The Portland daily press., 1882-12-18
CORNERS AND FUTURES.
Views of Business Men-Beecher Declares
All Commerce Immoral.


NEW YORK Dec. 16.-The Senate committee on
corners met again to-day at the Metropolitan
Hotel George f.. Moore, secretary of the
cotton exchange and cotton broker testified that
he had been in that trade Is years, and said he
IN ught that dealings i'll futures were necessary in
the cotton trade particularly, orders large
recei ed by cable, and in such cases it is essentially
70 execute such orders promptly. ''Perhaps," said
the witness, "a number of persons who have tried
TO make fortune by speculation and have Teen
unsuccessful are those who now put up their hands
and declared that such deal ngs are immoral and
Illegal" The witness read document showing the
real need OF dealing in futures, tar the cotton
trade is concerned The statement showed that in
the last 10 years, since the formation of the ex-
change, the sales had increased four or five tim
and that whereas in 1871 there were s. 600 600
bales sold, in 1880 SO 100000 were sold aud thus
far this year 80 1000 ba es had been disposed
OF. Thess large transactions mainly due to
dealings in futures Futures in the foreign trade
were most I'M mportant item. The witness thought
It a necessity of the age let deal as he
wished II he sold goods which he did not possess,
and When it came to settling day he could not pro-
duce the property, he was sufficiently punished in
having to pay the money for the loss he incurred in
not making good his contr acts. The witness
thought that s'bucket shops were a De riment to
commerce The VIII. le production for the year 1881
1857 was 9, ,45u,000 bales, and the sales in tie
New York Cotton Exchange alone for future de-
livery during The same period were so 700 900
bales. He was of the opinion that speculation
tended TO draw capital to this country.
James Q. Bliss, cotton merch mt, testified that
ne did not think corners affected the public but
yet he was opposed to the system.
letter was read from Rev DR.. Talmage regret
mittee. - 49,
Rev. Henry Ward Beecher was placed ON the wit
ness stand He said that. If any man could buy all
tne wteat IN this country and starve the people,
ne would be criminal of the deepest dve but such
a calamity could MT happen in this country. II
reg 'rd the age in which live the age Of com
binstio $. think it Is part of my profession 70
zeal in futures. There are two ways OF dealing in
fufures-one in realities, the other In risks and
chances. If you are on the gospel side Of the sub
lect, you arr all wrong from the top to the bottom
IA M ms an tVhn Iowa 40 asxI,
Dor as himself. he value of the finest silk dress
ever m de what fools are wiling to pay for it,
and that is determined by the vanity Of the fool
who bids the highest. AL selfshness is wrong, and
all commerce is more or less selfish. Money making
in Wall street is an Illusion. Jones brought num-
ber of Panama shares, and paid $500 share for
them them ! was glad t. get them, but, wien sold
them out at 500 was glaf to get rid of them
That Is all Iknow of stock Speculation. There was
George Washington. He could not be bribed, but
he swore like trooper.n
Rev. Thomas Preston, the next Witness spoke
from moral standpoint. He thought ali such
ped.