The times. [volume] (Richmond, Va.) 1890-1903, 1892-02-17
TARIFF BILLS APPROVED
BY Ways AND MEANS coMuITrEE.
Arguments Before the Committee for and
Against the Anti-Optlon Bill-Farn-
ers' Alliance Heard.

WAsHINGToy, d. C.. Feb. ia meeting Of
the Committee on WAYS and Means was held
this morning at which all tho members were
present except Messrs. Reed and Payne of
the minority The three bills agreed upon
yesterday by the majority Of the committee
TO place wool. binding twlne and cotton bag
ging and ties upon the free list, and to reduce
the duties on manufactured wooden goods,
were laid before the committee for action by
Chairman Springer. Mr.. Burrows. for
the Republican members, inquired If
any Of the measures had been examined by
the suD-cOmmittee IN charge OF the SUP ect5
which they cover Ho stated that be bad not
been invited 10 meet with the subcommittee
OF which he was member. and IN view oI
the importance Of the bills was OF the )pin-
ION that they should be carefully invest-
gated before being acted upon. The minority
members. be said, had not been adYsec OF
what had been done and they would ike to
10 be informed before acting on the bills.
cHAIRMAS spHIsoER's REPLY.
Chairman Springer stated in reply substan-
italy that the bill had not been formally re-
ferred 20 an subcommittee: that the ma
jOrty of the members Of the whole commit
tee felt satisfied with the terms # the BILL
and IN view of the belief that the Republican
any Of the conferences where they were dis
cussed were fully aware of what was Going on
did not deem 10 necessary % spend further
time in consideration Of bills.
Mr. Burrows then called for yea and nay
vote upon approval of the bills, and they
were approved by a strict party vote.
motion was made that the bills be re-
ported to the House to-day with a statement
that the repOrts will follow. but 20 this the
Republicans objected and, such motion re-
curing unanimous consent 1t was lost. The
statement was made that the reports will be
prepared by tomorrow. lt that Is the case
the bills will be reported then.
THE ANTI-oPTIoN BILL.
The Senate Committee on the Judiciary. 20
which was referred the several bills intro
duced in the Senate prohibiting dealings
in futures and defining options gave hear
ing to-day 10 representatives OF the Cotton
and Produce Exchanges. j. w. Louboiss. OF
the New Orleans Cotton Exchange, opened
the hearing with a protest sgainst the pass-
age of any bill that prohibited dealings for
future delivery. He dscredited the statement
which attributed the low price of cotton 10
future sales. and asserted that before
dealings IN futures were established the huc-
tuGtOns in the price of cotton were greater
than since then. He stated that # the pro-
posed bill become a law It would stop the
great export trade in cotton, and foreign ex-
changes would receive the benefit. II would
close the future departments OF the New Or-
leans and New York Cotton Exchanges and
transfer this business abroad IL would stop
our mills and merchants from buying cotton
for delivery when they needed 1t, and thus
injure lawful business transactions.
OTHER ARGUMENT.
Mr.. Iaboniss called the attention of the
committed TO the proceedings of the cotton
conventions recently held i'm Augusta and At
lanta and presented resolutions adopted by
them During the conventions. be said. not
/ word was said about dealing in futures as af-
fecting the price of cotton. but the low If.ce
OF this article was attributed tO.oyer-prOuuc-
ton and IL was that decrease OF 20 per cent.
bo made in this years acreage. President
lde, of the New York Cotton Exchange. made
a brief argument in opposition to the bill the
passage of which. he contended. would ruin
the business of our exchanges.
FIRING ~ THE AIR"
James Bloss. vice-president Of the New
York Exchange. also spoke against the pas
sage Of any measure preventing future deal
ings and suggested that before action was
taken on the measure a committee TO investi-
gate the cause of depression IN agriculture
prices be appointed
Alexander Orr. of the New York Produce
Exchange. concluded t0-days hearing with
an address against the passage of the Anti
Option bill after which the committee adj
iOurned until tomorrow.
TIE FAEMFEs FAVOR IT.
DIR. c. W Macune. national lecturer Of the
Farmers Alliance. made an argument to-day
before the House Committee on Agriculture
in favor Of the Hatch Anu-Option bill. Dr.
Macune told the committee that by the sys-
tim of dealing in futures the consumer was
horned OF the market. the legal capitalists
frightened OIL and the producer cheated
The bill. lie said. would not interfere with
the future dealer who manipulated the
market
He believed the intention of the future sys-
TEN was 10 keep the spot sales as low as p ssh
ble ID was absurd 10 claim that the producer
did not pay tx on futures. In answer 10 Mr..
Moses of Georgia DR.. Macune said he did
not know whether the price of cotton was
regulated in liverpool or 10 New ork. DR..
Macune held tr.t the producer should regu-
late the price + commodity. lie believed
the influence If future business caused the
low prices this year.
D. II. Brigham. lecturer Of the National
Grange protested against the biz in the
name of that organization The farmers, he
said. asked for no favor from the national
Congress They simply believed no man had
any right TO sell their productions before
they were crown.
Famous Land Speculator.