Daily Republican., 1882-04-12


Bread Gambling.
The New York Legislature has al
pointed committee to investigate tn
practice of spectators in making ''col
ners" and dealing in futures, Will
the whole country outside of the specu
lators themselves would rejoice at I'll
breaking up of these speculative "cOr
ners" there remains considerable doub
rs TO the success of any mOvemen
which will accomplish that result 4
numbe of inscriptions men lay thei
heads together and agree to create al
artificial scarcity in some such indis
pensible article as grain or pork, bs
buying up, or at least acquiring the
control OF the entire available supply
of the article in which they have agreed
t. operate. Sometimes the attempt
breaks down, and in that case thos.
who are engaged in it lose their money
and then the people rejoice. But this
does not deter others from entering into
the speculation, for as long az one man
succeeds and makes himself compare
lively well off, others will make tho at
tempt, though they fail in doing so.
The capitalists by whom the c)rner is
engineered, if they carry their point,
are in position to force up the
price to any figure upon which they
may determine. This is very incon
venient for the legitimate dealers who
are forced to be short and are compelled
to purchase at whatever rates the specu-
lators have forced on the market, and
consequently they must default if they
cannot fill their orders. However ii
the dealers were the only sufferers, we
might afford to look upon their failures
with some degree of equanimity, but
the bad effect of these corners is not
limited to those whom they Immediately
concern. By their open alton millions
lose, and the country is made the poorer
in order that few may be Legitimate
ly enriched.
Let us look at this question moment
and see some of the injurious effects
these CORNERS" and futures" have
upon the country. An arrangement is
entered into by few heartless capital
lists to form corner, and thereupon
the clique begins operations. 1t buys
mp all the wheat upon which it can lay
its hands, and as a matter of course, il
is not long before it becomes apparent
that wheat is becoming scarce. Very
soon tie legitimate demand is in excess
Of the supply, and thereupon, in obedi-
ence to the inevitable law of trade, the
price goes up. 1t quickly reaches
figure at which the wheat cannot be
protitably exported. That brings the
transatlantic trade to stand still, and
sends the English buyers to other mar
kets and at the same time depriges the
transportation companies Of freight.
Cars which ought to be helping to earn
. dividend, are standing idle, and the
profits of these owners suffer cores.
ponding abatement.
But this, though bad enough, is not |
the worst. The working people of the
country, WHO earn scanty pittance of
wages, have to suffer. The price of
-four goes up, and every man who buys
q loaf of bread, is out of pocket in order
that grain gamblers may win their
stakes, Poor men, women and children
suffer the most and are made poorer, +
while these grain parasites enrich them |
selves, II there is class of persons in
lie country who deserve to be visited
with disaster, this speculative class
does. 1t would be to the best interests
of the country if these CORNERS" could |
be suppressed by legislation, and there
il not man, woman or child III the
community, outside Of thsse gamblers,
who do not wish heartily that the com.
mittee referred to may succeed in per
fecting sone plan, by which these "cor-
ner" raisers may be cornered. In no
single sense is their influence beneficial
to the country, aud the loss which they
occasion is positive and universal.
There is no duubt that if the labor trou.
bles, which now convulse the world
were Investigated, the cause of much of
the trouble could be traced to these
speculations in produce, which have
been gong on in Chicago during the
last year, for those speculating by max.
ing pro visions dearer, have reduced the
purchasing power Of the working mans
wages and have helped to cause the dis.
content " hich is manifested. 1t is not
exactly clear how far legislation cAn !
reach in attt mptirg TO correct these
evils, but the evils are of such gener-
Gus character, that nothing within the
province of constitutional rights should
be left undone to protect the real bust
ness interests of the country, and the
poor people " no are the worst sufferers
by this nnholy gambling with bread.
OUR CITIZENS should not forget the
nasA meeting of the Dnla ara Society