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Show GAMBLlXlfJWHEAT KANSAS SENATOR HAS PLAN TO PREVENT SPECULATION IN FOODSTUFFS AND COTTON. Propoed Measure Designed to Eliminate Elimi-nate Present System of Trading In Necessities, Placing Heavy Tax on Futures. Washington. Senator Capper of Kansas on Saturday made public his proposed bill to stop gambling in foodstuffs food-stuffs and cotton. A tax of 10 per cent, designed to be prohibitive, on "future" trading on jraln and cotton, except by actual wnors or a limited class of traders uader federal license, is the basic feature fea-ture f the Capper bill, which is to be introduced in the senate by the author and In the house by Representative TIncher, Republican, of Kansas. The 10 per cent tax would apply to options and the measure would affect grain roducts as well as raw grain. "The bill will stop gambling In 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 the thousands of wire bouses and bucket-shops by making it impossible for gamblers and speculators to deal n boards of trade. "The bill undertakes to preserve the legitimate 'hedge,' but cuts out all gambling and manipulations." Farmers, dealers and manufacturers buying or selling grain or cotton for actual delivery would not be restricted restrict-ed by the proposed law, Senator Capper Cap-per said. Penalties of 50 per cent of the federal fed-eral tax, n fine of $10,000 and one year's Imprisonment for violation of the bill's provisions are incorporated in the Capper bill. Sellers f grain products and cotton, cot-ton, who at the time of sale would be owners of the actual physical property, and 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 actual transactions during the preceding preced-ing year and would be required to re-pert re-pert all dealings to the Internal revenue reve-nue bureau. |