Democratic Sentinel, Volume 16, Number 12, Rensselaer, Jasper County, 8 April 1892 — OPTION BILL AMENDED. [ARTICLE]

OPTION BILL AMENDED.

HATCH’S ANTI-OPTION MEASURE FINISHED AT LAST. Prohibitive Taxes Prescribed for Speculative Dealers and Severe Penalties Provided lor Evasions—License of 81,000 a Tear to Be Levied. Objects of the Bill. The House Committee on Agriculture has formally adopted the report prepared by Mr. Hatch’s subcommittee in favor of the anti-option bill. The measure as agreed upon is the Hat :h bill with some modifications in line with the suggestions made some time ago by Senator Washburn. The bill does not propose to interfere with future contracts for the delivery of actual products, but it levies a special tax on those dealers in options or futures who at the time of making such contracts or agreements are not the owners of the articles to he sold and delivered, or have not by purchase icquired the right to their future possessions. These dealers are required to pay SI,OOO annually as a license fee for conducting their business tint shall also pay the further sum of 5 c< its a pound for every pound of raw or ur manufactured cotton, hops, pork, lard, b ,eon, or other edible product of swine, and the sum of 20 cents a bushel for very bushel of wheat, com, oats, rye, ba ley, grass seeds and flaxseed. Itccordi of these transactions are to be kept by le dealers and by the boards of trade vhcre they may be made, and reports are to be submitted regularly to the C unmissioner of Internal Revenue, whdwill collect the taxes. All dealers in opti ms or futures are to be registered, and al transfers or assignments of contract shall be in writing and signed in duplici be, with the date and length of the op .ion explicitly stated. False or fraudul nt entries are made punishable by a qae of from SI,OOO to $20,000, or imprisonment from six months to ten y?ars, or both. Commission merchants who simply desire to conduct a busiiess of making, transferring or assigiing future contracts or agreenients of he legitimate sort will be required to pay a fee of $2 a year. Failure to make proper reports to the internal revenue, department is made punishable by a! fine of from SIOO to $5,000. Chairman Ha:eh thinks that the bill as reported will prevent “wind speculations” and dealings in puts and calls, which are already prohibited by most of tho boards of trade.