Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1888-07-06

MORTIMER WHITEHEAD.


years past has spoken in plain terms
upon the question of trusts" anC
dealing in futures" as applied to the
products of our American farmer:
and the food of the people, producers
and consumers being alike injured
The National Grange at its last meet
ing took steps to have these questions
properly presented to Congress with
a request for such legislation as would
present these growing evils that effect
uallv overthrow the laws of supply
and demand, restrict and injure hon
est business, enriching the few at the
expense of the many. The influence
and work of the Grange in this dlrec-
ton is being made manifest. Hon. b.
A. Enloe. of Tennessee, in an address
delivered before the Congressional
Committee on Agriculture, presented
i'm n clear and forcible manner this
subject of vital interest, especially to
farmers. A few of his points are here
given:
The buying and selling of futures
is a species of speculation which in
lures not only the unsuccessful trader,
speculator. or gambler, as you may
choose TO call him, but when the pro-
ducts of the soil are the subJect-mat-
fer of the transaction, it Injuries both
the producer and the consumer, and
it seriously interferes with the regu-
lar and legitimate exchange of these
commodities through the established
channels of commerce. Combinations
representing millions of dollars OF cap
i.al are formed. Some product OF the
soil sometimes one and sometimes
another. is accumulated in the hands
of the combine, and soon after they
begin operations they virtually fix the
price at which the producer must sell
by bringing their own purchases in
competition with his product when
he enters the market, and depressing
prices until he is forced to sell. They
come between the producer and the
consumer, and by shrewd manlpula-
ton they fixed the prices for both.
With the combined power of COM
bined capital they dictate to the pro-
ducers in detail the market prices of
their products, and then in turn they
dictate to the consumers the price
which they shall pay for the product
bv virtue of the same power. They
break the market by flooding 1t when
the producers would sell, and they
force it up by Withholding their accu-
mutations from the market after the
producers have parted with the great
bulk of their crops. These are the
actual transactions where delivery is
actually made, but the actual transac-
tions constitute only a small part of
the business of one of these combina-
tons The fictitious trades afford the
richest part of the harvest, and they
represent every year many times the
aggregate of any and of all of the pro
ducts that are made the subject Of
speculation.
These fictitious trades frequently
result in the locking up of the great
bulk of the crop of the particular kind
embraced in the speculation, which is
thus withheld from the commerce of
the country at the will of the combi-
nation of spectators, interrupting for
an indefinite period the free and nat
ural interchange of commodities
among the States and with foreign
nations.
IF the Congress should intervene
and prohibit the making of these gam
bling contracts, and provide adequate
punishment for every violation of the
law, the inducement TO make these
combinations and corners would not
exist, and commerce would not only
be relieved of this obstruction, but
the agricultural industry would be
protected against one of the greatest
evils that at present affiict us.
The agricultural industries of the
country are confronted by great com
binations of corporate and individual
interests under the indefinite and ire
sponsible name of trusts, which have
for their objects the limitation of all
other production except agricultural
production. The effect of this is to
enhance the cost of everything the
farmer has to buy. On the other
hand, this industry is assailed by com
binations of capital organized TO come
between the producer and the con-
sumner and fix the prices for both, so
as to levy tribute upon both the pro-
ducer and the consumer.
Il hope that the power to crush out
and destroy these robber trusts and
these robber combines will be found
under the clause of the Constitution
I have quoted, and if it does not exist
I would amend the Constitution so
as to give Congress the necessary
power"
Questions for discussion in Oranges:
The farmer and the trusts. Are any
of the various trusts affecting the
price of our farm products in this To-
cality? What effect are they having
upon what we purchase?
Ought we to have State and National
legislation restricting and prohibiting
the formation of trusts, corners,
dealing in futures" etc.
Yes" said Uncle Rastus, Use been
takin' brain food for ter stimulate my
mem'ry, an it's wukin' fust rate" Il