The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1894-02-15
NO. a..
THE NEW OPTION LAW.
Chairman Hatoh Introduces the Bill AZ
ter Months OF Preparation,

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WASHINGTON, Feb. 7.-Chairman
Hatch of the House agricultural COM
mittee, today introduced tho new anti
options bill which he has been engaged
IN preparing for many months. II was
referred to the committee on ways and
means, and it is certain that the agri-
cultural element in tho House will, at
an early opportunity, perhaps tomor-
row, make determined effort to secure
a change of reference to the committee
on agriculture, whereby favorable re.
port on the bill is almost assured. The
bill Is a very long document, embracing
eighteen sections and has been drawn to
meet the principal objections that were
made to the original Hatch aud WASH
burn bills
Section defines options to be any
contract whereby a party acquires tho
privilege, but, is not obliged to sell to
time, or within a designated period, aud
raw or manufactured cotton, hops,
wheat, corn, flour, 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 dealgnated period any of tho
above mentioned commodities.
Section requires all options and fu.
lures, transfers aud agreement to be in
writing and in duplicnte 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 tho right of the arti.
cles under contract previously made bY
the actual owner. Otherwise the con.
tracts shall be void.
Section provides that when the op-
ton or the future is Terminated by the
deliver of the articles, the contractor
shall make bill of sale showing tho
quantity and the custodian and Identify
ing the articles by freight bills or vouch-
ors.
Section S requires that when the con-
tract is Terminated otherwise than by
the actual sale and delivery Of tho ar
ticles, or when the termination is de-
layed by agreement the document shau
be executed in writing.
| Section 6 imposes special taxes on
dealers in options and futures at $24. It
also defines dealer in options to be any
person who shall in his own behalf or
for another deal in options or make any
contractor by communication to q foreign
country enter into an option's contract.
The same definition is applied to dealers
in futures. All contracts for futures or
options must bear lnternalj revenue
stamps at the rate Of one cent per hun
dred pounds or per ten bushels, and for
bills Of sale, at the termination of con-
tracts, the rate Is doubled that for con-
= tracts. In case contracts are term nated
without actual salo 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 bond, renewed yearly. TO
report fully to the internal revenue off,
GERS, AND an elaborate system of machln-
cry for the collection Of tho revenue
taxes Is provided. II is provided that
tho payment Of taxes shall not relieve
persons from 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 con-
aiIn1arR