The Washington times., 1911-04-11
WAR ON GAMBLING
IN COTTON FUTURES
OPENED IN CONGRESS
BurleSon Serves Notice on
Big Exchanges by De-
claring Action.

Declaring that the duty devolved
upon this Congress to put an immediate
stop to gambling in cotton futures, Rep
resentative Burlesson of Texas today
served notice on the cotton exchanges,
and particularly the New York Cotton
Exchange, that the House proposed to
act promptly.
Mr.. Burleson already has introduced
a bill which he believes will put an
end to widespread speculation in the
principal product of the farmer. The
Texas member admits that the cotton
exchanges have shown a disposition to
reform, but ayers that the reformation
has not gone far enough, and that leg
islation Is imperative to end gambling
in cotton futures. Something must be
done at once" is the slogan of MIR.
Burleson today.
Inasmuch as Mr.. Burleson turned
down the craftsmanship of the House
Committee on Agriculture, which will
have control of all anti-option bills, the
words of the Texan have particular sig
nificance at this time. Mr.. Burleson is
one of the Democratic leaders of the
House, and accepted a place second in
rank on the Appropriations Committee
in lieu of the Agricultural Committee
craftsmanship.
For Anti-0ption Bill.
When the Scott anti-option bill was
before the Committee on Agriculture
last session. Representative Burleson
was one of its ardent advocates. The
Scott bill passed the House. but was
so amended in the Senate as to nullify
fits real effects. With the House now
Democratic and the Senate nearly so,
Representative Burleson is confident
that anti-option legislation will have a
clear track at the present.
Mr.. Burleson says:
Something must be done, and at
once, to stop gambling in cotton futures,
and the duty devolves upon this Con-
gress.
"A disposition has been manifested on
the part of one Of the exchanges to re-
form its rules and methods so as to
minimize the effects of the evil of cot
ton gambling, but the great controlling
exchange (the New York Cotton Ex-
change) has persistently refused to do
anything indicating even a desire on
the part of the element in crontrol to
meet the recommendations of the Bu-
reau Of Corporations, which has clearly
pointed out what should be done to pro-
tect the producer Of cotton from the
great injury which results from illegiti-
mate cotton speculation.
Thinks Bill a Remedy
81 have introduced a bill which be-
Iieve will remedy the evil Certainly 1t
will prevent unrestrained gambling In
cotton on certain of the exchanges
where that gambling is now obstrusive-
Iy evident. My bill denies the use Of
the telegraph and telephone lines be-
tween States, for the transmission of
messages relating to contracts for
future delivery, where there is no in
tention on the part Of the seller to de-
liver the cotton. or the buyer to re-
ceive II.
The measure will not interfere with
legitimate trading in cotton, but will
undoubtedly put a stop to those tram
sactions which are proving so hurtful
10 the cotton trade, and have been re-
peatedly declared by our courts Of last
resort not only illegal, but against pub
lie policy.
II think 1 understand the sentiment OF
members of Congress on this subject,
and / do not hesitate to say that, in
nv opinion, IL the exchanges refuse to
reform their methods, they will be de-
stroyed."
Copyright by United Press.)