The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-06-30
MEASURE
FAVORED BY HOUSE
1t Is Put Through as Substitute
for Smiths Senate
Bill.
MAKES TAXES PRoHlBlTIvE
Seeks to Regulate Out of Exist
cnce Evil Practices of
Cotton Exchanges.


day substituted the Lever bill, Cor regu-
lation of cotton exchanges through
prohibitive taxes. for tho Senate meas
ure proposing regulation by means of
prohibiting the use of the malls and
the telegraph for so-called gambling
transactions"
The House put the bin through under
suspension Of the rules by a vote OF
81 to 81. and sent II to the Senate.
IF the Senate fails to agree to the
substitute the differences will be taken
up in conference.
Senator Smith, author of the Senate
bill, is now campaigning in South
Carolina and consideration Of the sub
stitute may be delayed until his return,
though Senator Smith. of Georgia, or
some other Southern Senator may call
It up in the meantime.
AIM IS TO REGULATE
ALLEGED EVIL PRACTICES
Both the Senate and House measures
aim to regulate alleged evil practices
on the cotton exchanges, which the
the price of cotton. The Senate bill.
through the PostOfiice Department and
the Interstate Commerce Commissions
Jurisdiction over the telegraph, would
prohibit the transmission of quotations
and lists Of sales of cotton that did
not comply with the requirements as
to Standardization prescribed in the
bill. Both bills would regulate, though
they would not prohibit transactions
in futures.
The House bill relies on the govern
ment taxing power, instead of inhibi-
tons on the mail and the telegraph.
proposing q tax OF s. a bale on con-
tracts that do not comply with the
requirements.
No tax would he imposed on what
are regarded az legitimate contracts.
The measure would require that con-
tracts must be in writing: must spect-
fy the quantity of cotton involved in
each transaction, and give names and
addresses OF buyers and sellers with
the basis grade of the cotton involved.
other sections would provide that the
cotton must be OF or within the grades
specifically established by the Secre-
| tary of Agriculture, and that in case
other than the basis grade is deliv.
cred. the differences above or below
the contract price must be the actual
commercial differences and not the
differences arbitrarily fixed by the cot
| ton exchanges, the commercial diff
| ferences to be determined by the Sec
rotary of Agriculture by comparison
OF prices of Aye, epot'cotton markets:
| X lively debate preceded the vote on
| the bill. Democratic Leader Under
wood, favoring the leasure, pointed
out that the whole proposition rested
on the proposal that Congress should
either suppress or regulate the cot
POWER OI' ENFORCEMENT
IS SECONDARY MATTER
whatever particular power you use
! t. enforce n law" he said. lis sec
ondary proposition. but there is no
better power in the government than
the power to tax. which is in this bill
The Scott bill was intended to wipe
out the cotton exchanges. The Lever
pill is intended to regulate them. In
two different Congresses. have sup
ported legislation along the lines of
| the Scott bill. and they have died in
| committee in the Senate a similar
! bill ut this time would meet a similar
| fate"
81 believe that the practices Of the
New York cotton exchange cost the
Southern producers annually 100000
OOO, declared Representative Lever, OF
South Carolina, chairman of the Agri-
cultural Committee and author OF the
bill The purpose of this bill is to
eliminate the practices which consti-
tute such all enormous burden"
Representative Wingo, of Arkansas
insisted upon Legislation along the
lines of the Scott bill.
Representative Aswell, of Louisiana
sought to introduce. as substitute for
the Lever bill, measure of similar
intent framed by officers of the Ma
tional Farmers Union, but was ruled
out of order.
The Asweli bill would levy a tax of
&c cents a pound.
Representative Hughes. OF Georgia,
opposed the bill, because, he declared,
certain features were detrim entail to
cotton growers.
Progressive Leader Murdoch, OIL
Kansas. also opposed the bill He fav-
ored the Smith bill.
Representative Sims. OF Tennessee,
spoke against the measure.
TN rn1fyISSrnN
DENOUNCED BY BORAH
Washington. juno 23.-Efforts to
control monopoly by Federal COM
mission and the pending administration
trade commission bill were denounced
in the Senate to-day by Senator Borah
of Idaho. Senator'S Lewis and Cum
Minis defended the measure.
Senator Borah declared that the
Democrats. instead of trying to get
the few men who have organized the
great monopolics of this country"
were passing law that would bind
down all business.
.,1r bo,