Congressman Sabath against Speculators (Summary)
DennĂ Hlasatel, Jan. 16, 1918
Congressman A. J. Sabath came to Chicago last Monday and is returning to Washington today. When asked about his resolution now pending before Congress, he expatiated on the motives that prompted him to submit the bill. The proposed measure demands that the President be authorized to name a commission to regulate the prices of wool and cotton.
The Congressman explained that as a result of the rising prices of the two commodities, the price of cloth shows the same tendency, for it is artificially stimulated by speculators. Because of these practices the United States Government itself had to pay fifty million dollars more for uniforms and similar other goods. Mr. Sabath pointed out that the price of cotton has quadrupled in the past. four years. The Congressman's bill contains a clause which declares 2illegal any purchase or sale of wool or cotton which is not delivered immediately. Any violation of this law should be punished by a sentence of from one to five years in the penitentiary.....
Sheep raisers in the West have formed a combine to boost wool prices, the Congressman said. He intends to submit proofs of this to Congress.
