, 1874-12-27
A CASE FOR THE BOARD OF TRADE.

We have already called the attention OF the
Board Of Trade Of Chicago to the fact that
the recent decisions of the Courts have re-
moved au doubt as to the power of that body
to protect its transactions from all crime and
dishonesty, by the expulsion Of any Of its
members guilty Of commercial improperly.
The long reign Of the free-and-easy system,
and the loose administration Of discipline,
had produced great Generalization It wes
too commonly the case that when man was
charged with misconduct he could turn upon
his accusers and say that he had done
nothing but what they had repeatedly
done, and what they would do again
if the opportunity occurred. Matters had
finally reached that point where it YVES
an open question whether the Board should
not dissolve by the retirement Of the men,
be1s who engage in legitimate business, and
leave the others to have things their own way.
Fortunately, upon test, matters were found
not to be SO bad as they seemed, and the re-
numerical strength to execute the powers
which the Court says the Board possesses.
The duty of the Board is clear one. It
must vindicate its own character. It must
establish and maintain the highest possible
character for integrity. There must be no
further liberation of firregulaity,-therem must
bo no irregularity at ALL The practice of
corners and Of "puts" has grown up here
in the past. Though for years they were Of
questionable propriety, they have of late
degenerated into disgraceful yiolatons of Law |
and of commercial good faith. "Honor'
ceased to govern, and therefore these trans
actions sank lower than the ordinary affairs at
the gambling table. This Board Of Trade
cannot maintain it's character so long as it
recognizes transactions which the law de-
c!a1es Illegal. # members get up corner,
and bet upon it, and sell 'fputs," they must
be made to do so upon their personal respon-
sibiity as participants in gambling tzansac-
tons, wholly outside OF legitimate and
honest trade, and money lost or won in
such transactions must be paid OF repudiated
like money lost at cards. The Board can
take no cognizance Of them, nor undertake
to adjust differences growing out OF any un-
lawful transactions.
4 case in point is the substantial corner
which is understood to exist in corn. 1t is
understood tint one firm has bought 100, 900
bushels more Of old corn thnn there is in the
country. This com is to be delivered (?) be-
fore o'clock next Thursday. The occasional
cer-londs Of old corn coming to the city are
offered to this firm at so cents per bushel,
which Is promptly paid. ALI this is legiti~
mate enough. But what is to be the result
when December expires and the corn sold to
this firm is not delivered, because Of the fact
that the needed amount Of such corn is not in !
existence? The difference between the |!
selling prics OF No. now corn and |
old corn ID Is cents bnshel; this
difference is not tho measure Of any real |
difference in the vnlue Of the two grains, but
s confessedly fictitious, and a grab. The |
law requires that the contract Of sale
shall be executed by the delivery Of
he corn, aud not otherwise. It makes
nv implied arrangement for the settle
nent Of differences in cash illegal and void.
In case of default next Thursday, and the
Of the corn, what IS to be done?
Tho purchaser tenders the money, and de-
mands the corn. It is not delivered, and
Whist then? How is the measure of the pur-
chaser's damages to be determined, and who
IS to determine it? On the part Of the p11r-
chaser, he is in the lno OF legitimate dealing,
and is prepared to pay the money for tho
goods purchased On the other hand, the
sellers have sold what they have not, and
what they cannot get. One or the other side
is outside of the law, and has mado not only
q voidabla but q void contract, which the Inv
stamps rs '' gambling" and for which it pro- |
vides legal penalties. Of course these differ
ences may be settled privately between the
paztiea, but, in case they are not, what is /
10 be done? Shnll the Board undertake to
Bnforcs ths conhacts BY d:sciplining the |