Democratic Northwest. [volume] (Napoleon, Ohio) 1869-1894, 1884-01-31

in the article, but merely to risk the
difference between the rise and fall OF
the price at n given time, the case is
changed. The purpose Is then not TO
deal i'm the article but TO stake on the
rise or fall of its price. No money or
capital is invested In the purchase but
so much only is required as will cover
the differences margin, as 1t Is hgura-
lively termed. Then the bargain rep
resents, not q transfer ofproperty, but
a mere stake or wager upon Its future
price. The difference requires the own
ership of only few hundreds or thou
sands of dollars, whilo the capital to
complete an actual purchase or sale
NAV be hundreds of thousands or mil
lions. Hence ventures upon prices in
yjte men of small means to enter into
transactions far beyond their capital,
which they do not intend to fulfill, and
thus the apparent business in the par
ticular trade is inflated and unreal, and
like bubble needs only to be pricked
to disappear, often carrying down the
bona fde dealer in the collapse. Worse,
even than this, it tempts men of large
capital to make bargains of stupendous
proportions, and then to manipulate
the markets to produce the desired
price. This, in the language of gam
bling speculation, is making a corner;
that is to say, the article is so engrossed
or manipulated as to make it scarce or
plenty in the market at the will of the
gamblers and then to place the price
within their power. Such transactions
are destructive of good morals and fair
dealing and the best interests of COM
munity. If the article be stocks, cor
porations are crushed and innocent
stockholders are ruined to enable the
gambler in its price to accomplish his
ends. If it be merchandise, 4. C. grain,
the poor are robbed and misery engen-
dered."
Campbell, j., in Raymond VS.. Lea
witt, S. C. Mich, 3 o. L. Jour. 95, says;
ave must wilfully shut our eyes before
we can fail to see that combination
between man who furnishes money
and dealers who manipulate the mar
ket, when the money invested is but a
trifing per centage of the property to
be handled, and where the only intent
is to produce unnatural fluctuations in
prices, is entirely outside the limits OF
buying and selling for honest trade pur-
poses. 1t is the plainest and worst kind
of produce gambling, and it is impOssi-
ble for any but dangerous results to
come from it." ....
Cobb VS.. Prell, % Am. L. Register
500, is a case decided in the U. s. Cir
cult Court, Dis. of Kansas, McCrary, j..
says: 1.-THE case turns upon the ques
tion whether or not it was the intention
of the parties that the corn should bt
delivered. If it was the bona yfde in
tention, then the plaintiff is entitled tt
recover; but if, on the other hand, tina
the defendant was not required to Gle
liver the corn, and that the transaction
should he adjusted and settled by th'
payment of differences, then the con
facts are void and the plaintiff canno
recover" The court in the same case
referring to Barnard VS.. Backhaus, S
Wis. 593, says: ut is the duty of tn
courts to scrutinize very closely thes
time contracts, and if the circumstan
ces are such as to throw doubt upon tn
question of the intention of the parties
it is not too much to require part.
claiming rights under such a contrac
to show affirmatively that it was mad
with actual view to delivery and receir
of the grain" Tn order to be uphel
by the courts, future delivery contract
must be made in good faith. If the
are merely fictitious, if the parties hav
no intention of making an actual sal
and delivery of the article dealt in, Iu
intend to settle, the contract at its e1
piration merely by paying the diffe1
ence between the contract and tn
market price, then it is mere wage
!, upon expected fluctuations in price
and is illegal. All the cases conced
and many expressly decide this point.
ITO be Continued.