New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-12-17
CLERGYMEN HEARD.
rrp,p VIEWS ON CORNERS AND FUTURES,

Three clergymen-aC ohgIeS"OiVh"he| ~
man Catholic and Iraelite-talked yesterday 10 the
80, Committee at the Metropolitan Hotel about
ola,ive trading in breadsufs and stocks. Tho nfst
w. ,be Rev Henry Ward Beecher, the second Mon
so,,eur Preston the third Rabbi Gotthen. Three men
Of more different physical and mental mould, engaged IN
tbe same calling il would be difficult to find In any COM
nuny Mr. Beecher contributed the sensational feature
70 the days proceedings by ouspoken philosophical
Judgment in favor of the legitimacy and commercial
righteousness of the modern method of speculative
trading Confirming himself closely to the line OF exam
inaton as conducted by Senator Boyd, he touched only
incidentally the moral and religious aspect OF inc
question and thus his testimony stood out In bold con-
trast with that of the cergymen who had preceded MN
on the witness stand and with those who followed hi'
His opnions were given with great force and earnest
ness OF manner. His speech was positively mpeVuous
and so rapid as outr all the shorthand Writers III
the room Cnce listener was so carried away Wltn ne
vehement eoouence of the witness that he burst out into
applause-a rather unusual episode IN the ordinarily uy
routine Of legislative inquiry The Rev L. De"tt
Tamage was expected 10 testify but asked to be ex-
cused because OF occupation
TWO witnesses who appeared before the committee
m representatives OF the Cotton Exchange were given
hearing They were George Edward Moore secretary
of the Exchange, and James o. BlOss, cotton mer-
chant Mr. Moore read statement which he had pre-
ared in which he defended the trading in futures on
three grounds viz necessities Of business the va
rous interests which and protects and its ex
tent and consequent benefits. He said that In eleven
In cotton had increased from 10000 bales o32
bales OF which there was an actual deSer dd not Write
q statement and remained in the char only shoIt UNI
favor though he Thought they did not affect the public
much large proportion OF the sufferers from u Ie
were not open TO a great deal OF sympathy AIlc VI.
G,nss Jobn Wech Was recalled and given chance to
combat the statements made by the epresent"''e'0
the Standard oil Company ON Friday.
MR. BEECHER ON THE STAND.
yybuo WEIGH WAS reviewing the history
of the Standard Oil Company the Rev Henry "aid
Beecher entered thereon and took seat among 'no
spectators He kept his great coat throwing pdoA
the fur-faced lapel negligenuy ana hem nis
soft hat in his hand. His face was rudy,
his ewes were bright and his motions free snd full OF
confident energy asf every faculty of mind and body had
,bihcd some of the exultant eageness Of the clear
crsp yintry air through which he had walked. a few
minutes later he was followed by the Rey'
Thomas Thomas f[ Xs% YORK who presented
most fautess clerical figure He was, was Gao
neatly gIoved; his manner was gentle polished ana
graceful Mr.. Beecher on taking me enar Vacaed by
Mr. Wech told by Dr. Boyd, that out OF cuhsIueru
ton the sacredness of mis- calling me con,.ce
" ~o6i' a. nothing was expected from HIM
e%cept his opinion Beecher probably thought the
Inowledgmen OF the courtesy. To the preliminary qucs
fio0 he said that he had been minister OF the Gospel
In the terms resolution sder which the comtIee
Is acting to give his opinion ot te Wnoie sSs,en
TO it, effect upon the puonc welfare" 900, ,oo, ~
VIVA tie corners are and who makes them don't see
amy special difference between corner such as Is made
mparion once in fve FEARS. The moral quality
OF the two transactions Is the same. inc man
with long mead WAC fOTcsees the future ana udgts ac
curaclr has advantage over his nelgh0or ana IL u
accounted immoral to use that adVutage because
h is bet er equipped inheres IN him Dy TIE l" o. ma
fnre Combinations are only maguihed individuals VINO
6aT,tins in Wien napy they most generally Lose
This rs the age Of cOmbuaOus; not any IonSer POuu
Combined Wis iom "a steadily gaining ascenuancl over
individual torft It Is only CARY ont T Tl aiSe
lows the law OF patuIe-tbe stfu~=ie lOl ,eAisV
s snce 10 forward TsG A. regards The des Of these
things, know notnins never D9lgIl Or SOFA a Dus-cl
damaged by it-nor l. either"
DO You know anything, Mr.. Bcecher about the sys-
suppose DO general way. TIA part Of my
profcs sion to deal ia futures'
- ne er TO deangs IN grain futures
"When done properly think well Of them; when done
poorly think poorly
MORAL EFFECT OF SPECULATION.
what do you think Oh tao moral eAecI oI tHe purely
speculative systemP
There are two ways Of dealing in futures. In Inc
Grs you deal with realities II the second You deal with
risks and chances. l have heard 1t said
that men sell they haven't got This is not true
In ordinary cases; man sells a risk or chance. Ii
tvepty men or two man. looking at the STATE
OF ma ure the weather. the condition Of Europe nave
sagacity enough to prophecy "nat VIII 10 me me
see Why 1t isn't legitimate. great many men
may be inconvenience, bu that dont cohce me pun
lC al AL see that MI Vanderbilt states th3t he mas
hen iuconVcuienced with MS rairOads-tHat = part OF
The ricnon of business that II raises the price OF grain
possible there shall be famine or any hlng near
like famine for more IMAM a rev months;
10 not see that It Is necessary under these cOnilu0hs
fhat there should be very great mischief arising OUT OF
it. When the question OI SOsouJ ylsGc en,eII' LA
say yOu all from top 10 bottom VI IN does not
love his Delghbor he does himself AS we
stand Gee 10 special difference between corners and
futures except NJ magnitude In me uloldugoi CIVIL
ization combination IS doing great deal OF INJURY 10
some and Of clip To others. As commercial judg
ment there is no ground for more than special com
What is the natural law that regulates the value Oh
" fIers is a mi or regulation Of supply and demand
but don't tnink that determines everything The guam
THY and quality of the brains applied TO the production
OF an article what regulates ne price hnihgS "cn
REQUIRE most Thought of the largest value Inc law
OF price is the law OF brains"
is not the tact that Nature produces all the COM
modies that necessary for lie evidence hat thlnss
Ine more Nature does for man, the less he has need
for brains and the cheaper THOSE t9Es cugh 70 oe: @
not all IL the economy OF today Men nave learned 10
ride on the OF nature aud make them travel Tor
Are not the consumers entitled to the products of
Nature at their natural valuef' 49,
What is a natural vauef II there was anything
of the kind labelled the fields or grain and the
orchards OF would have something to stand on
10 determine what is the natural value Of wheat you
would have to determine the value OF that whc mas not
and trans alton the extent OF the crop in The next
neld CONSIDERATIONS tue question
eost. In the complex state OF modern civilization
there is way OF going back TO sucn primary cost
The value of six dress cannot be determined Dy inc
portion Of the manufacturers capital used up III It's pro
duction. Provided such dress came TO New-1ork and
was the made aud the only one OF ITS KIND
It's value would be what all the fools OF New YORK would
be willing 10 pay 10 nave the hnes dress III tHe world
Vanity (Or taste. Nhich Is often synonymous with van
jty determines LARGELY the V0lCe Of things. How nucn
pleasure does give that's the question: The vain"
~ my place at Peeksdl TO railroad company may be
ten to IL is ten thousand Tor the happiness
IL brings and the sentiments IL inspires.
BY birds are worth 10 more tnan
all the crops creation u The general Law is tie
quantity and quality OF brains employ ri in the prOduc
fOn and their relation tue braus Of those who pur
CHA artisan doesn't get much for his products
...rl .LLLa d. 49, a.. IT..