and
house Of representatives of the
United States of America in con
gress assembled, That for the pur-
pose Of this act the word Ssoptions''
shall be understood to mean anv
contract or agreement whereby a
party thereto, or any party for
whom or in whose behalf such con
tract or agreement is made, con
tracts to have or give to himself or
another the option to buy or sell
at a future time any Of the grain
or other commodity mentioned in
section 8 Of this act.
Sec. 2. That for the purposes
Of this act the word futures shall
he understood to mean any con-
tract or agreement whereby a
party agrees to buy, or agrees to
sell and deliver, at future time to
another any of the articles men
toned in section of this act when
at the time Of making such con
tract or agreement the party SO
agreeing to make such delivery, or
the party for whom he acts as
agent, broker, or employee in MAX
ing such contract or agreement, is
not at the time. Of making the same
the owner of the article so con
tracted and agreed to be delivered,
or unless the article SO contracted
to be sold and delivered shall sub
sequently be actually delivered to
the purchaser for manufacture or
consumption. Provided, however,
that this act shall not apply to any
contracts Or agreements for the
future delivery of any Of the said
articles made with the United
States, or any state, county or
municipality, or with the duly
authorized officers or agents
thereof, nor to the contracts or
agreements made by farmers for
the sale and delivery of any of the
articles aforesaid which are in act
ual course of production by such
farmers at the time of making such
contract or agreement. -. ~.
Sec. 3. That the articles to
which the foregoing sections relate
are wheat, corn, oats, rye, barley,
cotton, and. all other farm prod
ucts; also pork, lard and all other
hog products. Il. >.--':
Sec. 4. That special taxes are
imposed as follows: Dealers in
'soptions" or futures shall paw
annually the sum of $1,000, and
shall also pay the further sum of
5 cents per pound for each and
every pound Of cotton or pork,
lard or other hog products, and
the sum Of 20 cents persbushel for
each and every bushel Of any of
the articles mentioned in section 3
Of this act, the right and privilege
Of delivering which may be &C
quired under any ''options" con-
tract or agreement, as defined by
section l Of this act, or which may
be sold to be delivered at future
time or period under any stu
lures, : contract or agreement as
defined in section 2 of this act,
which said amounts shall be paid
to the collector Of internal revenue,
as hereinafter provided, and by
him accounted for, as required in
respect to other special taxes col.
lected by him. Every person, as
ISOLATION, copartnership, or cor
poration who shall, M their own
behalf. oras broker, agent or en-
ploye Of another, deal in Options
or make any s'options, I contract
or agreement as hereinbefore de-