Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-02-24
Dealing in "options" aud Futures.

Dealing in "Options" aud Futures.
The bill TO prevent dealings In OPP
tions and futures will hardly become
law during the existence OF the pres
ent Congress. We said some time ago
that il would probably be passed II It were
known that the President Of the United
States would veto IL, but in the absence OF
snch knowledge CD the part OF the men,
hers of Congress would be apt TO fall be-
tween the two houses. stu, there is a
strong body OF members ready TO rush TO
the support of the bill whenever they
see n prospect OF is passage. Recor-
nziac this as the present condition OF
the bill and knowing tbnt 1t claims the
support Of tue persons who suppose
trading 20 be an illegitimato pursuit IN
lite and look upon all traders and specu-
lators as enemies to the farming and other
classes. we quote here the description
which the bill under consideration itself
gives OF " futures:
Section 2. That for tho purposes OF this act
the word futures" shall be understood 10
mean ans contract or agreement whereby n
party contracts or agrees 10 sell and deliver 10
another or others at future time or within
DESIGNATED period any OF theariicles meniohel
in SeciiOl . OF this act, when at the tiuie Oh
making such contract or agreement the party 80
contracting OF agreeing 10 sell aud make such
delivery. or the party for whom he acts as agent
broker, or employee In making such contract or
agreement, Is not the owner Of the article or
articles 70 contracted or agreed TO be sold ana
delivered. or has not heretofore acquired ny
pnr,hase and ~ not then entitled TO the right
e. the future possession Of such article or arl-
cles under and by virtue Of contract OF agree
ment for tho sale and future delivery thereof
previously made by the owner thereof
The reader will perceive at once that
this bill claims for the General Govern
ment powers which the fathers OF the re-
public and the trainers OF the Federal Con-
stitufion never dreamed of conferring
upon that government. Recently in the
United States Senate Mr.. PLATT, OF Con-
necticut appealed TO the senators VINO had
in an incautious moment committed them
selves 10 the doctrines practically set
forth in the bill 10 stop and consider what
they would be committed TO II II should
be passed by the senate. He holds that 1t
is based upon the assumption that Con
cress may at Viii destroy all individual
property In every State OF the Union ana
problbit all individual business therein,
md upon the further assumption ira;
"tLe power to tax Is the power 10 &C.
s,roy."
Here Mr.. PLArr combated tins latter
nrcposit1on. and said that the Supreme
Court Of the United States had decided no
such thing: tina. the decision which that
auoust tribunal rendered i'll the case of the
tax upon the circulation OF State oahh7
was based directly upon the power of Con-
eress TO pass an act to provide for uni
form currency.
The contention of the friends of the bill
that dealers in options and futures control
the prices of cotton. etc. was clearly ana
unmistakably refuted by fact when
nobody could explain away-namely, the
fact that not long ago the price OF cotton
advanced by cents per pound at the very
time at which, upon the theory OF the
advocates of the bill, the price ought TO
have gone down.
1t was stated by us recently that
the Populists in Virginia are thorough
ly organized and will this year put a
full State ticket into the field and make an
active canvass. They will IN that event,
no DOUBT. seek to make fight upon the
bill 70 prevent dealings in "options" and
futures y; but will hardly succeed in ln-
ducing the Democratic party to take
ground as party either for or against that
bill. which touches question that ought
TO be settled solely upon business princi-
pies and in accordance with the wishes OF
businessmen, of whom the farmers constl-
tute large proportion.