The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1894-03-24
THE AN1I-oPrIoN BILL.
Amended by the House Committee and
Ready TO BE kepartsa.


WASHINGTON Crrv. March sa--The
house committee on agriculture has agreed
on the amended an,i-op,ion bill. As
amended it provides that every option or
future contract shall have affixed internal
revenue stamps as follows: For every
fa,olo pounds of cotton, hops, pork, lard.
bacon or dried salt and picked meats.
cent; every 900 bushels of wheat or other
grains, cent. On every canceliat,on OF
such contract otherwise than by actual
sale and delivery shall be affixed the fol-
lowing stamps: Every round of cotton,
pork, lard. bacon. cent per pound:
every bushei of wheat. 5 cents; every
oushel OF corn. oats, rye or barley. cents.
Every bill of sale executed st the termi-
nation OF contrrct Is TO have affixed
thereto cent internal revenue stamp
The special tax on dealers in options and
futures is liked at $l2 instead of $ai. as
originally proposed, and the penal bond
required to be furnished is fixed at So oo0
instead of $4,000. In the first section.
which defines options, the bill has been
amended so as to apply to "any person as
vender for whom or in whose behalf
such contract was made" as well as to the
party acquiring the right to sell or deliver
to another at a future time or within a
designated number of months or other
periods. The same modification as to the
time limit was made with regard to ''fu-
ture" contracts. Dry, salted meat aud
picked meals are added to- the list of
articles to which the bill is to apply, and
flour is dropped therefrom. All option
and future contracts and transfers and as
signments. thereof are to be in writing and
signed in duplicate BY the parties thereto.
and every option contract is to state In sx-
plicit terms the time when the right or
privilege of delivering the articles therein
shall expire, and every future contract is
TO state in explicit terms the quantity and
the day upon which or the last day or
period within which the articles con-
iracted TO be sold shall be delivered. In
each such contract the party contracting
or the party for whom he acts rs 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
heretofore acquired il or them by pur-
chase, or is or is not then entitled to the
right of future possession o: such articles.
Any such contract not including
such statements and not so made and
signed, shall be unlawful Dealers are re-
quired to keep book for recording on the
day of its execution the date of option and
future contracts. those which may be
transferred or assigned by such dealers
and all other information incidental
thereto. which book is to 10 subject to in
spection by the revenue officers. Monthly
returns are to be made to the revenue col
lectors, who in return, at stated periods.
are to make reports to the commissioner
Of internal revenue. Provision Is made
for the preparation of suitable stamps de-
noting the taxes required by the act TO be
paid Herewith. and for Furnishing coun-
tersei,ers thereof. Persons violating the
provisions of this act to be liable to a
fine or imprisonment. in addition to the
taxes prescribed in the act
There were twelve members of the COM
mit,ee 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
other members, he said. were in favor Of
the bill.