The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1914-02-07
DEMANDS TAX ON FUTURES.
SENATOR TILLMAN INTRODUCES
RESOLUTION TO THIS
EFFECT.


bill to provide revenue tax on agri
cultural products, where sold for fu-
ture delivery:
Section ]. All contracts for the
sale and delivery Of unmanufac-
tured agricultural products of the
United States where the amount con-
tracted for shall be $4,000 or more,
and the date Of such delivery be
fieXd at 80 days or more distant, shall
be evidenced by written agreement
signed by the principals or their
agents and all contracts not so re-
duced by writing are declared to be
in violation Of public policy and sub
ject 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 in
ternal revenue collector Of the United
States, which stamps shall evidence
the payment to the United States Of an
amount equal to / 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
purchaser the vendor shall cancel
said stamps by writing his initials in
ink across same.
Sec. 3. 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 contracted
for shall have been delivered: Provid-
ed further, That no assignment of a
contract shall be valid unless the
principals thereto or their agent or
| agents, assignee or 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 a
tax Of 1-2 Of 1 per cent of the value
OF said products computed on the same
basis as set forth in the section 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 val
ue Of such products amounts to
$4,000 Of more. and the date of such
delivery is 30 days or more distant,
and shall neglect to affix and cancel
revenue stamps as herein provided,
shall upon conviction in a court of
competent jurisdiction pay fine of
not less than 5000 or be imprisoned
not less than 60 days for each Of
fense 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 ven-
dor and vendee, their assignee or as
signees, agent or agents. At the
time of such cancellation, there shall
be affixed revenue stamps eyidencing
the payment to the United States of
tax Of 1-2 Of per cent as provided
| in the case of 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 prod
ucts 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 herein before
| fixed for the original contract and as
! signment or assignments thereof.
Sec. z. 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 flour, butter, lard and
dressed meats shall be deemed man
ufactured products and not subject to
| the provisions of this act
1T shall be the duty OF secretary of
agriculture to prepare and promul-
gate a list of manufactured products
within the intent and meaning of this
act Provided, however, That no un-
manufactured agricultural product or
contract therefor, shall be taxable
\ ~, dor i,,i,N