The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1898-06-08
To Prohibit Gambling
in Futures.

Congressman Stokes Bill to
Regulate Future Contracts
in Agricultural Products.
From Congressiona! Information Bureau, l6l
Corcoran Builcing
Washington, D. G June 4 Rep
resentative j William Stokes of
South Carolina, the mildest hammered
man in Congress, is after the dealers
in options and futures with proposed
legislation more dangerous than war
or the rumors thereof.
MIR Stokes is student as we'll as
Congressman His convictions are
the result of careful study. They are
not spasmodic, but firm fixed aud
lasting He is not trying in one fell
swoop to scatter the exchanges to
the winds He is working up his
plan systematically, earnestly, and
with dilligent care
He is going to make she fight next
winter He has assurances of CO.
operation from many members of
Congress, the National Grange, the
American Cotton Growers Associa
,ion. the Inter State Cotton Growers
Association, and the agricultural or
CARNATIONS throughout the country.
The Cotton Planters Jcarnal of Mem
phis and other papers devoted to
farming interests have already pledg-
ed to the cause their hearty support
Mr. Stokes has introduced "a Bill
Relating to Future Contracts in Ag-
.riculturaI Products" This bill will
be made the basis of she fight. 1t
declares that Options and "futures'
are Instructions to and restraints
upon commerce and are illegal aud
void and that dealing IN them shall
constitute mismemeanor punishable
By q fine equal TO the amount of the
contract if it is not less than q thou
sand dollare and by imprisonment
from one to Eve years 1t provides
also that every distinct contract shall
constitute separate ofense for both
buyer and seller 1t provides for en-
joining aud properly pnuishiog mer
chants or exchange boards OF other
associations that deal il options and
futures.
Mr. Stokes has received thousands
of petitions and letters from ali over
the country endorsing his bill and
urging it's passage. From his home
district, the Seventh. South Carolina,
he received l.091 petitions contain
ing about 5000 signatures He
launched his bill with an elaborate
speech, in the course of which he
said:
"Mr. Chairman, the man who
should advisedly bargain away in the
beginning of the year, q. q clearly
ascertarned loss to himself. whole
years. product Of toll aud priyation,
would be adjudged q fool in the
assizes of common sense Still the
man would simply have done what
he had right 10 do with his own
But when that man presumes, unask
ed, to bargain away the years pro
duct of another in advance, even ii
at no cost to that other. the natoral
and proper feeling would be one OF
resentment toward him
.If it became clear that be bar
gained the years product Of another
in advance. bargained i, and sold 1t
time and time agaio at an appreciable
cost to the producer, / think it quite
likely that violent remedies would be
applied
That is essentially the relation OF
the future operator to the producer
Of cotton and other agricultural sta
pies
Through ali the Blk Thousand
years and more of the worlds bis
tory down to 1872, the world had
gotten along without the services OF
the option dealer, and bad gotten
along fairly we'll He owes bis birth
to a decade of debauch of public con.
science during and subsequent TO 2
period of public war and consequent
public plunder The continued
toleration of his superfuous and
oaicious presence is due to the grip
acquired upon the public throat dur.
ing the stupor incident to that man
moth debauch.
"Hear what was said by the Senate
Committee, presided over by that
able juriss, the late Senator George
of NJ ississippi:
..'in the first place let it be noted
that in and through and under the
regulations Of the two cotton ex
changes of New York and New
Orlesns can this business be trans
acted The Cotton Exchange in