The comet. (Johnson City, Tenn.) 1884-1916, 1892-12-29
ooo GWhetApti-optlon Is.

The Courier journal has received
several inquiries as to the provisions
Of the Auii-lption bill now pending in
the Senate. 1t is generally known,
We presume, that The intention at the
bill is to break mp dealing in "futurt s"
in a number Of commodities, nut the
means by which the measure under
takes to reach this end appears not to
be very generally understood.
Dealing in opilors" snd futures
is attacked as, in H great many cases,
nothing but a species III gambling.
But the Federal Government has
nothing to do with gambling in the
States That is a matter for State
regulation, and doubtless every State
in the Union has laws of more or less
severity against gambling, But in re-
cent years it has becoms fashionable
with those who think that the panacea
for every evil, real or imaginary, is to
get Congress to pass law against it,
TO seek to give Congress jurisdiction
OF all sorts OF subjects by a resort to
the taxing power, Congress may not
prohibit gambling, in the States, but
it san tax il and ras has, repeatedly
been said, the power to- tax implies
the power to destroy. 1t is, therefore,
proposed that Congress shall destroy
a great many acts that are innocent
under State laws by taxing them out
OF existence. mD
This is what is proposed in the An
ti-option bill Every dealer in options
in certain enumerated products 10 re-
quired to take out a license and to pay
special taxes on each sale. The arti-
Giles to which these requirements re-
late are raw-cotton, hops, wheat, corn
oats, rye, barley, pork. lard, bacon, or
other edible products Of swine. A deal
er in such futures is required to pay
an animal license of 81 900 and also
tax fye fepts a pound on each sale
Q, cotton hops, or hog products, and
twenty cents q bushel of grain.
~ The first two sections OF the bill de
tf5i.nlel What shall be, considered Options
and, s"f1tpresY fQr the purposes Of The
act. An "option" is an agreement BY
whkh acpegspn acquires the privilege,
Though he,i8 not obligated, to deliver
TO another at p future time any Of the
enumerated articles. A culture" is an
yagreemsnA by WHICH q party contract'
to sell and DELIVER to another at 8
future time any Of the articles enum
Grated in the bin, when at the time Of
making the contract he is not the
owner of SUCH article. or has, not
therefore, acquired it. by purchase
from the owner 1t IS provided, how
eyerf that the act shall not apply tc
any contract made for on behalf of the
United States, or any State or NUM-
cipality nor to agreements made by
a farmer or planter for the sale and
delivery at a future time of articles
which he has grown or produced, or
which are in actual course of growth
or production on land owned or occu-
pied by him nor to contracts to de-
liver to such farmer or planter at a
future time such articles as he may
need for food, lIrdg9 or seed
1t is apparent that the special taxes
imposed ny this hlll are not intended
to raise revenue, but TO prohibit the
sales options and futur' altogether.
The rates Of taxation are purposely
nut 50 high that no one can afford to
pay them BY this indirect method
Congress may take jurisdiction Of any
matter whatever. There is absolutely
no act innocent under State laws
which it may not prohibit under the
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