The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-05-03
Don't become constipated. Take BEECH
ANS PILLs.-Ad.
a BLOW AT FUTURES,
Cotton Mems Opinions Of the Hat,
Bill.

Cotton Mems Opinions of the Hatch
Bill.
The following circular letter by the New
Orleans Cotton Exchange is being oircula ted
among the cotton men with regard to the
Hatch bill before congress intended to pre-
vent dealing in futures:
Your attention is called to the fact that if
OIL NO 1915, now pending in the national
House o. Representatives. known aS the Hatch
OIL becomes law the f, o. b. cotton business
VIII be stopped.
According to that bill, unless its provisions
are complied with, no cotton can be offered for
sale without the party Offering it is bona fide
owner OF same at time of making the offer, and
ttnoreVer proofs Of such ownership must be
ttoEtuCOmlng whenever demanded by the United
states collector Of internal revenue under
penaty Of Sl,C0O, and further fine and i'm
prls0nment
Under the Hatch bill you will have to take
OuH IceusA and comply with other terms re-
turing reports Of your business at stated pc
tiuus; ana not only will responsibility attach to
!ou, put whoever may buy from you will be
Iqu9iy amenable under the law, should he not
Uo a9ie 10 SuoStantIRte your ownership In Il
mMu' you cannot even offer cotton over night
without you own 1t at the time of Offering, I'M
;eSs you comply with all the complicated terms
; ;lpoSed on transaction of the future business
HlGCIlulng annual license Of $1,000, a bond Of
S,V,UoO' and tax of five ~ cents per pound,
tuese are the facts, Invested of the complicated
,pIolsRe OF bill of fifteen separate sections
covering twenty printed pages.
ASIDE from the prohibitive tax the REQUIRE
snenIS es TO detailed reports to the internal
.sYgnue collector render it impossible to trans
az. business. 1t is useless to ignore results. If
~ UNI passes, the r. o. b. business will be
mug OF the past. No responsible person can
i SoIu 70 take the risks, even if they we're will
~ 70 tranSgress the law.
AZ the bill now stands, it will receive many
, U.eS rom members of congress who do not APP
tivs TeGe Is Jun significance. These representa-
MS ,Ss should be telegrapeed and written to op-
tri DSo Ine measure. We say telegraph as no
W, I'ne should be lost Mr. Hatch. the father of
sn5 o. Is DONG all he can to brfng it TO a vote
r. " Is certain that If all interested do not use
NIL vii utmost endeavors, the T. o. b. business
s J'n suiier tully as much as that in futures In
broken IN N'uaiiS ouu AnaiIy
vI remember, that you should telegraph and
otboo W your own member of congress and get
SAM iuuential people in your section to do the
que ne Immediately.
Luton men VINO were seen Yesterday said
iney ued not given the matter any particu-
iaL a1Ientlon. In the first place they do not
no o.t9ye there Is any possibility of the bill
baiTislug, and In the next place they do not
T D..'sFe lts effects will be so disastrous as
thb H. Though it might appear SO from
tos,e ehor OF the bill 1t is not intended to in
~, with the legitimate cotton business
bnt ~ other legitimate brokerage business,
fnt,H 10 SIMPLY intended to prevent dealing in
b NV : Dealing in futures is considered
tbo Isl Isl cotton men necessary feature of
na ool mess, but they admit that it could
iDco Tuuucted without it, though at some