New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-08
THE HATCH BILL REPORTED.
no RECOMMENDATION BY THE SENATE COM.
MTTTEE.
THREE REPORTS suBM1rTED-TnE BILL GOES
TO TIE CALENDAR.
IBY TELEGRAPH TO TIE TRIBUsE.I


Washington July THE Hatch AntiOpton bill
was reported TO the Senate to-day BY the Committee
on the Judiciary and goes now on the calendar, but
without recommendation of any sort. Inc Judciary
Committee at It's final meeting TINS morhlns louHu
itself as far from an agreement the bill as ever,
nor could majority be had for any proposiloh ia'or
able or unfavorabe advanced with regard to IT, except
the single motion to 1t 10 the senate without
further delay. Two o.. the Republican memDers
Messrs IIoar OF Massachr etts, and wilson, OF Iowa.
were absent. Mr.. Mitchell OF oregon, favored thc
bill, I'm its present FORM while Mes>rs. fusn' ol
Alabama. George, OF Mississippi and Coke oil leAas'
advocated a substitute measure which they naa pre-
pared Mr.. Vest, Of Missouri, approved neither 'he
Hatch bill nor the substitute while Mr.. fatt. OF
Connecticut and Mr. Teller. OF Colorado, were content
to let the House bill be reported back without cahgc
in committee and to seek to have ii amended DS lhe
senate itself
The Hatch bill, accordingly occupies an extremely
anomalous position the calendar for it has neither
the approval disapproval Of the committee ana
will have 10 look for advocate and parliamentary
promoter among the laymcn of the senate Mr..
Washburn, of Minnesota, assumed that rather trying
burden. Mr.. Washburn has announced that lie VIII
make a speech in advocacy Of the bill next MONDAY
and Will ask to have 1t taken up for consideration py
the Senate within the next week or two.
The substitute bill offered 10y Messrs. Pugh George
and Coke shifts the basis OF the attack on opuoh
dealers by dropping the taxing and license ie"'uro
Of the Hatch bill and making dealing in options as
defined, a misdemeanOr. because an Obstruction oi UT
Interference with interstate and foreign commerce.
Fines and penalties for dealing in options take inc
place. In this scheme OF the Hatch pioibtory taxes
Tho signcrs Of the substitute draft also mario" inc
scope OF option dealing little further than docs inc
Hatch bill.
The majority report, submitted by Mr. Patt Is brlcf
and is confined to the statement that believing deal
ownership Of them to be a great evil and injury "ch
ought to be remedicd If there Is any power IN inc
Constitution 10 remedy the the matter ought no
longer to be delayed in committee, and they tcreio0
report back the bill without recommendation except
that II be placed upon tie calendar for early con-
sidcration.
The minority report is signed by senators GEORGE
pueh and Coke who state their belief that congress
las constitutional powers TO prohibit dealings In options
od futures as defined In the bill. They believe also
thai the evil growing ont Of such dealing IS great ana
demands the prompt and efficient action Of Congress
nj that the taxing power was granted 10 congress
solely for the purpose Of raising revenue, and that IL Is
prvcr,on Of the power TO use It for the purpose OF
the bill They further believe. the report states, That
Congress has full power 10 regulate commerce among
the states or with foreign nations, and to suppress
anv evil by direct action and that such power ought
10 be excrted in this By the passage Of proper
bill They favor the enactment OF the bill with some
amendment, up to and including Section ), and recon-
mend that all the Tcmsndcr OF the bill exercising the
taxing powers suppress option dealings be stricken
out and that new. sections be substituted providing
system Of heavy fines and penalties for violation Of law
senator Mitchell in individual report submitted
states that he believes the constitutional power exists
IN Congress 10 TAX and license the business OF options
and futures and thinks that the taxing power oil the
Constitution can b. invoked this subject. He Is
FURTHER Of the opinion that the cOmmcrcinl power as
defined In the Constitution may be invohed In ala OF
the direct supper under severe penalties, II thr
business OF options and hturs the ground that snc
business Is obstruction 10 Interstate commerce
senator Mitchell believes that the House bill should
become Il law and cAprrsscS the OPTION that the lcsl.
lation proposed therein will mininh" the eject Of
speculative gambling In agricultural prOfucts-a sis-
Tom he thinks that creates "A most dclcc1Dus and dc
structivc competition with the sale Of actual fhrm prod
ucts which tends 10 reduce the price ~ every bushc
~ grain every pound Of pork and every bale Of cot
ton and affects adversely the many millions Of people
who cult ate farms IN this coaln'ry.