The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1888-05-10
And for the Defeat of Which Strong Efforts
Are Being Made by Boards Of Trade and
Bucket-Shop Dealers Of the Country.
Some Of the Strong Political Points in
the Speech of Senator Ingalls,.
Halstead Admits His Membership in the Cob
den Club. Tells How It Happened. and Adds
aFew Remarks Favoring Protection.
GAMBLING IN FUTURES"

Representative Enloe's Bill for Stopping the
Buying and Selling Of Margins.
Special to the Indianapolis journal.
WASHINGTON. May a-Representativs Enloe,
OF Tennessee, has bill before the committee
on agriculture to prohibit dealing in futures
in agricultural products, which 10 to receive
final consideration by the comr,itteeawithin .
few days. Mr.. Enloe says that his bill was
drawn for the purpose of making it unlawful to
buy or sell the product of the soil for future de-
livery where actual delivery Of such product is
not contemplated at the time the contract 10
made, and to provide such penalties as will Sc
cure an observance of the law. This bill has
attracted great deal of attention, especially
in Chicago, New York and other centsrs where
margins are sold in large quantities, and siren
mons efforts are being made by members Of the
boards Of trade and bucketshop dealers through
out the country to have the bill defeated. In
New York. for three or four years, there has
been battle between the State and the bucket
shop dealers, the former attempting, byits laws,
to squeeze out tho latter. on the ground that
they are fraudulent, and that their business is
crime. Mr.. Enloe. speaking upon the consttu.
tionality of the legislation proposed in his bill,
at Is apparent that the power Of the State is
not adequate to deal with the question. 1t is
an evil that 10 not local in its character. Ii
overreachss State lines and overrides State
statutes, and, vulture-iks, 1t preys upon the
agricultural industries OF the whole Union.
There being no State authority 20 prohibit this
gambling, the people have to look to Congress
for relief because the regulation Of such mat
ters as interstate transactions is within tho ju-
risdiction of Congress only. The question has
risen above the mere question OF morals, and
above any question OF contract, and has become
q means Of obstruction to free commercial in
tercourse among tho several States Legislation
left to Congress. 1t may be the buying and
selling Of futures does NOT constitute IN obstruc-
ton to or an interference with every CONNER
cial intercourse among the States; but there
can be no denial Of the fact that the con-
tracts for futures are made under what
would properly be termed interstate agree
ment. and therefore Congress- has jurisdiction.
The buying and selling of futures 10 q species Of
speculation which Injuries not only the unsuc-
eessful trader. Spectator. or gambler, but when
che products of the soil are the subject-matter
~ the Transaction 1t Injuries both the producer
sad the consumer, and 1t seriously ,nterferes
Il IN the regular and legitimate exchange Of
these commodities through the established chan
nels of commerce.. They form powerful fnan-
tial companies. which fix prices and dictate
markets. The combination comes between the
prod acer and consumer, and Shrewdly manipu-
lates the whole business. They break the mar
ket by flooding it when the producers would sell,
cumulations from the market after the pro-
ducers have parted with the great bulk of their
crops II my bill does not become law in this
Congress, it will only be question Of . short
time when the farmers and the honest people Of
the country generally will force its adoption"