Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-03-17
IT STRIKES HARD.
Illinois Legislature Wants to Wipe Out
Margin Dealers.

CHICAGO, March 13.-No sooner is
the Board of Trade relieved from the
incubus of the Hatch bill, which so
long exerted & blighting and demon
aiming effect upon it's business, than
1T Is again threatened by hostile legis-
latton, this time by the Illinois Gen
eral Assembly, through bill intro
duced by Chicago man. Representa-
tive William A. Kent of the Eleventh
District. Some members of the Board
of Trade feelingly compared Mr. Kent
Dill to that implement which obtains
so much favor with the criminal classes
the sandbag. Others, again, are
willing to allow wider field to the
motives that led to the drafting and
introduction of Mr.. Kent's measure in
the Legislature, and this latter class
says-ignorance or sandbagging.
If MIR. kent's little bill should ever
become law the Board of Trade will
have to close its doors, and a few
thousand people who now find occu-
patton and profit within it's walls will
be compelled to find other pur-
suits in life. Mr.. Kent has come to
the conclusion that the Board of Trade
business and that formerly conducted
SO successfully by Michael Cassius Me
Douald at the ''Store" are of an iden-
teal nature, although the modus oper-
andl varies somewhat. To be sure the
Board of Trade has no Layout" and
doesn't sell chips, but this, from Mr.
kent's point of view, is immaterial
Mr., Kents bill is entitled IAN act to
prevent gambling in grain, beef, pork,
lard or provisions by corporations,
brokers, or others and then the bill
goes on to define ''gambling'' as the
selling or buying on margins of any
Of the above commodities. 1t
shall be unlawful" says the
bill, for any corporation. association
or individual to buy or sell any grain,
beef, pork, lard or provisions. or to
keep place where such sales are made
either on margins or otherwise. where
no intention of receiving and paying
for the property SO bought or OF deliv-
erlng the property SO bought or sold is
not made then and there apparent as IL
part of the transaction"
AS an evidence that the transaction
is d bona tide one, Mr.. Kent DEGREES
that a warehouse receipt for the goods
must accompany each transaction, and
that unless such warehouse receipt
does pass, the trade or contract,
whether made N a Board of
Trade or in bucket shops. is void
and un awful Every firm or cor
poration shall keep IA uook giving
the details of every trade made. which
shall be open to inspection at any time
by the Grand Jury or States Attorney.
An offer to buy or sell, even if trade
is not made, or the exposing of an offer
to buy or sell shall be deemed crime
Elevator owners are prohibited from
issuing warehouse receipts for a great
er number of bushels of grain than is
actually stored The penalty for
, violation of any of these pro-
visions is fixed at not less than $500
nor more than 81 900 fine for the first
offense, and imprisonment for not less
than one nor more than five years for
the second.
AS a further binding clause, the bill
also provides that the owner of any
building in which such trades are con
Quoted shall be fined not less than $500
nor more than 81, 900 for each offense,
and that such fines shall constitute a
lien upon the building.
Mr.. Kent's bill was introduced in the
! Assembly Feb. was referred to the
Committee on Municipal Corporations.
So unobstrusive was the debut of the
measure that it excited no attention
and it was only last Saturday that the
officials of the Board OF Trade got on
to it. Now the jolly brokers are hump
ing themselves, and if the members OF
the General Assembly fail to appreci
ate the colossal enormity of the pro
posed legislation, they must be an ex-
ceedingly obtuse body of men.