South Branch intelligencer. [volume] (Romney, Va. [W. Va.]) 1830-1896, 1883-02-02
Speculation and Camping.


Alta recent legislative investigation
IN New York. Jay Gould. lXm. III
Vanderbilt, Rufus Hatch. Henry Ward
Beccher, and \ swarm OF lesser nota.
b:lities IN The railroad, financial. and
religious world, were examined ms TO
the effect speculative transactions i'm
stocks, grain& other products which en-
ter in TO the commerce of the world.
The investigation was to find out what
legislation was needed To put a stop TO
gambling i'll food products Ofcour.e
the evidence and reasoning OF the diff
ferent witnesses was conflicting. but
The final result seemed 10 be that such
matters regulate themselves much
better than If the law interferes. The
testimony seemed to be quite general
that corners were nearly always dis
aatrous 10 the persona who engineer
them. A corner it should be TN
derstood,is where 81 operator or pool
buys up, all OF sudden, stock or ar.
ticIes III the market, SD as to force
those who require that article, or who
have the stock to deliver, TO pay q
very high price for it Gamblers in
grain and other products. when they
see what they think is an unreasona.
bly, high price prevailing for any par
iiculor article, sell il for future dollv-
cry. with the hope that in the mean.
time the market value will be lower.
so that they can cover thus giving
them profit 1t is these 'sh3rts.' as
they are usually called, who suffer BY
corners. There has been an enormous
development in this country, Within
late Years, OF speculation in every con
sumabio article, us we'll ia stocks.-
For every thousand bushels Of grain
sold, there are hundred thousand
phantom transactions. Yet, strange.
" enough, it has been found that it is
not the farmer who suffers. indeed, he
profits for the syndicates who corner
grain are forced to pay high price
to the producer in order TO maintain
the high market quotation. Then the
same syndicate often helps the trade
of the country by selling the grain for
shipment at = low price so as to get
il away from our markets. l'hus it
often happens, that grain is lower in
New York than III Chicago. audi OF
less market value in Livefpo0l than
IN either. 1t fellows that no legisla-
ton can cnrc this evil OF speculation.
ii evil it is Very eminent political
economists cay that the specuialor tul
fills 4 usefui functioa--that The asli-
fetal enhancing Of the market value
of grain in times Of scarcity saves thc
community from fannie. if.na Price
OF grain, for instance, was Fixed ut Tie
same price the year round, there
would be 70 check 70 conSnml;icn
and our stores OF food would re eaten
up before q new harvest was gather.
ed. Hence tie monopolizcr of lood
products saves the Community from Il
worse evil than extor,ion. lie re.
enacts the role OF Joseph, who bought
up the grain in the seven years of
plenty, so as to have Sufficient 10 tide
over the seven years OF famine which
he foresaw was coming. IL docs rot
seem wise 10 impose restrictions on
trade IN q free country Ike the Uni,
ted States The old common law
c0ntains severe penalties aga nst deal
ers who enhance artificiAliy the price
OF food; but these paius and penal
ties have been swept away by lie
statute law OF more recent periods
Domorest's Monthly for February.