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Show WOULD PUT STOP TO G1BLIIN WHEAT KANSAS 8ENATOR HAS PLAN TO PREVENT SPECULATION N FOOD8TUFFS AND COTTON. Propowd Measure Declgned to Ellml- nato Present System of Tradlnn In Necessities, Placing Heavy Tax on Futures. Washlngton.-Henator Capper of' Kansas on Saturday made public his proposed bill to stop gambling In foodstuffs food-stuffs nnd cotton. A tax of 10 per cent, designed to bo prohibitive, on, "future" trading on grniu nnd cotton, except by actual owners or a limited clu.is of traders under federnl license, Is the basic feature fea-ture of the Cupper bill, which Is to be Introduced Hi tho senate by the author nnd In the house by Uepreseiitutle Tlncher, Itepublleun, of Kansas, 'flic 10 per cent tax would apply to options and the measure would affect grain products as well as raw grain. "The bill will stop gambling u wheat, corn, cotton and other farm products," said .Senator Capper. "It will eliminate the wheat pit and the blackboard. It will put out of business tho thousands of wire houses and bucket-shops by making It Impossible for gamblers and speculators to dual on boards of trade. "The bill undertakes to preserve .the legitimate 'hedge,' but cuts out -nil gambling und manipulations." Farmers, dealers und manufacturers buying or selling grain or cotton for actual delivery would not be restricted restrict-ed by the proposed luw, Senntor Capper Cap-per said. Penalties of 00 per cent of the federal fed-eral tax, a fine of $10,000 und .one year's Imprisonment for violation -of tho bill's provisions are Incorporated In the Capper bill. Sellers of grain products anil oot-ton, oot-ton, who at the time of sale would be owners of the actual physical property, und traders regularly engaged en-gaged In growing, dealing In, or manufacturing, manu-facturing, and registered with the Internal In-ternal revenue bureau, would be exempt ex-empt from the 10 per cent tax. Such traders, however, would be limited In their dealings to three times their nctual transactions during the precluding preclud-ing year and would be required to report re-port nil dealings to tho Internal revenue reve-nue bureau. |