The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-06-19
HATCH'S ANTT-OPTION BILL.
The Legislative BugbeaT Again Before
the House.

anu speaks IN EaVOr 1VS FaSSaEe.
Mr.. Cox Points Out a Legitimate
Transaction That Would Be Prohib-
tied by the Bill-Mr. Warner, of New
York, Speaks Against the Measure.
Washington, June 1S-The House was
called to order by the clerk this morning,
when he read letter from Speaker
Crisp appointing Representative Bailey
of Texas to serve as speaker pro TEN. for
the day.
Mr.. Breckenridge Of Kentucky re-
ported from the committee on appropria-
tions the general deficiency bill for the
year ending June 30. 1894.
A number Of acquisitions for leaves of
absence on account of sickness Of the
families of members were made and
granted. which led MIR. Reed to inquire
informally, To what extent does sickness
in family excuse for absenceln But he
got no answer.
Several requests for unanimous consent
to take up bills were refused, but the Sen
ate bill to authorize the issue by railroad
companies of interchangeable 5000 mile
mileage tickets, and to carry an excess of
baggage thereon, requested by the Ma
tional Commercial Travellers Association,
was called up by Mr.. Durborow dem,
passed.
THE ANTI-oPTIoN BILL.
Mr. Hatch succeeded in getting his
anti-option bill before the House in COM
mittee of the whole, with Mr.. Livingston
of Georgia in the chair.
After the bill had been read Mr.. Hatch
made an explanation of its provisions,
and addressed himself then TO n discus
sion Of the importance of the measure.
The foundation principle of the bill was
incorporated into the code of rules of
every board of trade in the country. The
only difference between the bill and the
rules of the Chicago Board of Trade, or
any other board of trade, was that the
bill proposed TO enact into law the reg
ulation governing deliveries and compel
the delivery IN good faith of every bushel
of wheat contracted for.
Suppose interrupted Mr.. Cox dem,
of Tennessee. that when the time comes
for completing the transaction by the de-
livery of the commodity, the purchaser
for some reason does not want the de-
livery made and is willing to relieve the
seller from his contract, how are you to
reach these transactions}n
II will tell the gentleman" answered
Mr. Hatch 'No man should have the
right to go on board of trade and en-
gage in a transaction, nor series of trans
actions, the effect of which is to depre-
ciate the values Of the property of his
fellow-citizens."
Mr. Hatch answered questions by
various other members as to the effect of
the bill upon certain specific cases cited.
and in closing said that the intent and
purport of the bill was to prevent short"
or "long" sales, or by whatever name
they are known, which are of wind and
do not comprehend a purpose to make an
actual delivery Of the commodities.
WARNER AGAINST THE BILL.
Mr.. Warner, dem, of New York, said
that If the democrats would act upon the
bill after fully acquainting themselves
with its provisions, with vote from the
republican side, they would defeat it by
an overwhelming majority. II was un-
democratic, paternalistic, and ever
since it had been introduced in the con-
gress by its republican author, in the
Fifty-First congress, to the present time
he had been opposed to it.
Comparing the Hatch bill Of the Fifty
second congress with the present one,
MIR. Warner pointed out the changes
which demonstrated, he said, either that
the charges made by MIR. Hatch in his re-
port on the first measure were not well
founded, or that the condition of things
was so rapidly improving that there was
no necessity for the passage of the DILL.
The omission of -four from the list of COM
modities named in the bill of the Fifty
second congress, said Mr.. Warner, de-
monstrated that the bill had been
monkeyed with by somebody who~was
about a thousand times more of
miller than the author of the
The bill, he said was the product of mis-
information. This was not said, MIR.
Warner explained, in the sense of criti-
cism upon the gentleman from Missouri,
but because it was the only explanat tion
for the bill
WHAT OPTION DEALS ARE.
Proceeding into detail In the support Of
the statement, Mr.. Warner explained the
meaning of "option," word which Mr..
Hatch had used TO define orexpress gamb-
ling transaction II was, In fact, Mr. War
ner said, the name given to method Of
regulating sales and deliveries intended TO
prevent gambling, and which was the
most successful bar TO successful gamb-
ling. A september option" meant that
the seller could deliver the commodity sold
at any time within the month; so that if
any one wants TO corner that commodity
against him, the stock must be carried for
a whole month to make the corner effect
i've This in itself was great deterrent,
said Mr.. Warner, and the adoption of
the "option" rule was severe blow TO
gambling. "Wringing out, f" another term
used by Mr.. Hatch in the bill TO describe
a gambling arrangement, Mr.. Warner ex-
planned, was merely clearinghouse ar
rangement by which useless, expensive
and dilatory intermediate deliveries of
purchases are avoided.
TIE PRINCIPLE or FUTURES.
The principle Of futures" was then
copiously illustrated by Mr.. Warner by
various transactions in actual business,
in the course Of which he had the close
attention of the committee. 1t went into
almost every relation and transaction OF
life, he said, and the practical result was,
not a crime which the gentleman
from Missouri thought IL TO be his
duIy to seek out and punish
but beneficial method OF doing
business. The incorporation of
the principle Of futures into the traffic of
the country, said Mr.. Warner, led TO
higher principles; it tended TO greater
profits 10 the producer for his wheat and
lower prices for bread to the consumer.
OF the men who engaged In the business
Of marketing the crops of the producer,
Mr. Warner said, nine-tenths lost money,
while the tenth who were more SUCCESS
full had less money at the end than one
tenth Of the losers lost.
now PRICES ARE REGULATED.
A.. tgF..~.,o, ,..,bfhffod IA hfae aboryfuey