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2 THE VALDOSTA TIMES, SATURDAY, 'DEEMBER 22, 1906. COTTON FUTURES OTCISfON. Ik of Judge Speer on the j r Gjb Last Saturday. ^ho enforcement of «uch a contract, j York. The freight rates from New for the reason that it is contrary to "York to Valdosta would make this an 'he general welfare, that is to say, to J impossible delivery in all likelihood, the public policy, and the courts lease j As he needs the cotton for the daily the parties where they find them. work of his machines, he may buy it It is, however, true that it ig not at the most favorable localities of the every agreement for the future sale j neighborhood, and as it in manufactur. of commodities that is a gambling ed, he may close out to that extent contract. The law upon this subject ;hig New York contracts. He, how- I may be expressed as follows: |ever,. can get his co ton In New York An agreement for the sale of stocks, j if by any exigency his business de- ! grain, cotton, or any other commodity, mands that he should have it deliver- t gambling contract where the par- ed there. This I do not esteem to , do not intend an actual delivery, be a gambling contract. He may need i but agree that at the time fixed for the cotton for a specific purpose. Tie The Verdict in the Case is Reflarded delivery, they shall settle by one of in that event must have it. If he AM one of the Most Important Yet ,hem P ayin « the oth er the difference cannot get it here, he can get It in I betwe^h the price agreed upon and the ! New York, although he will most’ Held Here. Many People Were Anx* market price at the time of delivery. f probably get Its value there and so ■ loss to Read the Judge’s Charge In I Thls 18 a mere bet or speculation on , there Is no Injury to el’her factory or i the rise and fall of the price of the ar- community, 1 the Can., so we r nt t e ow. .tide and Is illegal, not only under I This Illustration, however, and oth-! tFrom Monday’s Dally.) .the statu'es, but in most states even ers which might be given of a legit*' Tbe verdict In the case of the New independently of any statute. It Is Imate purchase of commodities for fu- York cotton brokers against P. B. Illegal by the express statu’e of this lure delivery, is essentially different: aa< T. K. Phillips is regarded aB one state and is now so clearly Inimical from that which the law denounces, ‘ ct the tnoiit important that has come to the public policy of tbe state, that and which Is entered Into by men oat In a court here, and there has been brokerage establishments, known as who have no possible neces&0lkfor a gsiarral dealre to read tho charge "bucket shops," arc expressly denounce the commodity for any productive pur-* which Judge Speer gave to the Jury, jed by the statute law. pose—or for any purpose at all—who j lai view of the great Interest that a’-j The policy which forbids contracts 110 not * Ipect to take or deliver It, | tachas to tbe case, we reproduce the of this character Is eaelly discovers- and who on, T take the chances j Judge’s charge below: hie. The commonest form of thla dls* of 1)10 rlse and fall of the! CeaUemen of the Jury: 'Raised gambling In modern life is the markp t with a view of winning by an ! The issues offered In tills caso for con: rant for the purchase or sale of a<, J"»tmont of differences between your determination are on two nc* property In the future, without the in- the prlte at which they agree to pur- tUn.it. brought by Bailey & Graham, tendon upon the part of oltner party chaa0 . and the actual market price aiemberu of the New York Cotton to deliver or receive sjieh property the on tost date. ExcliauRo, one against P. D., and mutual Intention being to settle the ' N °r ,s 11 true that the law, In an the other against T. E. Phillips. Tho contract at the period of maturity Investigation of a transaction of this claim in each case Is the suin of cer- thereof, by paying or receiving tho Eoneral character, will hold tho par- tain amounts, alleged to havo bora difference between the market price tles down t0 toe tetter of their con- paid by tile plaintiffs on account of and the contract price or iho propertty tr -icts, whether they are In telegrams, the particular defendant sued. bargained for. The temptation to those memoranda, slips, rules of a cotton la the case of T. E. Phillips, It Is who do not own tbe proptray In °«bange, or what not. If, however, claimed that ho la indebted to tho which they thus deal, io engage In II a PP ear * from tho documen ary ev- plalntiffs In tho sum of >2.9r.0,B3, bo- such ventures, by which they Imagine ldenc0 that the transaction was to be aiden interest from June 17 1901, at that large proflts may bo won at a ln “cordancc with the rules of a cot. aix per cent, per annum. minimum expenditure, Is deemed by otn exchange, it will be pre- Thla sum is alleged to bo duo upon tho law-making bodies to be of such 8umcd that both parties under- an open account for commissions, for character as to demand stautory pro- s -°° d thla, unless the contrary is cervices and for money paid and ad- tectlon for tho people. This Is prob- mado ,0 appear by the proof. If It vaaced by :he plalntlffa for and at nbly ascribable In largo part to tho wore a 0u0s tlon merely between the tbe rogues' of T. E. Phillips In sell- fnct that the small and Inexperienced pnrtloB - the general rule that the writ, lag Her Mj account, and aa his ngents, dealers In villages and rural com- ten con traet controls would be en- atttma tat future delivery, according munltlea aie wholly Incompetent to f °reed, but ln cases of this general io Ota rules nod regulations of tho trade on equal terms ln such Illegal cha racter the public has the gravest New York cotton Exchange In the venture, with the alert and trained in terest, “<> however, formally the eUy of Now York. A copy of «ie Intelligences, who gather in the great contract may to letter seem to com- aecouat Is annexed, and the petition marts of commerce ln our . country, ply w *th 010 tow, yet if In fact and prooneda to ret out ln detail Iho on- and who devote their powors to this' ln purp ose It la to disregard of the tore of tho demand. Illegal trading. In addition to this (ho ,tt w, the court and the Jury may look The other action la brought by the excitement of such vonturcs tends to trough tbe form and the evidence to mat plaintiffs against P. D. Phil-, divert the mind of the farmer or Mcer,aln wh at was the real purpose ~ .'he amount claimed la the small- tradesman from those product-.* nd the real transaction. When from and labor Ive enterprises for which he Is reallv‘ the proof 11 app ®#rs thit »'<•* eon- fcln cun- . _.ry to the ( ftPPtatlon to those persons vho are Public welfare Is not ’rwstffHd, or the Pblilipv, with Interest nt six D*r rent, ^entrusted with funds for other pur-.illo^nl nature of the transaction al- fremr tbe date above mentioned, ’This poses, which are diverted, nt whatever tered . If It nlso clearly appears that ha on 1 oUnltsr account to Hint already haxnrd to the truo owner, for the pos. the a K 0n ’s or representatives of the stated. slhllity by their use of personal gain par, l 0 s, who carry on such business, Tlntro is no question made by tho to tho :rusteo. It Is probably true 0nt ored the rurn/1 or village localities, drfrmse as to the accurncy of the no- that no practice prevalent In Ihe trade and by attractive statement, sugges- cxnmt sued for, nor la there any doubt conditions of the present time does ,lon . of solicitation, Induced persons «* to Uie right of tho plaintiffs to re- more to unse’tte legitimate business w, k-agod In other vocations to tako rarer a rc*rr':?t for the full nmnunr -to degrade the probity of Individuals b 01 ** * n an unlawful purchase or sale with Inferos' on each action, unions engaged therein, ‘and to bring nnnn- 8uc b future contracts, tile defence . leaded nnd set up by tho llclpated ’loss upon what otherwise 11 is tru0 th at when on the face of de-fondants shall he held, In view of would bo'stable and prosperous lines 11,0 paper8 - or ohterwlse. It appears the evidence to bo supported by tho of trade. In proof that an Indebtedness has law. mid tl-reforo meritorious. This It Is, however, by no means 'rue bccn cr( ‘ a,cd la fa vor ol tho plaintiff Isaac you trout determine from tho that nil speculations Is gambling. mmlnst ’ho defendant by the future evidence irl-Irh has all been submitted Merchants and manufacturers specu- 8010 or Purehaso of commodities, tho to jam (none of It as I recall having Into with entire propriety upon the burden of proof Is upon the dofend- becn cvc 1 tided) In view also of tho fn'nre prices of those commodities. ant t0 8h0 w that the transaction Is Inrtrqu'.’q:'; -jf law which It shall bo ( which they sell nnd buy, or which ."toe® 1 and a gambling contract, that toy dntr to give for your asnlatance. they manufacture. In other words, they . *° My - too proof must prepondor- in cither wurda, since tho plalntlffa weigh tho probabilities of th > coming at0 ,n favor of tho dofenijant to the have produced their nccount. and given market, and net upon their Judgment mora l and reasonable satisfaction of tmtlncmy to the effect that It la cor- of future prlcea In tholr business lh0 J“ry on that Issue, before they can rrct. they are entitled to a verdict transactions. In this way, the mind bo l u «tlfled ln finding ln his favor, therefore, unless In view of tho faots. of tho merchant or manufacturer bo- Tbo real teat whether the ostenst- tbe plea and defence la sufficient to comes second to no other ln its v!g-, b, ° contract is or Is not |i gambling deQiat *f . | or and clearnois. In power. In the ccatoact. Is a question of lact, and it The ptoa Is. In a word, that these knowledge of national and tntornatlon- *• therefore, where the evidence Is olvitin urvrfoated In a transaction tor al affairs nnd of the preductlro capsc- 10 conflict a question for the lory to de tho male of cotton futures which ta con- Ity of their own and foreign nations. terrain. under proper Instructions trary to law and to the pafello policy Nothing can t>e mors admirable than trom too court, of the state of Georgia. Under the this display of talont and forecast. I K •» truo also, that before the Jury law of this state, there are certain Such foresight on the part of New wlu be Justified In deciding that the oanfrecte upon which no recovery can York, Boston or I/radon merchants contract to a gambling contract, and be had. Three are contracts which are may control International coatrover- therefore void, they must find that agntoat the i alley of the law. They sics,and change even the maps of na- botb parties understood it to be a an- such OH tend to corrupt legislation tlons. Said Sir Walter Raleigh, contract of that character—both par se (*>« Jtidlcfary. contracts In general "WJiosoever controls the commerce' t,M - If me party intended to have a res'rain: of trade, contracts to evtdo of the would, controls the world th boaa fide delivery of the ootton, and or oppose the revenue lairs of another , self." When, therefore, such mer- toe other did not Intend such delivery eonntry. wagering contracts, contracts chants and others thus met upon thetr but Intended to settle differences be ef maintenance of champerty. j conclusion*, and buy and sell In a tween tbe market and the contract It la aw necessary that I should ex- bona tide way, there Is no room what- Price, why, the contract itself could plain to you an of these contracts ' over dor a denunciation of such con- ba enforced at the option of the party which are against the poltay of the !tracts. who to good faith Intended to exact taw. It will be sufficient for the pur- j It la true also, that these exigencies delivery, as the case mt|(ht be. If, pose* of ytr.ir duty for me to point of modern commerce and manufacture however. It was the Intention of both oat that gaming contracts are void, may Justify the purchase ln gewd faith Psvttes, evidenced either tn convorea- and an evld-neea of debt, or Incum- of cotton or other similar commodl- t,on - letters, telegrams, or J>y the orai brnaces. or Mena oa property, exeent- ties for future delivery, which pup Proof, to settle their centfact of to ed open m gaming consideration, are chase, although to be carried out Id tore sale by the payment of the differ- void fn the t-iindi of any person. For future, may depend for its price on ®ucee between the market price and inslnno- order tha law of Georgia, a the rise or tall ot the markets, and toe coatraat price and such Intention ao'o for UlMtmate cotton futures Is ln a proper sense may bo speculative, existed at the Inception pt the con- a vsKTtb-'lai- -entrap!, and void In the For Instance, a co:ton manufacturer traot, this would be sufficient to show hands o* a !>»na tide purchasers even. In this city may contract to deliver tost the contract was a gaijnbUng one, A brrk-r who Is privy to a wagering a largo order of eotton sheeting at a toat It Is void, and that tho court and contract cinnot recover for his sere’certain da'e In Ihe future, and for a 1 U T will help neither of fhe parties, vlecn or his 'oases. Losses In buying certain price. In ordor to protect Generally It Is true that “tho em " Tnentlrf ft IlKllftUlfP or veil in-: f Mures for hit principal, his'contract, he may by going Into ployment of a broker to sell (or bny) ^ Ulii ClU U illoUltlllLC, when-Vhcy are In fact wagering eon- the open market, purchase contracts property for a (lawful) hlture dellv- tracta cannot be recovered. for cot on to be delivered at a time 0I 7 Implies, not only an dndertaktng The*!- <-cs ions have many times which will enable him. If hla Judgment ’° Indemnify the broker In) respect to been before the eupreme court of the Is right, to hedge against say possible toe execution of his state and three la no doubt as a mat- loss on his contract to manufacture. Implies a promise on ter of law that a gambling sontract He may do this, we will say, la the Principal to repay or cannot be enforced and that losses, or New York market, and under the rules f °r snob losses or services n-nd- red by one who la a par. of -he New York Cotton Exchange, may become necessary ty thereto an-l understands Its charac- anil yet be may not anticipate that In toe performance of tho ter. likewise cannot be recovered. The any event the cotton will actually be iow simply refuses Its assistance to delivered to him ln the olty of New, (Continued on Fifth This man bought a supply of tobacco with out acquainting himself with/the distinctive taste of SCHNAPPS Tobacco, Y^hich has the cheering qualities that gratify his desire to chew, and at less expense than cheap tobacco. , SCHNAPPS has been advertised in this paper so that every chewer has had an opportunity to get acquainted with the facts and know that drugs are not used to produce the cheering quality found in the famous Piedmont country flue-cured tobaccos, and that SCHNAPPS is what he ought to chew. StiU there are chewers who accept other and cheaper tobaccos that do not give the same pleasure. Some day they’ll get a taste of the real Schnapps—they’ll realize what enjoyment they’ve missed by not getting SCHNAPPS long ago—then they’ll feel like kicking themselves. SCHNAPPS is sold everywhere in 5 cent cuts, and 10 and 15 cent plugs. Be sure you get the genuine. LOTS 40x125, In the New Fruitland Colony Co., in ClihfiT county, on the Georgia Southern & Florida Railway, 25 miles east of Valdosta. We are selling lots from accrding to location. $3.00 per lot up, What better Christmas Present can you make than a nice lot. things substantial. Its some- iWrite us [for large 2 1-2x3 foot plat, price list, etc. drawing to this. Just buy a lot where you want it. ' C7V FRUITLAND COLONY COMPANY, fDepartment 18, 125 Clark Street, w. l. glener, Chicago, Illinois., or are of Ga., Sou. & Fla. Ry., Dept 18, Macon, 'Georgia. Blitch & Richardon, t from If you want the beet insurance in th® » Thla companies. We represent nothing hot the beet Strickland Building, 106 8. Patterson .) Street, Valdoata, Ga Valdosta Marble Works, Valdosta,