Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1894-02-08
NEW ANT|-OPT|ON BILL
Approved by The Commit
tee on Agriculture.
PLAIN DEFINITIONS OF 1T.
Heavy Penalties Are Provided For In
fringement of the Law.

AsHlNGTON, fsD. s-Ine new hatcn
anti-optisn bill, devised by Representative
Hatch o& Missouri, was approved by the
committee on agriculture yesterday and
introduced In the house. This is a meas
ure designed 10 yield ths government q
revenue from the operations of brokers In
agricultural products.
The taxes imposed by this projected
measure are such that il is expected to
yield large revenue. From the license
required Of every dealer IL has been es-
timated that the government would re-
ceive sl50,000 at the beginning of its oper
alton. Representative Hatch intends &c
press for consideration of the bill as
soon as the important bills now before
the house are disposed of.
Its Main Points.
A synopsis of the bill follows: For the
purpose of this act the word Options
tract or agreement whereby a party
thereto, or any party for whom, or In
whose behalf, such contract or agreement
Ii made, acquires the right or privilege,
but IL u not thereby obligated to sell and
deliver to another or others at a future
time, or within = designated time, any of
unmanufactured cotton, hops, wheat,
corn, -four, oats, rye, barley, pork, lard
and bacon.
The word future" shall be understood
to mean any contract or agreement by q
party to sell and deliver to another at q
future time, or within designated period
of time, any of the commodities named.
All "options" and Futures" and all
transfers or assignments thereof. shall be
In writing and signed in duplicate by the
parties thereto, and every such Options"
contract shall state its explicit terms the
time when the right or privilege of deliver.
ing the article shall expire, and
every futures" contract shall stay the
day upon which or the last day of the
period within which the article agreed 20
be sold shall be delivered, aud In each Of
such contracts the party so contracting OF
the party for whom he contracts as agent
or broker or employs In making such
contract or agreement to sell or deliver
Is, or Is not, AZ the ease may be, the
owner Of the article or articles SO con-
tractsd to be sold or delivered, or has, OF
has not, as the case may be, Heretofore
acquired by purchase, or Is, or Is not, az
the case may be, then entitled to the right
Of the future possession of such article, or
articles, under and by virtue of con-
tract or agreement for their sale and fu-
ture delivery previously made by the
owner thereof; and any such contract or
agreement, not including such a state
msnt and not so made and signed, shall
be absolutely void.
Special Taxes
are imposed az follows: Dealers in "op.
lions" or futures" shall pay ga. Every
person who shall, in his own behalf, or as
agent, deal in "options" or futures" or
make any contract by letter or other
communication, or by an agent residing
abroad, shall be deemed dealer in "op-
tions" or futures" Every ''options" and
futures" contract shall have affixed in
ternal revenue stamps. representing taxes
as follows, namely;
For every 100 pound of cotton, hops,
pork, lard, -four, or bacon, and for every
10 bushels Of wheat, corn, oats, rye and
barley, covered by tbs contract. cent.
Every bill of sale executed ar terminal ton
Of contract, 2 cents.
Every settlement or other agreement BY
which the "options" or futures" is ter
minated otherwise than by actual sale.
or such termination is delayed OF obviated,
shall have internal revenue stamps repre-
ssnting taxes as follows
Tor every pound Of raw or unmanufao
tursd cotton. hops, pork, lard, -four and
bacon, > cents. For every bushel of
wheat, corn, oats, rye and barley, 10 cents.
Every dealer in "options" or futures"
shall give notice In writing to the col.
lector Of the district wherein such busi.
ness Is to be carried on, stating the name
and residences Of every person Interested
In the business and the precise place
where Il II to be carried on.
Dealers Must Give Bonds
for 90, 900 to comply with the law and pay
all taxes and penalties, with two sureties.
They must keep books with numbered
entries of all contracts and complete
descriptions as 10 parties, goods, time and
terms.
Bills Of sale AUST be numbered to cor
respond to the transactions.
These books must be subject to the In
spection Of collectors Of internal revenue,
and all dealers must make monthly re-
ports Of their transactions under oath,
monthly reports to be made by collectors,
also, to the commissioner Of internal rev.
snue.
The act does not apply to transactions
for the United States OF America or
state or municipality or to the same by
farmers Of their products. Failure to
comply with the act is TO be punishable
~ fine OF from 800 to t2OO0 or imprison-
nsnt from one to hve years OF both.
The Potter A A,hert.n Machine Co.