The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-19
THE ANTI-OPTION BILL.
MR. HxTCH SUCCEEDS IN GETTING
MS HOBBY BEFOEE IHE HOUsH
And Explains Its ProvisIous-Mr. Warner
Makes . Powerful Argument In Op-
position to it.

WASHINGTON, June 1s-The House
was called to order by the clerk this
morning. who then read letter from
Speaker Crisp. appointing Representative
Bailey Crexas) TO serve as Speaker pro
tenn. for the day.
Mr. Breckenridge Ky) reported from
the Committee on Appropriations the gen.
eral deficiency bill for the year ending
June 80. 1894.
A number OF requests for leaves OF
absence on account OF sickness In the
families OF members were made and
granted, which led Mr. Reed TO inquire
informally, TO what extent does sickness
In family excuse for absenceg' but he
got no answer
Several requests for unanimous consent
TO take up Dllis were refused, but tho
Senate bill TO authorize the issue by rail-
road companies OF interchangeable 500
mile mileage tickets, and 90 carry an ex-
cess amount OF baggage thereon requested
by the National Commercial Travellers
Association, called up by Mr. Duburrow
Dem, Ill.). was given consideration and
passed.
HATCH GETS UP HIS OLD HOBBY.
Mr.. Hatch succeeded In getting his anti
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
to the discussion OF the importance OF the
measure. The foundation principle OF tho
bill was Incorporated into the code or
rules OF every board OF trade In the coun-
tr
The only difference between the bill
and the rule of the Chicago Board OF
10 nth hno ri Of fnOR
that the bill proposed to er act into a law
the regulation governing deliveries, ana
compel delivery In good faith OF every
Suppose" Intercepted Mr. Cox Dem..
TENN that when the time comes for
completing the trar saction by the de-
livery of the ct ctmmodity. the purchaser
for some reason does not want tie de.
livery made, and Is willing TO relieve the
seller from his contract How are yod
going to reach these tiansactionsY
n viii tell the gentleman, answered
right to go on board OF trade and en-
gage I'm a transaction, nor series or trans
actions, the effect OF which is TO depfe-
ciate the values of the property OF his
fellow-citizens'
Mr.. Hatch answered questions by vari-
Gus other members IA TO the effect OK
the bill upon certain specific cases citad,
and I'm closing said that the intent ana
purpose OF the bill was TO prevent short
they are known, which are OF wind. ana
do not comprehend "A purpose 10 mako
an actual delivery Of the commodities.
MIR WARMER OPPOSES THE BILL.
Mr.. Warner Dem. n. " said that
u the Democrats would act upon the bill
after fully acquainting themselves with
It's provisions, with vote from the
Republicans side. they would defeat IL
by an overwhelming majority. II was
%
since II had been introduced In the
Congress by its Republican author In
the F1fty-frst Congress down TO the pres
ent time. he had been. opposed TO II.
second Congress with the present one,
Mr. Warner pointed out the changes,
which demonstrated. he said, either that
the charges made by Mr.. Hatch In his
report on the first measure were not weli
founded. or that the condition OF things
was go rapidly improving that thers
was no necessity for the passage OF tne
bill. The omission Of Hour from the
OF the Fifty-second Congress. said Mr:
Warner. demonstrated that the bill had
been monkeyed with by somebody VINO
was about a thousand times more OF
miller than the author OF the Dill (ha'ehI
was farmer.
The bin, he said. was the product OK
misinfOrmatiOn. This was not SAID, MT.
Warner explained. In the sense OF criti-
but because it was the only explanation
for the bill. Proceeding TO detailed sup
port OF the statement Mr.: Warner ~,
Which Mr.. Hatch had used to define or
express a gambling transaction. II was
i'm fact, Mr. Warner said. the name given
10 a method Of regulating sales and dee
and which was the most successful bar to
September option" meant that the
seller could deliver the commodity SOLD
al any time within the MONTH; so that
n anV one wants 10 corner that oonp-
modify against him the stock must be
carried for a whole month 20 make mo
corner effective. -. NJ,
Warner. and the adoption Of the option
rula was a severe blow 10 gambiins.
'Wringing out" another term useu ~
Mr.. Hatch in the bill 10 describe gam
Hing arrangement, Mr.. Warner explains
ed was merely a clearinghouse arrange
ment by which useless, expensive anu
dllatory intermediate deliveries cf puf.
chases are avoided: .,, - 49,
Illustrated by Mr.. Warner by
various transactions in actual business,
in the course OF which he had the closest
attention OF the committee. IL went INTO
almost every relation and transacuon OK
iife. ne said and the practical result was
not crime which the gentleman from
Missouri thought il TO be his duty 10 seek
out and punish, but a beneficial method
OF doing business The incorporation or
the principles OF futures into the trainc
OF the country, said Mr.. Warner led 70
higher prices; II tended 10 greater pfonss
TO the producer for his wheat and io"er
prices for bread 10 the consumer. ~ tns
inen who engaged in the business OF mar
ketIng the crops OF the producer, Ar.
Warner said. nine-tenths lost money,
while the tenth, who were more fortunats,
had less money at the end than one-teh'n
Of the losers lost. ...,.
Mr. Warner exhibited tables rhowing
the sales IN New YORK for future delivery
OF several articles. covering term Ot
years, which he claimed sDowed , ,nas
supply ard demand regulated reher INA"
In respect OF wheat. The price OF
y hich. he said. was now low. the tables
wonld show that the lines OF futures ran
along with the lines Of high prices. GAM
hing said Mr.. Warner. could ana wouin
adjust itself 10 new conditions; the piil.
N nassed. would Interfere seriously Only
v hich accumulated capital cculd accom-
nlish under the old conditions was not
iomcbed by the bill. A corner OF grain.
hv v hich the product could be raiseo -
Re neople OF a stricken city, and which,
,shen II coIlapses brings ruin 10 honest
lealers. has no penalties In this bill
Mr.. Warner spoke an hour ana a hsif:
md when he closed his remarks rooho
II applause was given MIN.
Nh. DBYAs FAyoEs Tns BILL
Mr.. BRYAN Dem, Neb.; followed In
'upport OF the bill. He said tnat II was
Ia occur. and that being 80. In hls opin-
- a. otth.r f,cre. /. sef or decreased the