The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1894-03-30
ANTI-OPTlON BILL.
Provisions of the Measure as Finally Agreed
Upon by the House Committee on Ag.
III

Provisions of the Measure as Finally Agreed |
Upon by the House Committee on Ag.
riculture.
WASHINGTON, March 24.-The house
committee on agriculture has COM
pleted its consideration of the anti
option bill and authorized it to be re-
ported to the house in the amended
form agreed upon. As agreed upon the
bill provides that "option" contracts
and every future" contract shall have
affixed thereto internal revenue stamps
representing taxes as follows: For
every 10000 pounds of cotton. hops,
pork, lard, bacon, dried, salt and
picked meats, l cent and every
1000 bushels of wheat and other
grains 1 cent. Every cancellation,
clearance. aquittance, contango, privi-
lege, waver, or other agreement by
which the options or future is termi-
mated otherwise than by actual sale
and delivery, or such termination is de-
layed or obviated, shall have affixed
thereto internal revenue stamps repre-
senting taxes as follows:
For every pound of raw or unmanu-
featured cotton, hops, pork, lard and
OuNChf NCho u pOuho. AOi OuShCA
of wheat cents, and for every busnel
of corn, oats, rye and barley cents.
Another amendment was adopted by
which a person engaged in the BUSH
ness may move from anv state to an
other on notice to the collector of the
district in which his business is carried
on. The notice to collector must state
the principal place where business is
carried on. This amendment was
adopted to meet the objections of the
southern members who represent con-
stituents dealing in cotton who move
frequently from place to place and
who would not be able to conveniently
furnish penalty bond for the observ-
ance of law in each.
Every bill of sale executed at the
termination of contract is to have af-
fixed thereto a 2 cent. internal rev.
enue stamp. The special tax on deal
er's option and futures is fixed at s12,
instead of s24, as originally proposed,
and the penal bond required to be fur
nished is fixed at $1,000, instead of
$4,000.
In the first section, which defines OPP
tions. the bill has been amended so as
to apply to ANY person as vendee for
whom. or in whose behalf, such con-
tract is made" as well as to the party
acquiring the right to sell or deliver to
another at future time, or within
designated month or other period. The
same modification as to the time
limit was made with regard to stu
ture'' contracts. Dry sailed meat
and picked meats are added to the
list of articles to which the
bill is to apply, and flour is
dropped therefrom All options and
future contracts and transfers and as
signments thereof, are to be in writing
and signed in duplicate by the parties
thereto and every options contract is
to state in explicit terms the time, the
right, or privilege of delivering, or the
right of delivering the articles named
therein shall expire, and every future
contract is to state in explicit terms
the quantity and the day upon which,
or the last day of the period within
which the articles contracted to be
sold shall be delivered
In each such contract the party con-
tracing, or the party for whom he acts
as agent, etc, shall state explicitly
whether he is or is not the owner of the
article or articles contracted to be sold
and delivered, or has or has not there
tofore acquired it or them By purchase.
or is not then entitled to the rights of
the future possession of such articles.
ANY such contract not including
such statements, and not so made
and signed, shall be unlawful
Dealers are required to keep a
book for recording on the day of its
execution the date of option and future
cont racts, those which may be trans
ferred or assigned by such dealers, and
all other information incident thereto,
which book is to be subject to inspec-
ton by the revenue officers. Monthly
returns are to be made by revenue col
lectors, who, in return, at stated peri
DDS. are to make reports to the commits
sioner of internal revenue. Provision
is made for the preparation of suitable
stamps denoting taxes required by the
act to be paid Herewith and for pun
ishing counterfeiters thereof. Persons
violating the provisions of the act are
to be liable to fine or Imprisonment
in addition to the taxes prescribed in
the act
There were twelve members of the
committee present, and Chairman Hatch
said there were but two negative votes
on the bill those of the members from
New Hampshire and Massachusetts,.
All the absent members, he said, were
in favor of the bill.