Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1914-02-06
TO TAX FUTURE CONTRACTS
Senator Tillman Seeks to Regulate
Market Gamblina.

Market Gambling.
Senator Tillman on last Monday in
| troduced the following bill to provide
| a revenue tax on agricultural pro-
ducts, where sold for future delivery:
Section /. All contracts for the sale
and delivery Of manufactured agri-
cultural products Of the United States,
| where the amount contracted for shall
be $4,000 or more, and the date Of such
delivery be fixed at 80 days or more
distant shall be evidenced by a writ
ten agreement signed by the princi-
pals or their agents, and all contracts
not so reduced by writing are declared
, to be in violation Of public policy and
subject to the penalties hereinafter set
forth.
Sec. 2. The party who shall sell
and contract for future delivery agri-
cultural products as provided in the
foregoing section. shall affix to the
| written contract Of sale revenue stamps
to be purchased from the internal rev.
enue collector Of the United States,
which stamps shall evidence the pay
ment to the United States Of an
amount equal to l per centum Of the
| value Of the products contracted for,
the said value to be computed upon
| the basis Of the price at which the pur-
chaser has agreed H. good faith to re-
ceive the said produces. Upon the de-
livery c2 the contract to the purchaser
the vendor shall cancel said stamps by
| writing his initials in ink across same.
Sec. 3. No assignment Of contracts
| herein provided for shall be valid un-
| less made in writing by the parties
thereto or to their duly authorized
agent, or agents, assignee or assignees
| before the products contracted for
shall have been delivered: Provided
further, That no assignment Of con-
tract shall be valid unless the princi-
pals thereto or their agent or agents,
assignee or assignees, shall afix and
cancel in the manner prescribed In the
preceding section, revenue stamps
which shall evidence the payment to
the United States Of q tax Of Of per
cent Of the value Of said products
computed on the same basis as set
forth in the section 2 Of this act.
Sec 4. Any person, firm, or corpor-
alton making or assigning contract
for the future delivery Of agricultural
products, where the gross values or
such products amounts to $4,000 or
more, and the date Of such delivery Is
| 80 days or more distant, and shall neg
lect to affix and cancel revenue stamps
as herein provided, shall upon con-
viction in a court Of competent jurfs-
diction pay a fine Of not less than 5000
or be imprisoned not less than go days
for each offense or both fine and i'm
prisonment in the discretion Of the
court.
Sec. s. Contracts provided hereun-
| der may be Cancelled by mutual agree
ment Of the parties thereto, and the
evidence of such cancellation shall be
made in writing across the face OF the
contract and signed by the vendor
and vendee, their assignee or assignees.
agent or agents. At the time OF such
cancellation, there shall be affixed rev.
enue stamps evidencing the payment
to the United States Of a tax Of 4 Of
per cent as provided in the case of said
contract.
Sec. 6. Wherever agricultural pro-
ducts contracted for under the provi-
sions Of this act are made deliverable
in the state in which said products
| were grown, or In any other state
which produced according to the last
census 10 per centum Of the product
contracted for, then the tax payable
on such contract shall be 1-20 Of the
amount hereinbefore fixed for the ORR
ginal contract and assignment or as
signments thereof.
Sec. 7. For the purpose Of this act.
lint cotton in bales, wheat, corn, oats,
rye and other grains In their usual
commercial packages shall be deemed
manufactured agricultural products.
but -four, butter, lard and dressed
meats shall be deemed manufactured
products and not subject to the pro-
| visions Of this act -
1T shall be the duty Of the secretary
Of agriculture to prepare and promul-
gate list Of unmanufactured pro-
ducts within the intent and meaning
of this act: Provided, however, That
no unmanufactured agricultural pro-
| duct or contract therefore, shall be
| taxable under the provisions Of this act
unless the total value Of such product
| in the United States as shown by the
latest census report shall exceed $10,-
600, 900 in. value.
"The secretary of agriculture is fur
| ther authorized and directed to con-
strue said census reports and promul-
gate necessary rules which shall be
binding as a declaration Of the intent
and purposes Of this act, until legally
revised or changed.
Sec. s. Wherever any state has es-
tablished by law a system of grading,
| inspection and warehousing Of agri-
cultural products and the department
Of agriculture has heretofore or does
hereafter establish official standard
grades, to determine the quality or
value Of such agricultural products,
when the secretary of agriculture Is
authorized and directed upon the ap-
plication Of said state. to send such ex-
pert or experts as may be necessary to
the state, for the purpose Of establish
ing the grade and quality Of the agri-
cultural product, where the value Of
such product in the United States ac-
cording to the latest census report ex-
ceeds the gross sum Of $10,000.000.
Sec. 9. The secretary of agriculture
is hereby empowered to promulgate
the rules and regulations under which
his department is prepared to cooper.
ate with any state which may unde:-
take by law to classify, grade or 9TH
erwise determine the quality Of un-
manufactured agricultural products as
set forth in this act
Sec. 10. All acts and parts of acts
inconsistent with this act be, and the
same are hereby. repealed.
SOUTH CAROLINA NEWS.