The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-04-12
The Future Delivery Bill.

RepreS ancative butte-WOrth'S future de-
livery bill is being vigorously opposed by all
of those who have any interest in the flu
ture delivery business. There are co nmit-
tees IN Washington now from New York,
New Orleans and Chicago protesting against
the passage Of it, 1t is doubtful il their pro-
tests will be heeied, although the arguments
they advance in support of their position
are strong ones.
The Butter worth bill was prepa ed in
response to a demand from the farmers, and
their influence is back of it, They think
that the prices Of their crops are injlriously
affected by the pract!c, of buying and sell
ing wheat, corn, cotton. and o,her farm
products for future delivery The am )unt
Of cotton, wheat and corn sold is many
times greater than that produced, and pric IS
are forced up and down at the will of the
great spectators.
Bat, ia the long run, do the farmers get
less for their crops than they would if it
were not in the power OF spectators to
make corners in them! That is a question
which Congress ought to carefully consider,
If the object of the Butterworth bill is sim
ply to benefit farmers. II it aims also to
put an end TO gambling in farm products,
ON moral grounds, another question than
the welfare of the farmers presents itself.
The selling of futures frequently results
benefically TO the farmers. 1t enables them
to get much higher prices for their products
than they would If the market depended
wholly upon supply and demand. For in
stance. during the cotton season now about
closing the prices of cotton have bean much
higher because of the future delivery sales
than they would have been had there been
no such sales
1t must be admitted that the system of
dong business in farm products has under
gone great change, not only in this, but in
all other commercial countries. the buyers
and sellers of the great staple crops recog-
nize this, and have adapted themselves to 1t.
II the Butterworth bill should become a
law would business in this country be in
jureds The New Orleans Cotton Exchange,
in series Of resolutions adopted the other
day, says it would. The prohibiting of the
sale OF articles for future delivery in this
country would not in the least change the
business methods of Europe, and business
men in this country would be therefore at
great disadvantage.
The New Orleans Cotton Exchange says
the passing of the Butterworth bill would
be going backward hundred years. 1t
would be. it asserts, something like tearing
up the railroad tracks and takingndown the
telegraph poles. This may be an extreme
view of the matter, but many thou
sands of business me1 are very much
stirred up with regard to it. They are
confident that they are in the right, aud
that it is always mistake to attempt
to direct by laws the way that
business shall be done Business,
like stream seeking its way to the
sea. takes the course that offers the least
resistance and promises the best results.
There is evolution in it, as there is in almost
everything else Our fathers would not IN
derstand the business methods of to-day,
and although they met with a large meas
ure of success it doesn't follow that their
methods would be the best for thu present
time The conditions have changed, and
the methods of doing business a half CEN
fury ago might not answer at all now.
The farmers interest, however, is the one
to be first considered. But in considering
it is it possible to show that the suppression
of the future delivery system would Bone
fit thems Is it possible to say, in view-vof
the changes that have taken place through
out the world in the methods of doing bus
iness. that it would not result in injuring
them!
All of the future delivery business is not
gambling to the extent that there is no in
tention of making a delivery, and it is
probable that there would be no great OBJ.
lection to the suppression of that part of
the future business which is pure gambling.
How that could be done, however, is a
problem difficult of solution
The Butterworth bill is far-reaching and
would affect vast interests. 1t cannot,
therefore. be too carefully considered before
final action upon it is taken.