, 1874-11-27
COMMERCIAL INTEGRITY.

empty sounds, BigrifylDg nothing.
COMMERCIAL INTEGRITY.
Tho action Of Judge Williams, Of tho Cir
cult Court, in tho matter of tho Board Of
Trade and ". N. sturgcs, took tic public by
surprise md, whilo nobody will seriously
question tho integrity Of tho Court or dis
puto lis authority to grant tho temporary
injunction, they do protest against the stato
Of tho law, OF such reckless applications Of it,
which permits the prcrogativcs of the Courts
to bo abused.
Tho Board of Trade Of Chicago is a most
important corporation, chartcred by the State.
Tho membership Is voluntary. Tho Board is
authorized to prescribe by rules the terms
upon which members may be admitted, and
upon which they may be allowed to act
rs mombers. It is authorized to establish
regulations for tho government and pre-
scribe the rules of doing business on
Change; md, Of necessity, is authorized
to enforce those rules by penalties, by Bus
pension and by expulsion. Tho rules Of tho
Board havo, SO far as tho members aro cot
cerned, all tho force Of statute law. Tho
courts Of tho land have no jurisdiction over
tho actions Of tho Board, gavo whcro such
action contravones the rules of tho Board or
violates tho charter of tho corporation.
Under tho rules of tic Donrd Afr. Sturges was
charged with certain acts OF uncommcrcial
conduct y; aud the question whether he
should DO expelled therefor was submitted, rs
required by the rules Of the Board, to tho yoto
by ballot Of all tho monbers. Pending this
vote, aud when tito polls were about to close,
Judge Williams, on the application Of Mr.
Sturgcs, issued m injunction prohibiting my
further progress Of the vote or any action
thereon. Here tho matter stands, and hIr.
Sturgcs continues member of the Doard of
Trade until tho matter is hnal1y disposed
of by the civil courts We suppose that
if tho Circuit Court should dissolve the
temporary injunction and refuse porma-
neut one, the caso can bo appealed to tho
Supreme Court, where it may be reached q
year or two hence. DO this rs it may, tho
Board Of Trade is arrested in tho attempt to
enforce its own rules by tho punishment Of a
member accused of uncommercial conduct.
It is arrested in the exercise Of right pos
sessed by every voluntary organization Of
men, whether incorporated or not Tho pow
or to admit or not admit member, and to
enforce order and integrity, and to cxpcl d
member for improper conduct, are rights in
soparabla from nny organization Of persons,
but aro especially essential to m organization
Of merchants whose purpose is to prevent
dishonest dealings md enforcs honest set
Elements among its members. Tho Board Of
Trade lave the same legal authority under
their charter to expel a member for niscon-
duct that tile Common Council have, and the
courts might with as much propriety enjoin
the Common Council from expelling men,
ber for bribery as to enjoin the Board of
Trade from oxpelling one Of its members for
commercial misconduct.
Tho public have an interest in this matter.
The people of Chicago, and of Illinois, md
tho millions of producers in Nil tho States
north and west Of us, and who trado with
Chicago, have IN interest in having the trans-
actions by the Board of Trade marked by hon.
csty and fidelity. They are not gamblers, nor
do they wish to deal with gamblers Or hive
tlleir property put up on tho hazard Of bet.
This character Of business Inns boon re-
proach to this city for years it Inns driven
much business from the city. The Board Of
Trade Of Chicago RS body Inns boon accused
Of conniying ut every disroputable system Of
doing business put in practice here. Tho
rascalitics of tho warehouse system shocked
tho whole country. It required years
Of unrenlitting effort on the part
nf tn That
iniquity. The Board Of Trado had the rep,,-
tation Of being the real supporters of the
abuses of the warehouse system, and suffered
| accordingly. The tiu1o hos now coma for
action on other abuses, and, if tho Board hGs
not mado up its mind to dissolve and abandon
| NIL effort to enforce Legitimate trading, it
must not only vindcato its own integrity by
the exclusion Of those guilty of violating its
rules, hut must 60 further, and so amend its
rules that such disreputablo transactions shnll
not rcceivo even q technical recognition by
| tho Board, 4 movement looking to a change
in tho rules has already taken place. Such
amendments ought not to DO adopted incon-
sideratcly. They should bo well matured, &c
| that, while securing fnir dealing md honest
settlements, they should not arbitrarily
hamper trade and interforo with just and
equitable rights. The discretion and cquit.
ab1o Jurisdiction Of the Arbitration aud Ap.
peal Committees should be made liberal, and
at tho samo time tho law mar1sing the dis.
| tinction between the ronl md the fictitious,
the Legitimate and tho gambling transactions,
| shsoill be SO clearly defined tint no man ca1,
mistake it.
LEGITIMATE VALUE OF PRODUCE.
While rulo that will discourage corners
so strongly rs to prevent them is not only dc.
sirablo but IN absolute necessity, it behooves
those who would reform our commercial
| ethics to take heod TINT their remedy bo mol