The Hattiesburg news., 1913-09-29
MISSISSIPPI DELEGATION "uP IN
AIR" ON COTTON FUTURES
AMENDMENT.
OPPOSITION OF HUMPHREYS
ing Legislation Aimed at EviI-WiIi
Stand With Organization, However.
(By Frank D. Lander, Jr.)

Washington, D. c., Sept. 2S.-An
to the tariff bill of such
vital interest to cotton growers and
brokers, and containing so many de-
batable points that the Mississippi
delegation is considerably up in the
air as to just what stand they will
take, is the amendment proposed by
Senator Clarke of Arkansas and ac-
cepted by the Senate, imposing a tax
of one-tenth of one per cent on all
trading in cotton futures.
In lieu of this amendment, Senator
Hoke Smith proposed an amendment
imposing this tax only on transactions
where the cotton delivered is below
the standard called for in the transac-
tion.
The general impression here is that
the latter amendment, which is sup
posed to be backed by the house lead
ers, will be accepted. There is reason
to believe. however, that both amend
ments will be rejected by the House
and that Majority Leader Underwood
will offer separate amendment
which will be accepted by the house
and sent back to conference. The
nature of the amendment which Mr.,
Underwood is expected to propose can
not be stated at present, but 1t is be-
lieved it will have the backing of
President Wilson.
There are two views of the effect
the Clarke amendment will have il
passed. One is that it will kill trad
= ing in cotton futures on the exchanges,
and this is admittedly the purpose Of
the bill The other opinion is that
= the amendment will not kill specula-
. tion in cotton futures, but will simply
;, add an additional expense of about 81
: bale on the transaction and that the
exchange men would so manipulate
: the affair that this expense would be
! born, not by them, but by the growers
4 of the staple.
:, The Smith amendment, it is agreed,
= would prevent the delivery of below
=. standard cotton, but would have no
other effect on the trading.
Neither of the Mississippi senators
have expressed an opinion on the mat
ter. Senator Williams, thoroughly
g worn out by the mental and physical
-. strain that has accompanied his work
- in connection with the tariff bill, has
- suffered an attack of chills and fevel
~ and has been ordered by his physician
,o to remain at home for several days.
ha In the lower house, although thu
no members are holding up their flna
;, decision until the matter is thorough
- ly discussed on the floor of the House
b it is expected the Mississippi represer
,.h tatives will support the modifie
j.. amendment, believing that this amend
NJ; ment will destroy the most nefariou
=, practice of the exchange men and
- less dangerous than the Clarke amen
,ar ment.
Representative Humphries, howeve
looks at the proposition from dine
ent standpoint from that taken by Il
oN other members of the delegate
While he expects to support the mo
1ith fed amendment, he is opposed to be
IN amendments and bases his opposite
lion not on any sympathy with trading
,cia. cotton futures, for he has declar
sion himself repeatedly on this point,
day. because in his opinion, both anne
ar. ments are contrary to the spirit of
ocal constitution of the United States
golf to the oft-repeated principles OF
ntry Democratic party.
"The constitution" said Mr.. H
phries, "gives congress the right
tax for the purpose Of raising r.
nue. and for that purpose only,
Democratic party has waged war
r Al the Republicans for many years on
at ground that the R a1a1lIzz1s' pr
sAas Piles of taxation are y ~ princi
To- of taxation for revd da<|< 6a S
It's cor )ing into Office r. WI
Continued On rss.l
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