, 1870-02-19
TIE WAREHOUSE CONTROVERSY,

We publish this morning the Official cor
respondence that has passed between the
Hoard Of Trade and the elevator proprie-
tors concerning the registration Of waso-
house receipts for grain. It will be remem-
te1ed that this controversy bad its origin
in an allegation on the part Of the buyers
Of grain that receipts were aaoatfor larger
amount Of grain than WAS in store, that the
ravrket wks tampered with by over Issues"
that there WIS no certainty in the business,
and, IN short, that they were actually lend
irg their money without interest TO
The elevator men. and paying storage
and insurance charges on fictitious receipts.
These complaints led to demand on the
part Of the Board Of Trade for system Of
registration Of grain warehouse receipts, by
which the number Of buahels actually in
store could be known at ali timex The
existing system OF grain inspection pro
vides for Z daiiy Tsturn to the Board Of
Ttnde Of the number Of car loads and boat
loads received, but as g1ain is not measured
or sold by the cst load OF boat load this
puts no edectual check upon over issues Of
receipts
After come preli:.inary correspondence,
which is interesting, as showing how many
words can BE- employed in contriving how
not to do thing, the Board Of Trade mske
two formal demands: 1st. That all ware-
house receipts for grain shall be printed
"not valid until countermgned by the
Registrar Of the Boas1 Of Trade" I'd
That the Registrar of the Board, or his
deputy, shall be allowed to cancel
an receipts On which grain has
been delivered; the former require
ment being intended to show the actual
amount Of grain in store, and the latter to
guarantee against reissue Of receipts
which have once been registered, and have
fulfilled their mission. The end 10 be 3D.
cured BY both requirements WAS obviously
the same, viz: to guard against the ap-
pearance Of receipts on the market for
which there is no corresponding auonnt Of
grain in existence.
The answer Of the elevator men il flat
and decided negative. This much can be
understood, and the reasons why can be in-
fe1ed. The seasous given by them for ne
fusiug to comply with the request Of the
Board Of Trade, We are bound to saY, are
weak and disingenuous evasion Of the real
points IN The case They say that they
have 60 legal right to impose such condi-
lions in respect al their liability for the
delivery Of grain-that their liability rs
warehouse1nen depends not upon
TIE written receipts, but upon the
fAct that they have received the grain, and
that "no form Of receipt We can give will
discharge us from The obligation to de1ive,
it when properly demanded with a pay
ment, or tender Of our chargea."
Waving this 1egal question, upon which
there nay be two opinions, We beg leaTa Il
AJAX, why then they ahou1d object to ths
particular form Of receipts prescribed By
tbs Board Of Trade II the law requires
them to deliver grain when properly de
nanded, whether printed in one fdru
CT another, they would naturally deliver il
despite my stamp, marx, or dayioe
printed on he back Of the receipt. Thi.
comica1 idea Seems to hats occurred to tht
elevator men, for they so on to say: You
idea, doubtless, is to nake the proposes
endorsement upon our receipts part o
our coptract to deliyer.n Who said Mat
Certainly not the Board Of Trade Wha
they were sttes~yus, not to alter anybody
cont,sct but to devise some method c
Distinguishing the true from the false-th
genuine receipts from the bogus. Recelp'
coming upon the Board Of Trade not couu
te,sjgn.d might be good ut the elevaAo,
for millions Of bushels, but nobody woul
buy them. There is no law requiring Il
elevator men to find customers for pa1ti,
storing grain with them. Hence This o1
lection, in so far as it aasomes to have
legal character. is a zubtetfuee,
It is hardly necessary to discuss the ol
lection which they raise to the aeeoud d
mind Of the Board Of Trade, in 1efa.en
to the cancellation Of receipts upon viii
grain haa been delivered. Having dett
mined not to comply with the requireme1
Of the Board, one excuse is about az 60
rs aaothez, though It Is dificult to coucei
how worse one could be found. III
Say, in substance, that they have comp
tent and honest men in their EN- ploy-m
who te,N not reissue receipts which ha
been once used, and nereors they refu
to allow an additional precaudon and ssf
RI. a,.e,;o,, ,a,nrr What shall ho Az
tn restore confidence in the orain t7aa
t,r ujthont confdenc, tba t,,5s ;tsan ,,a
-. at.;a.5 r. = .75o.. ~. ~,
:-.1s.s ,t.. -. .am.5--7u -,
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