The morning call., 1894-03-24
A CHECK ON WASH SALES.
and Taxes Provided i'm
the Measure.
SOME AMENDMENTS ARE MADE,
Provisions for Compelling Monthly
Returns to the Internal ReVe-
nue. Collectors.

WASHINGTON. March 23.-The House
Committee on Agriculture agreed on the
amended anti-option bill. As amended it
provides that every option or future con-
tract shall have affixed internal revenue
stamps as follows: For every 10000
pounds of cotton. hops. pork, lard. bacon,
dried, salt and picked meats. cent :;
every 1000 bushels of wheat or other
grains, cent. On every cancellation of
such contract otherwise than by actual
sale and delivery there shall have affixed
the following stamps: Every pound of
cotton. pork, lard. bacon. 1 cent per
pound; every bushel of wheat, cents !;
every bushel of corn. oats. rye and barley,
cents.
Every bill of sale executed at the termi-
nation of the contract is to have affixed
thereto a 2-cent internal revenue stamp.
The special tax on dealers in options and
futures is fixed at S12 instead of S24. as
originally proposed, and the penal bond
required to be furnished 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 gender for whom
or in whose behalf such contract was
made" as well as to the party acquiring
the right to sell or deliver to an other at
future time. or within a designated num-
bsr of months or other period.
The same modification as to the time
limit was made with regard to "future"
contracts. Dry salted meat and picked
meats are added TO the list of articles to
which the bill is TO apply. and -four is
drnnnad fharafrnpn Ali onti0u and fptnra
contracts and transfers and assignments
therefrom are to be in writing and signed
in duplicate by the parties thereto, and
every option contract Is to state in explicit
terms the time the right or privilege of
delivering The articles therein shall expire,
and every future contract is to state 10
explicit terms the quantity and the day
upon which, or the last day or period
within which, the articles contracted to be
sold shall be delivered.
In each such contract the party contract
ing or the party for whom he acts as
agent. ETC.. shall state whether he is or is
not the owner of the article or articles
contracted to be sold and delivered. or has
or has not therefore acquired 1t of them
by purchase, or is or is not then entitled TO
the right 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 book for recording on the day of
its execution the date OF option and future
contracts, those which may be trans
ferred or assigned by such dealers and all
other Information incident thereto. which
book is to be subject 10 inspection by the
revenue officers.
Monthly returns are to be made to the
revenue collectors who in return at the
stated periods are to make reports to the
Commissioner of Internal Revenue. Pro-
vision is made for the preparation of suit
able stamps donotinR the taxes required
by the act to be paid herewith, and for
furnishing counterfeiters thereof.
Persons violating the provisions of the
act are TO be liable to a fine or imprison-
ment 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 ana Massachusetts.
All the absent members, he said. were In
favor of the bill.