New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-12
SEPTEMBER | MAY SEE
NEW TARIFF BILL A LAW
Measure, Now in Senate, viii
Reach President by Then il
Present Plans Garry.
TO TAX CONTRACT COTTON
Senator Smith Proposes Gov
ernmental Standardization of
the Grades and Heavy Pen
alties for All Violations.
[From The Tribune Bureau.I

lfrOm Inc lslbuHt iohlN"NsI
Washington, July u.-After a meeting
of the full Committee on Finance. Senator
Simmons, the chairman, formally report
cd TO the Senate to-day the Democratic
tariff bill with the recommendation that
it do pass" At the same time he gave
notice that he would move on Wednesday
that the bill be taken up for considera-
ton. From that time until the final vote
Is taken the wheels of debate Will grind
slowly, but increasingly. 1t IS expected
II the Democrats adhere to their present
programme not TO participate In the de-
bate. that the measure will be ready for
conference about August p. In this
event IT would probably be ready for the
signature Of President Wilson about Sep
TENDER !.
Another measure designed to reform
trading I'm cotton was acted on favoraoly
by a Subcommittee of the Senate Com
mttee on Agriculture to-day. and may
dIsplace the provision incorporated In the
tariff bill providing for tax OF one
tenth of a cent a pound on contracts Tor
the future delivery of cotton in case no
delivery is made
The bill acted upon to-day was intro
duced by Senator Smith, OF South caro-
line. II provides for governmental stand
ardization OF cotton grades. and requires
that contracts for future delivery, II ful-
filed. be fulfilled In the grade speciheo
in the contract. IL has no provision 10
force the delivery OF future contracts or
to penalize the failure to deliver. In TINS
respect IL Is entirely unlike the so-called
Clarke amendment to the tariff bill.
Must Specify Grades.
Senator Smiths bill provides that any
person, partnership, company or other
organization in making or offering for
sale any contracts for the future de-
livery of cotton shall specify the grade
or grades contracted for in every case.
This grade shall be according 10 the nine
governmental standards rather than the
thirty-seven gradations OF the New YORK
Cotton Exchange. The Secretary OF
Agriculture is also required 10 standard
ize separately the various grades or long
staple. or Gulf cotton, and In contracts
for this variety the length of the staple
shall be specified.
The penalizing sections OF the bill pro-
hibit the use OF the mails, telegraph, ex-
press companies or any other method OF
interstate communication for contracts
violatlve OF the bill. Any employe or
ONCE connected with any means OF COM
munication knowingly transmitting for
hidden contracts shall be liable to fine
OF not less than 500 and not more than
$1,000. each message being a separate
offence. The principal offenders shall be
deemed guilty Of misdemeanor, and
shall be subject to imprisonment for
three years or a fine OF 5000. or both.
Senator simmons asked for five days
I'm which to frame the report OF the ma
jority members OF the Finance Com
mittee The Republicans will be given
an additional five days Opportunity
will also be afforded Senator La Toilette
to file an additional report II he so de-
eires