The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1914-07-01
SUBSTITUTES
LEVERS BILL
FOR SMITHS J
MEASURE TO CONTROL THE
COTTON EXCHANGES Is &
CHANGED ABOUT
ALTER CONTRACTS
The House Votes for a Substitute
For Carolina Senator'S Bill +
After Debate s.
ALTER CONTRACTS.


tion of cotton exchanges through pro-
hibitive taxes, for the Senate measure
proposing regulation by means Of
prohibiting the use of the mails and
the telegraph for co-calied gambling
transactions, Is z 81
The touse put the bill through na-
der suspension of rules by vote ,ot
81 tn 81 and sent it to the Senate
If the Senate faiis to agree 10 the
substitute, the differences will
be taken up in conference.
Senator Smith, author of the Sem
ate bill is now campaigning in South
Carolina, and consideration of the
substitute, may be delayed until his
return, though Senator Smith, of
Georgia, OF some other Southern sem:
ator may call 1t up in the meantime. =,
Both Would Regulate. 1.
Both the Senate and: the House
measures aim to regulate alleged evil
practices on the cotton exchanges
which the cotton producers contend
keep down the price OF cotton. The
Senate bill through the postof1ce de-
partment and the Interstate Com
merce Commissions Jurisdiction over
the telegraph would prohibit the
transmission and Lists OF sales Of COT,
ton that did not comply with the re-
uuirements as to the Standardization
prescribed in the bill, Both bills
would regulate though they would
not prohibit the transactions In fu-t
lures. . & ~ t5l
The House bill relies on the govern
ment taxing power, instead Of inhibi-
tions on the mail and the telegraph,
proposing a tax iof five dollars q bale
on contracts that do not comply with
the requirements. ;ls ~ ~
: No tax would be imposed fon what
an agreement between the twp,Vartng
The measure would require that con-
tracts must be in writing must spec.
ify the quantity of cotton involved In
each transaction and give names and
addresses of buyers and sellers, with
The basis grade Of the cotton inyol-
we'd. Other sections would provide
that the cotton must be Of or within
the grades specifically established By
the secretary lof agriculture and Up
case other than the basis grade -
delivered, the differences below or
above the contract price would be the
actual commercial difference, and not
the differences arbitrarily fixed by
the cotton exchanges, the commercial
differences to be determined by the
Secretary of Agriculture by compar-
ison of prices of the spot cotton mar
kets.
Had Lively Fight.
A lively vote preceded the vote on
the bill. Democratic Leader Underr
wood, favoring the measure pointed
out that the whole proposition rested
on the proposal that Congress should
enter and suppress or regulate
ulate the. cotton exchange Of the coun-
try.
Whatever particular power you
use to enforce a law" he said, sis q
secondary 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 bill Is intended * to regulate
them. In two different congresses 7
have supported legislation along the
lines of the recent Scott bill, and they
have died in committee In senate. A
similar bill at this time would meet
a similar fate" .-..
81 believe that the practices Of the
New York Cotton Exchange cost the
Southern producers annually $780,
OOO,000," declared Representative Le-
yer, of South Carolina, chairman Of
the Agriculture committee, and author
of the bill. "The purpose Of the bill
is to eliminate the practices which
constitute such an enormous bur-
den." ."
Representative Wingo, Of Arkansas,
insisted upon legislation along the
lines Of the Scott bill. ... f
Representative Aswell, OF Louisia-
ma, sought to introduce as q substi-
tute for the Lever bill, measure Of
similar intent formed by officers of
the National Farmers Union, but was
ruled out of order. The AsweI bill
would levy tax of 20 cents pound.
Representative Hughes Of Georgia,
opposed the bill, because, he declared
that certain features were detrimental
to cotton growers.
Progressive Leader Murdock, of
Kansas, also opposed the bill. He ia
vored the Smith bill.
Representative Sims, of Tennessee.
sloke against the measure.
STATE CAMPAIGN. 49,