The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-02-08
HATCH's ANTI-oPr1oNs BILL.
The Measure Sent by the House to the
Committee on Ways and Means.

Committee on Ways and Means.
Washington, Feb. 7.-Chairman Hatch,
of the House agricultural committee, to-
day introduced the new anti-options bill,
which he has been engaged in preparing
for many months. 1t was referred to the
committee on ways and means, and it
is certain that the agricultural ele-
ment in the House, will at an early
opportunity, perhaps tomorrow, make
determined effort to secure q change of
reference to the committee on agriculture,
whereby favorable report on the bill is
almost assured. The bill is very large
document, embracing eighteen sections,
and has been drawn to meet the principal
objections that were made to the original
Hatch and Washburn bills.
Section l defines options to be any con
tract whereby party acquires the privi-
lege, but is not obligated, to sell TO or de-
liver TO another man at future time, or
within designated period, any raw or
manufactured cotton, hops, wheat, corn,
flour, oats, rye, barley, pork, lard and
bacon.
Section 2 defines futures to be any con-
tract whereby one party agrees to sell or
deliver to another at a future time, or
within designated period, any of the
above mentioned commodities.
Section requires all options and
futures, transfers and agreements to be
in writing and in duplicate, showing the
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
future possession of the articles under
contract previously made by the actual
owner. Otherwise the contracts shall be
void.
Section provides that when the option
or the future is terminated by the delivery
of the articles the contractor shall make
n bill of sale showing the quantity and the
custodian, and identifying the articles by
freight bills or vouchers.
Section requires that when the con
tract is terminated otherwise than by the
actual sale and delivery of the articles,
or when differentiation is delayed by
agreement the document shall be executed
IN writing.
Section 6 imposes special taxes on deal
ers of options and futures at S24. 1t also
defines a dealer in options TO be any per
son who shall, in his own behalf, or for
another deal in options or make any con
tracts, or by communication to a foreign
country by agent, partner or resident in
another country enter into an options
contract. The same definition is
applied to dealers in futures. All con-
tracts for futures or options must bear
internal revenue stamps at the rate OF /
cent per hundred pounds, or per ten
bushels, and for bills Of sale at the ter
mination of contracts, the rate is double
that for contracts. In case contracts are
terminated without actual sale or de-
livery, the revenue tax is 10 cents per
bushel or 2 cents a pound.
Dealers in options or futures are re.
quired to give $4,000 bond, renewed
yearly report fully to the internal
revenue officers, and an elaborate system
of machinery for the collection
of revenue taxes is provided. II
is provided that the payment OF
taxes shall not relieve persons from
the restrictions of the state laws. The
law does not apply to contracts made by
farmers for future delivery OF their
products nor to persons who sell TO con-
sumers.