The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-08
THE ANTf-ofrf0x BfLL.
Provisions of the Measure Introduced In
the House by Mr.. Hsfch.

WASHINGTON. ID. G.. Feb. CHAR
man Hatch, OF the House Agricultural
Committee. to-day introduced the new
anti-options bill, which ne has been en-
gagged in preparing for many months. IL
was referred to the Committee on Ways
and Means. and IL Is certain that the
agricultural element In the House VIII
at an early opportunity. perhaps to~mor-
row. make a determined EFFORT 70 secure
a change Of reference 10 the Committee
on Agriculture. whereby favoras.e re-
port on the bill f. almost assured. Ihe
bin Is a very long document. embracing
eighteen sections. and has been drawn To
meet the principal object that were aimed
at I'M the original Hatch and NashDurne
bills
Section I defines options 20 be any con-
tract whereby a party acquires the pii-
vneSe. but "a not obligated, to sell 20 or
deliver to another man at future time
or within a designated period, any raw
or manufactured cotton, hops. wheat,
corn, -four. oats, rye, barley, pork, iard'
and bacon.
Section ? defines futures to be any
contract whereby one party agrees 70 sell
or deliver to another at a future time
or within designated period any of the
above mentioned commodities.
Section requires all options and futures
and in duplicate. showing time Of delivery
Of the articles and whether the makers
OK agents are the owners or have hereto
fore acquired by purchase or is en-
| titled to the right Of the future possess
sion 0f the articles under contract pre-
! viously made by the actual owner Other
wise the contracts shall be void.
Section provides that when the option
or the future is terminated by the deliv-
cry Of the articles, the contractor shall
! make "A bin Of sale showing the quantity
! and the custodian and identifying the
articles by freight bills or vouchers.
Section requires that when the con-
tract is terminated otherwise than by the
actual safe aud delivery OF the articles,
or when the termination is delayed by
agreement. the document shall be exc
cuted In writing.
Section imposes special taxes on deal
ers in options and futures at s2f. II also
| defines dealer In options to be any per-
son who shall IN his own behalf or for
! another deal in options or make any con-
tracts. or by communication to foreign
country, by agent, partner or resident
I'm another country. enter into an options
! contract The same definition Is applied
to dealers in futures.
/ All contracts for futures or options
must bear internal revenue stamps at
the rate Of one cent per hundred pounds,
or per ten bushels. and for bills of sale
at the termination OF contracts, the rate
( is double thai FOR contracts. In case
contracts are terminated without actual
sale or delivery. the revenue tax Is ten
cents per bushel or two cents pound.
| Dealers in options or fnturcs are re-
uuired TO give ten thousand dollar bonds,
renewed yearly 10 report fully 10 the
| internal revenue officers and an elabo-
rate system OF machinery for the collee-
| ton on tue revenue taxes IS provided.
| n is provided that the payment OF taxes
shall not relieve persons from the re-
strtctlons of State law as TO these con-
tracts. .-
The law does not apply TO contracts
made by farmers for future delivery OF
their products, nor to persons VINO SCI
TO consumers.