Pine Bluff daily graphic., 1913-07-16
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buyer or the seller described in such contract of sale or purchasC, is at the time of the execution thereof resid- deemed and considered ill all respects sale, agreement of sale, or agree ment to sell, or purchase, agreement of purchase, or agreement to purchase for future delivery, of the cotton de- scribed therein within the meaning of this section. A corporation organiz- ed under the laws of any state or country shall be deemed for all pur- poses person within the meaning of this section. All contracts for the sale or purchase as aforesaid of cot ton for future delivery at the places and by the persons herein mentioned, shall be in writing, plainly stating the terms of such contract and indi- eating the parties thereto and signed by the party to be charged, by him. self or his agent. The said tax shall be paid by means of stamps affixed to such written contract.
 Sec.-That the Secretary of the Treasury is hereby authorized and empowered to make, prescribe and publish all rules and regulations nec- essary to the enforcement of the fore going Section and to the collection of the tax thereby imposed To further effect this purpose he is hereby auth orized to require all persons coming within its provisions to keep such rec ords and systems of accounting as will fully and correctly disclose the transactions in connection with which the said tax is authorized; and he may appoint such agents, as he may deem necessary to conduct the inspection necessary to collect the tax herein authorized, and otherwise to enforce this statute and all rules and regula- tions lawfully made in pursuance thereof as in his judgment may be required, and to fix the compensation of such agents.
 Sec.-That any Cotton Exchange, Board of Trade, or other similar place, or person acting in conformity with the rules and regulations Of any such Cotton Exchange, Board of Trade, or other similar place where contracts for the sale or purchase of cotton for future delivery are made, and every person who shall be a party to such contracts of sale or purchase as mentioned and described in Sec tion--who shall fail to pay, or shall evade, or attempt to evade the pay ment of the tax levied in Section--or shall otherwise violate this statute, or any rule or regulation lawfully made ill pursuance thereof, shall be guilty of a misdmeanor, and upon conviction thereof shall pay a fine in any sum not less than $1,OO0, nor more than
 $2O,O00; and in case of natural per sons, or unincOrporated associations of persons violating this Act an ad- ditional punishment by imprisonment for not less than one year nor more
 than three years may be imposed at
 the discretion of the Court.
 Sec.-That no person whose evi- denc eis deemed material by the off Ger prosecuting on behalf of the
 United States shall withhold his testi- mony because of guilty participation by him in any violation of this statute,
 but any such person so required to give evidence as a witness shall be exempt from prosecution in any Court of the United States for the particular offense in connection With the trial
 wherof such testimony was given. In addition to the foregoing punishment
 there is hereby imposed a penalty c: $2,000 on each separate sale or pur- chase made ill violation of this statute. to De recovered in an action founded
 on this statute, in the name of the
 United States as plaintiff, and when so recovered one-half of said amount shall be paid over to the person giv- ing the information upon which such | recovery is based
 Sec.-That the payment of the tax levied under authority of Section
 shall not exempt any person from any penalty or punishment now or here
 after provided by the laws of any state for entering into contracts for the future delivery of cotton; nor shall the payment of taxes imposed by
 said Section-be held to prohibit
 any state or municipality from impos- l ing q tax on the same transaction.