, 1874-10-06

with tho into1,t Of obtaining tho aboyo opieetu,
mud they, should ho 10 oonatraod. Yet
uoos opportunities to uBo these worry rules for tho
prosecution OF ahnrp. praetcoH md trlcka. the
1noaL oxtonnlvo and diHgracoful nttonipt boing
l,lado Mt tho culfnt,lat3on Of wfIat nas boon
tonomlnatcd -" tho July corl-cortors" Whilst
confoHaing and charging That certain members
arc guilty Of conduit Tint ought not to DO tolor-
alod in n1iy commercial body,-and Which, Il al
lowed to pnss without all oxpresalon Of tllaap-
prova in tho way Of diaolp!!uo, will do tint body
permanent injary,--yet AMI not prepared to
ndm!t Tint thero ii oven n respectable minority
Of tho Board, OF .Irnao who approve Of "cor-
ncrs, or Of my OF tho shnrp practieea and dH-
honorable trickB rosortcd to now anl lon by
Those WHO tloalro to transact legitimate bl,si~
moss upon falr and equitable princpoB are In
tho largo majority, mud thoy hnvo lii tholr own
llnndH THO remedy FOR tho correction of tile ovila
from Which tlloY Bufer,-ov'lg which como front
tho neglect OF thor victims to complain whom
victimizod. md ombolGonoa moro tilail nil by tho
rccont lnlorforonco ot tho courts in granting Ill
functions aud forning nl>on tue Board Of I'ralo
mont Of contracts or e1pollod for fraudulent and
0|Aioost purposes,
Somehow or other (prohably from injunction
aullB) tho impression has boon guing III many
1uartorn that tho coirts have decided certain
rules Of tic Board OF Trado In conflict With
tho Atatutes Of tho State; also tat tho Directors
Of tho 1oarl aro poHcrgAa to enforce peuAltioA
for violations Of contracts, In rogard to this,
let mo sny thoro l1avo boon two decisions adverse
to tito vaiidity OF tlIe rules OF tho Boar, and no
tlociBion denying tho authority Of tho Board Of
Directors to HltBpoiid members from tho nrfvi-
leEcs OF tho Association for non-ftliiiflnolt OF
contrnctB. but. Oil tho contrary, tho tlociHony III
oil cases reaching trial III tho lower aud In tho
charter and rules Of tho Doartl md tho power Of
the Directors. 10 bo moro donnito, will state
that during fast year throo sttitB woro brought
agniuat tho Board by members who had olthor
boon suspended or feared suspension from tho
Brine, who WIS restored to the privileges Of tho
lon7l by virtue Of tho decision OF Tho Gourt that
tho proceotngs Of tho Directors in suBpenling
linn iii 1879 Woro rrogsttRr, Or not III accordance
with tho rulos of tho Do'tul. Tho second suit
understood, was influenced to inatit,1to proceod-
illgB against tho Board by outside purtles, who
boastod thoy would s'pnnoturo u l,olo iu that
institution Mr. Lincoln abandoned llis suit
upon hearing tile decision III tho 1rino caso.
boing convinced tint ho Ind uo cauo.
The third suit wan instituted by Mr.. Truman,
who wns suspended by vote OF tho Doard Of Di-
rectorh for his fai!lro to comply With tho terms
Of l,is contract naao with Nichols Il l1omor. In
tho dccalon Of t4la case the netion Of tho niyoc-
tota mud tho validity Of tho rnloH of tho DoarI
were H,.stsined, anil Mr.. Truman lost his caBn.
| Three Injunction snita aro now pending, md
lavo not yot reached n trial Tho only oaHo
ngnirst tho DoRrl that llaa boon decided by tic
Supreme Court was tint Of I. 7. pagc, who was
! s,Hpenaaa from tho privIloEep Of thu lip3r1 by
the Diroctoru for returning to pay note gison ii,
consideration Of tho rosenlng or settlement OF
! Il contract. Tho Court hold that h performance
or contracts could bo enforced Under the charter
mud that Tho rulo Under which rago rms sus-
| pended from the privileges Of tho Association
by vote OF tho Directors was just, reasonable,
| and lawful.
| Tho Supreme Court in regard to tlia r',lo used
| tho following language: In Our Judgment,
though IL might sometimes operate lnrHhy, it il
we'll adapted to secure Tho object We lslvo ilancd
end preserve the high character and credit ol
| tho Doart. That corporation, purely conf,
n'erc'es in i!B character, would Soon cease to
DO respected or respectable il it tolerated
among its 1nombnrs violation Of all undibputcd
| contract III q propoation too plain for arEi1-
mont" Ihia portion Of tho decision Of tho n,l.
| pren,o Court Boo!ns to DO in concurrence with
the opinion Of The TntnuSE, nj 1t romarks ~ that
| if 1t becomes aoitled fact that contracls carl
| bo violated with utter impuntty, thon tho grain
| trade TINT comes hero will 90 to other places
| Wtero contracts arc respected"
In recommending tho discipline Of those wlio
have recently Ho 1iagracofullr lotaultel in tboil
| deliveries Of property agreed Ia 10 delivered,
flayo no interest othur tllcn tlaL the institution,
| Of wiiicl, have been member for twenty Year,
| should bo maintained in its integrity. Agreeing,
| with TNE TutnUSE, that " outside Of CHI
| eago tho members OF Tho Board arc al
classod together, and tho blanlo OF corrupt trns,s
aetionH-and especially WHOM no penalties nro o
forced for manifest violation of ruios--attnches
to nll aliko, and that tho wAnlo Board has to anf
! for for tho dishonest practices Of the fcw,"
feel unwilling 10 rost quiet under tho reputation
diBcredtablo operations aro not condemned.
| @. L, G.