The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1890-09-04

i
Bucket shops make no pretentions tc
righteousness Boards of trade etc, do,
Still professions are cheap and an out
slider who watches the trading on both
| finds it difficult to keep from confound-
ing the two together. This is unfort-
innate, but, corporations like individuals
must be judged by the company they
keep, and by the consequences which re-
suit from their acts.
Boards of trade, chambers of COM
merce, and market places were in vogue
many years before this peculiarly
American and modern system of option
and future dealing was thought of.
They made such changes from time to
time as would sustain commerce and
bring about and facilitate interchange of
the actual products of different nations.
They even built warehouses and elevators
for the storeage of these products and
established classifcations to facilitate
the sale and delivery of them. These
bodies and the business they carried on
were certainly as reputable as they are
today. To put it mildly, they were far
more so, for while they permitted specu-
lation they did not aid and abet mere
gambling. The same business VIII
be required of them and they
will continue to exist right aiong,
and Gf we may be allowed
the prediction) their members will be
more prosperous, and certainly more in
fiuential, than they are today if the But
terworth bill becomes law.
Not much danger of transportation
being injured or congested with the ia
cilities we now have of rail, river and
ocean. With elevators in every town
ship, plenty OF product and sound
money, plenty of good, energetic men
and capital for all legitimate purposes,
with foreign nations wanting our pro-
ducts and banks soliciting exchange.
There is no Overproduction except the
stuff sold by the gamblers in options and
futures. There may be an over produc-
ton of actual products in some years,
but this is counterbalanced by partial or
possibly total failure in other years.
The one offsets the other, if we can only
hold the trading down to the actual
product.
Were the short sellers suppressed we
would have steady, reliable markets and
regular demand at high prices.
The rapid changes in market values are
not caused either by over or under pro-
ductiOn. They come about directly from
the frantic or desperate efforts from time
to time by the longs" and ''shorts" TO
put up or put down the price at which
their gambling deals are to be settled
And it, somehow, happens that the far
mer or producer rarely has any produce
on hand or for sale whenl these manipula-
tors succeed in putting the price up.
L., e 4 l. e..
nish the capital that carries the product
over dull times. If they were even will
ng to do so they have not the money to
10 it with. Those who operate on
hem, as a rule, are only bro
Hers, commission men, clerks or
gentlemen without visible means of sup
port" Their operations are confined
mainly to speculations of their own. The !
money to move or carry the crops is fur |
lished by the banks and by the mer-
;hants who supply the wants of the pro-
lucers. Grant that S13S, 000,0 900 is en-
,loyed in carrying the product of the !
country, of what significance is that fact |
n the consideration of the Butterworth |
)ill? The sellers of options and futures |
10 not furnish this money, and if all of |
hem were to fold their tents" and |
cave the boards of trade the money re-
Iuired for carrying these products would /
till be furnished from the same sources |
hat supply it now.
1t is to be regretted that this question
S not fairly discussed By the public
,resS. 1t is one of the most vital ques-
ions of the time. 1t bears directly on
abor and production. The farmers and .
abOring classes of the country are dis
atisfied; they are joining alliances.
ecret societies, wheels, strikes and .
POLITICAL organizations in order to secure
heir rights and to get such legislation as
will protect them. 1t is the part of wis
Iom for congress to give heed to, and as
ar as may lawfully do, satisfy the rea-
enable demands of these classes. Surely
f these organizations become thoroughly
reused their power will be irresistible
let us do justice to the poor in time.
The lessons of the French revolution
hould not be forgotten. IL we must
egislate for the few let us also take care
f the masses. The future welfare and
liability of this government rests with
nd is dependent upon the loyalty and
'atriotism of those who earn their bread
" the sweat of their brow. Whatever
ends to prosper and elevate them should
eceive all lawful endorsement and
Import from congress. Whatever
ends to injure or degrade them
hould meet with all lawful punishment
r restriction from congress.
The Butterworth bill does not restrict
arties owning or growing these products
rom dealing in them as they wish. Such
ealings will remain unimpeded and I'M
axed What the bill aims at is the
normous dealing in stuff which requires
o money 10 carry and which has no
isible or actual existence.
The memorial of the Chicago board of
rade avoids this distinction. 1t attempts
} confound actual with fictitious pro-
uce; and by calling attention to the
ABILITIES which exist for hauling and dis
osing of the actual product endeavOrs TO
reate the impression that these would
II be destroyed if restrictions are i'm
osed on the fictitious product
4 careful reading of the memorial will
isclose that every good feature it calls ,
ttention TO "a existing under the present
7stem of trading. Is feature which will
OF be disturbed or DESTROYED by the
bill. All Of them have ref
renee 10 actual products which can be
I'D by owners or producers either for
resent or future delivery Just the same
fter the Butterworth bill Is raised as
ley can now. TRUTH.
EXCHANGE SHOTS