The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1894-02-14
HENEW OPTION LAW.
Chairman Hatch Introduces the Bin At
ter Months of Preparation.

WASHINGTON, Feb. 1.-Chairman
Hatch Of the House agricultural con-
mittee, today introduced the new anti
options bill which he has been engaged
IN preparing for many months. It was
referred to the committee on ways and
means, and it is certain that the agri-
cultural element in the House will, at
an early opportunity, perhaps tomor-
row, make determined effort to secure
change Of reference to the committee
on agriculture, whereby favorable re
port on the bill is almost assured. The
bill is very long document, embracing
eighaeeu sections and has been drawn to
meet the principal objections that were
made to the original Hatch and Wash
burn bills
Section l defines options to be any
contract whereby party acquires the
privilege, but, is not obliged to sell to
or deliver to another man alta future
time, or within a designated period, and
raw or manufactured cotton, hops,
wheat, corn, -four, oats, rye, barley,
pork, lard and bacon.
Section 2 defines futures to be any
contract whereby one party agrees to
sell or deliver to another at future time
or within a designated period any of the
above mentioned commodities.
Section 8 requires all options and fu-
lures, transfers and agreement to be in
writing and in duplicate showing time
Of delivery of the articles, and whether
the makers or agents are the owners, or
have heretofore, acquired By purchase
or are entitled to the right Of the arti.
cles uoder contract previously made by
the actual owner. Otherwise the con.
tracts shall be void.
SectioD 4 provides that when the op-
tior Or the future is terminated by the
deliver Of the articles, the contractor
shall make a bill of sale showing the
quantity and the custodian aud Identify
ing the articles by freight bills Or vouch-
ers.
Section 5 requires that when the con-
tract is terminated otherwise than by
the actual sale aud delivery Of the ar
ticles, or when the termination is de-
layed by agreement the document shall
be executed in writing.
Section imposes special taxes on
dealers in options and futures at S24.. It
also defines dealer in options to be any
person who shall in his own behalf cf
for another deal in options or make any
contraction by communication to a foreign
country enter into an options contract.
The same definition is applied to dealers
in futures. All contracts for futures or
options must bear internal; revenue
stamps at the rate Of one cent per hun
dred pounds or per ten bushels, and for
bills Of sale, at the termination o. con-
tracts, the rate is doubled that for con-
tracts, In case contracts are term mated
without actual sale or delivery, the rev.
enue tax is ten cents per bushel or two
cents pound. Dealers in options or
futures are required to give ten -thous-
and dollars bona, renewed yearly, 10
report fully to the internal revenue Off
GERS. and an elaborate system of nachln-
cry for the collection of the revenue
taxes is provided. It IS provided that
the payment Of taxes shall not relieve
persons fron the restrictions Of State
law as to these contracts. The law
does not apply to contracts made by
farmers for future delivery of their pro-
ducts, nor to persons who sell to COD
sumerS.