The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1875-08-31
How a .Cornero is Managed.

credits to make a corner in July. They
therefore quietly begin in May to huy
corn to be delivered in July. ;. They
gradually buy all the corn In the market,
and of necessity, must buy .all that ar
rivcs, paying for the latter whatever is
demanded. When purchase .issthus,
made, seller and buyer put up margin,
either 10 cash, or certificate, or deposit. |
As soon as the c1rner becomes known,
there is ain effort made to break it The
settlement takes place at 3 P. M on the
last day Of the month. Those who
have sold c.ssa to the corner and have
no corn tos deliver pay the difference
between the price at which they sold,
and the ruling price at the elise of bu
siness on the last day, AS the corner
has thus purchased sometimes five times
as much corn "a there is to. te had,
amounting to millions of bushels, and
the price has advanced ten cents bush.
el, the profit is enormous. Asot the pri-
ces advance, additional margins are re-
quired. Those falling to put up the
additional margins, lose what they have
already put up. The anti-corner fac
tions seek to so crowd SALES on the cor
ner as to exhaust its capital and credits,
and render it unable to buy. at the ad-
vanced prices Thus the corner is
compelled to send out in the country
and buy for cash all the corn in sight,
to prevent having it rushed into Chica-
60 at the last moment These are ex-
citing times Corn at such moment
may be purchased of the corner for
shipment, from six to fifteen cents
bushel less than it is selling for on
Change for delivery during the month.
Each time there is crash, sometimes
of the corner men, and at other timss
of the anti corner men. The 5ywhole
proceedings are of such questionable
honesty, that the Legislature of Illinois.
has declared the operation of corner
to be felony. 1t is nevertheless still
practiced. Corners are attempted in
wheat, oats, barley, pork, and lard, and
some of them have been squite success
full in pecuniary way. 1t requires
nerve, audacity, and lmoney, or credit.
Recently bank here went into cor
ner, issuing its certificates of deposit
for margins; the corner failed, and so
did the bank, and the certificates have
never been paidI-J, w. Sheahan on
l"Chicago;" Scribner.fo September. s,
Gen, Cary In Reply 10 Hayes and
n n s1r
In his speech at Portsmouth, Gen.
Cary said: iF sss ~ .ss,.}
Hayes and Sherman proclaim that
greenbacks were a war necessity, and
we must hasten back to constitutional
currency--either gold or silver, or pa.
per money convertible into coin. /
answer that peace has its necessities as
well as war. If an enormous. debt can
be, contracted in lcgal-tender money,
other than coin, to keep an army in the
field and furnish it with supplies, the
same legalltentler may be properly EN-,
ployed to keep our peace army at work
in the shops and in the mines. in order
that the .bondholder may receive the
| interest," ana prlnclpal OF his debt
Hayes says that the Ohio inaationists,
as he is pleased tocali us, advocate an
Funconyertible money on the ground of
expediency alone. We deny it. 1t is
bright as well as expedient that supply
of greenbacks adequate to the transac-
ton of business should be furnished and
the issues of National banks should be
withdrawn Greenbacks : bought blan-
kets and hard-tack for our soldiers, and
they will buy bread anu clothing for our
starving working men aDdtheir families
Is it simple question of expediency
whether our mechanics and laborers
shall be allowed to earn their money or
depend on soup houses for their daily
rations9 But Hayes says greenbacks
are dishonest money. Then the SOL
4 diers were paid in dishonest money! the
bondholder purchased his bonds with
dishonest money, and the bonds are
void for the want OF valuable consider
alton If greenbacks are engraved and
4 printed lies, so are the bonds. Holja Is3y-