The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1894-02-16
NEW ANTI-oPTI0Ns BILL.

WAsHikGroN, Feb. 7.-Chairman Hatch of
the House Agricultural Committee today
introduced the new anti-options bill, which
he has been engaged in preparing for many
months.
1t was referred to the Committee on Ways
aud Means aud il is certain that the ngri-
cultural element in the House will at an
early opportunity, perhaps tomorrow, make
n determined effort to secure change Of
reference to tho Committee on Agriculture,
whersby favorable report on the bill is
almost assured The b II is very long
document embracing eighteen sections. nnd
has been drawn TO meet the principal oh
jjections that were made to the original
Hatch aud Washburn bills.
Section defines options to te any COZ
tract whereby party acquires the privilege,
but il not obliged to sell to or deliver to
another man Mt n future time, or within
designated period, any raw or manufactured
cotton, hops, wheat, corn, flour, oats, rye,
barley, pork, lard and bacon.
Section defines futures to be any con-
tract whereby one party agrees to sell or
deliver to another at future time, or with
in dcsiguaed period, any of the above
mentioned commodities.
Section requires all options and futures,
transfers and agreements to be i'll writing
and in duplicate, showing the time of de-
livery of the articles and whether the
makers or agents are the owners Y, ..-o
he:S viore acquired by purchase or is enti-
tied to the right of the future possession Of
the articles under contract previous y made
by the actual owner. Otherwise the con-
tract shall 10 void.
Section 4 provide. that when the optiuo
or the future is Terminated by the delivery
s.fs sthe arsielessst esatraotar make a
1niu, sirvWrus
custodian and identifying the articles ny
freight bills or vouchers.
Section s requires that when the contract
is terminated otherwise than by the actual
sale and deivery of the articles, or when
the termination is delayed by agreement.
the document shall be executed in writing.
Section imposes special taxes on dealers
in options and futures at $25. 1t ais, de-
fines n dealer in options to be any pers IN
who shall in hi, own behalf or for another
deal in options or make any contracts or by
communication to n f,reign country, by
agent, partner or res dent in another coun-
try enter into an option contract. The s,me
definition is applet to dealers in futures.
All contracts f,r futures or options must
bear internal revenue s'amps at the ra'c Of
one cent per hundred pounds or per ten
bushels, and for bills Of sale at the tcrmina-
tion Of contracts the rate is doublc that for
contracts. In case con racts are terminated
without actual sale or delivery, the revenue
tax is ten cents per Dushel or two cents
pound. Dealers in options or futures ~.
required to g;-c SIC, nHc uond, renewed
yearly, to report fully to the internal revc-
nue. officers, and an elaborate system Of
machinery for the collection Of the revenue
taxes is provided. 1t is provided that the
payment of taxes shall not relieve persons
from the restrictions of State law as to these
contracts. The law does not apply to con-
tracts m ,de by farmers for future delivery
of their products. nor to persons who sell
to consumers.