Rensselaer Semi-Weekly Republican, Volume 40, Number 34, Rensselaer, Jasper County, 3 January 1908 — BILL IN CONGRESS TO CURB GAMBLING [ARTICLE+ILLUSTRATION]

BILL IN CONGRESS TO CURB GAMBLING

Measures Introduced by Texas Members Would Prevent Options hi Cotton and Grain. MAY COVER DEALS IN STOCK. ' r - - - .. • ’ " * 1 _. Idea Threatens to Place an Embargo on Market Speculation of All Kinds. ~ j~ A r!|, V Washington cMK pondence:

kp HERE has been Pjl a sudden awakening throughout . the country to the fact that someV-* thing is going on a .In Washington ||& which threatens fra* gambling in cotIsSa* ton and grain, and possibly, too, which aims to gki place an embargo *’'"" ,lirr on speculation In |!EfE| stocks. . IndicaJtT* tions of t h 1 s I* ' awakening-appear •In a regular flood

of letters from the interests threatened to the members of Congress, who are identified with the proposed restrictive legislation. The reason which calls forth these letters lies in two bills introduced by Senator Culberson, of Texas, and Representative Burleson, of the same State, designed to wipe out speculation In cotton futures. The bills are identk cal and while they apply only to cotton, as originally drawn, there is likelihood that if either of them is reported out"of tlie committee to which they have been referred the provisions will be extended to apply to wheat and other grains. The central idea in the Burleson bill Is the application of the power to regulate Interstate commerce so as to restrain telegraph and telephone compa-

nies from transmitting messages relating to a contract for the fu-f ture delivery of cotton. The use of the mails also is prohibited to publications containing notices or records of )t.be transactions <jf ariy prod u c e exchange wherein the con-

tracts aimed at in the measure are made Heavy penalties' provide the means of restraining the telegraph and teleplioiie companies. It is the contention of Representative Burleson that if Information of the kind prescribed can be kept away from the people living outside New York and New Orloanß it will put the New York Cotton Exchange out of business. Frankly, it Is admitted, that such is the object of the bill. , , The Boards of Trade In several cities are- aroused. Probably what 4hey chiefly fearTs that public senti-

ment against speculation in both stocks and bonds, which lias been accentuated by the r e cent financial condition, may hasten a demand for the passage of the bill. In addkkss $3 the Burleson mcosure, Repre-

sentative Hepburn, of lowa, has In hand a plan to regulate dealing In stocks. Both France and Germany have adopted radical restrictive measures relating to dealings In stocks, grain, cotton and other things on margins, and their example is being pointed to by American legislators who are earnest in their intention of doing someof France prohibit gambling In several securities and provide heavy fines and Imprisonment for Infractions thereof. The French penal code also prohibits “corners” or attempts to control the supply or affect the prices of grain, flour, bread and other food products.

W. P. HEPBURN.

C. A. CULBERSON.