, 1876-01-16
LETTERS FROM THE PEOPLE.
BOARD OF TRADE RULES,

| 10 The Editer af The Ch,eauo Jrsbane:
| CHICAGO. Jan. 15.-lour paper has Lad good
| deal to say latciy in rosarl to the rule re have
now on the Board OF Trnde in case OF non
| fuIil!mert Of contracts. I thind it is possible
YOU don't understand i: in all its bearings, and
| would like to gvo you n1V views. 4on seem to
think that ali grain sold ior future delivery in
this market il sold By men who neither have the
| wheat or whatever grain it ia, nor ever OK
pcct to havo it. The truth is thar it is we'll
understood By ell country buyers Of this prop
crty that tho only way thoy can get fair price
for grain is to cell Oh what called tho bulsss
in this market. tor it they wait until larso re-
ceipts ars coming on tho market the price is much
lower, Now. III case thero should be q
erea. storm to blockade tito railroads, or como
other cause that prevented the fula[iruent of q
contract, would you thiuI it right that tbs seller
should pay damages to tho full amount the
buyer WAS antud to ask :; or, in other words, tho
price that reckless gamblers, seeing the situa-
ton, might bull tho market to without regard
to value in other markets What is tho taw OF
the State in regard to such matters? Is it not
decided by:l jury what the da7nays is and tho
Board OF Trade must remember that it is To-
Gated in the State Of Illinois. and tinr its rules
must conflict with the State laws aud. ii they do
SO couflct, then when NC c1pal L member for
not complying with such rules the courts will
interfere. as they have d1ne in several instances.
and pu1 the man back in his placs in spite OF tha
Board OF Trade. Tho tncn that are
now talking go much about the sacTedness
OF a contract arc tho Must reckless gamblers
who nave run corners. and havo failed Oh l.or7
contracts thEn any ono else on tho Board, and
bayo by their cornors OIL the market ruined moro
commission houses. both here and in the coun-
try towns, than any other Cause. What do YOU
think of the reckless corner Of August 1872,
tint ruined so many of the legitimate dealers in
grain, botn hero and through the Northwest
Tho party who run it beat tho members Of the
Board and country buyers ou1 of over 81. .00) )Uu0
in cash, aud then laid down and paid ~ cents On
tho dollar on his dobts, and nnco has been i'll |
investing tho balances ia real estate. OF course.
tho Board tried to discipline Inn, but our rules
not being in accordance with the laws uf the |
Slate nothing could be done. Samo members |
arc in favor of doing away with this rule ont1rc-
II, and in case OF corner to appeal directly to
the courts for redress, and that 1nav be the best
way, but tue gamblers may understand that conf
mission usen will peyer Submit to be robbed as q.
they were iu 1879 without Il fight in the courts
OF the State, notwithstanding the howl about the
saczcduess OF contracts.
Every decision thas has boen made by tho
Arbitration COMMITTEE has beeu from to ~ /
cents above the price OF ti,o eame a.tcle in this
market few days after. and il 8 cents per
bushel is not enough to satisfy then conclude
nothing less than the pound OF flesh will do.
The commission merchants are willing to pay
fsir damage ii case allo!E country correspond
ents ia!l to dc:er as per contract, but ii Nc are
to have no prosect!on from the cornsr runners,
tho sooner Wo organize a:iothor Eoard tho bet
ter, and let the bulls and bears this to where
lhe voodole twlue:h, or some hotter place I
LINK you will acknowledge that commission !
men llayo some rights as we'll rs the gambling
,llqua who have so uauv times almost ruined
~. know thers arc some equally reckless fe- |
ows who sell what they hayn't got, but if they
:en below value they are sure 10 Ect bent.
..~. %CoMsl1ss1oS MEEcu.ST.