The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1914-02-11
TAX ON FUTURES
TILLNAK Wants One Per CENT
IHPOST ON THEM
BILL Up TO The SENATE

Senator Introduces Bill Providing a
Tax on Agricultural Products Sold
for Future Delivery-Neasure is
Designed to Prevent Speculation in
Agricultural Commodities.
Senator Tillman Monday introduc-
ed the following bill to provide rev.
enue tax on agricultural products,
where sold for future delivery:
Section !. All contracts for the
sale and delivery of unmanufactured
agricultural products Of the United
States, where the amount contracted
for shall be $1,000 or more, and the
date of such delivery be fixed at 80
days or more distant, shall be evil
denced by written agreement signed
by the principals or their agents, and
all contracts not so reduced by writ
ing are declared to be in violation of
public policy and subject to the pen
alties 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 in
ternal revenue collector of the United
States, which stamps shall evidence
the payment to the United States OF
an amount equal to 1 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 purchaser has agreed in good
faith to receive the said products.
Upon the delivery of the contract to
the purchased the vendor shall cancel
said stamps by writing his initials in
ink across same.
"Sec. 8. No assignment Of con-
tracts herein provided for shall be
valid unless made in writing by the
parties thereto or their duly authoriz-
ed agent, or agents, assignee or as
signees before the products contract
ed for shall have been delivered: Pro-
vided further, That no assignment Of
| a contract shall be rc!id unless the
principals thereto or their agent or
agents, assignee o.: assignees, shall
affix and cancel in the manner pre-
scribed in the preceding section, rev.
enue stamps which shall evidence the
payment to the United States of 4
tax of 1-2 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 cor
poration making or assigning con-
tract for the future delivery of agri-
, cultural products, where the gross
value of such products amounts to
| $4,000 or more, and the date of such
delivery is 80 days or more distant,
and shall neglect to afix and cancel
revenue stamps as herein provided,
shall upon conviction in a court Of
competent jurisdiction pay a fine Of
not less than 5000 or be imprisoned
not less than 60 days for each offense
or both fine and Imprisonment in the
discretion of the court.
"Sec. 5. Contracts provided here
under may be Cancelled by mutual
agreement 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 yendee, their assignee or
assignees, agent or agents. At the
time Of such cancellation, there shall
| be affixed revenue stamps evidencing g
the payment to the United States of a
tax of 1-2 Of 1 per cent. as provided
in the case 6 an assignment Of said
contract.
"Sec. 6. Wherever agricultural
products contracted for under the
provisions of this act are made deliv-
erable in the State in which such
products were grown, or in any other
State which produced according to
the last census 10 pc rcentum of the
product contracted for, then the tax
payable on such contract shall be 1-2O
of the amount hereinbefore fixed for
the original contract and assignment
or assignments thereof.
"Sec. Z. For the purpose'o 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 flour, butter, lard and
dressed meats shall be deemed man
ufactured products and not subject to
the provisions of this act.
"It shall be the duty OF secretary
of agriculture to prepare and promul-
gate list of manufactured pro-
ducts within the intent and nearing
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 ex-
eeed SO, 100000 in value.
''The secretary Of agriculture is
further authorized and directed to
construe said census reports and pro-
mulgate necessary rules which shall
be binding as declaration Of the in
tent and purposes of this act, until
legally revised or changed.
"Sec. S. Wherever any State has
established by law system of grad
ing, inspection and warehousing Of
agricultural products and the depart
ment of agriculture Las heretofore or
does hereafter establish official stand
ard grades. TO determine the quality