Telegram-herald., 1890-03-10
THE OBSERVER


Raising " hs@t 42d Gaa bIins IA H.
For Tesl. PRACTICAL conalOn sense,
pertinent - the actual needs Of the
tines and the country good. We con-
mend you to TIE sound. com u80n sense
eon4meats Of E1-Goyefno Pllisbnry, Of
Minneapolis. upon the effect gambling
ia wheat : having upon the wheat ~
tarest.
"He contends that the farmers and
mlileTs have the szUe interest. and
tL4E the depEeci4ting influence Of short
sales based on Und . detrimental -
the interest Of both the produce ana
TIE manufacturer. He thinks that the
millers, for the mest part, have lost
money. Tney pay more fsF their stock
than they can really afford 10, and yet
pay Only starvation prices Tor the raw
material or their dOur.
i never knes the milling interest
70 be profitable on low prices Of wheat,
Ia says. TINS statement rests on 4
broad principle of political economy,
one never dreamed or IN the philosophy
oI the free traders, but fundamental to
all economies. But where YOU can buy
lOrm,' when as matter OF fact pros
perlty depends upon good far prices
for everything, including labor and all
is manifold products. The Pillsbury
statement rests on observation, not gen
erallZatOn, but i ls none the less
broad proposition OF universal appllca-
ton.
The statement under consideration
kxy ha
Chicago Board OF Trade in trying TO
destroy the bucket-shops. These do in.
calculsble harm. They are the wheat
raiser's dearest foe, an enemy so fatal
that unless destroyed the farmers of the
Northwest Will be whelmed IN one vast
rum. But the fault Is not all theirs.
20 tar as the board Itself allows and
practices gambling, u j. no better than
the buckeJ-shops. The fictitious sale OF
wheat, or the sale Of fictitious wheat,
whichever way one chooses TO put ID, Is
the greatest evil Western farmers have
10 contend against today. The actual
production mas not increased through
out the world during the lasttiye or ten
years, says Pll.sbury, but the market is
depressed by the enormous quantity OF
gambling sales made. 1t Is as IL the
fictitious. ms Is the central point OF
the statement as a whole. The way
the market IS now running he says, a
man selling a. million bushels OF wheat
which nc does not own has just as much
effect, or even more effect, than a man
selling similar amount OF wheat which
ne does own, for the reason that these
big bears have been so successful IN
. Ill ~.
draws big amount OF followers. This
| evil has grown % be 50 tremendous that
II Will tend 10 depopUlste the farming
communities unless i IS stopped, and
| vigorous methods VIII have 10 be taken
10 stop it. Clearly this is an evil too
stupendOus 70 be overlooked or neg
lected. Ii the farmers OF the West
would bcstir themselves to stop this
king 5 evil OF the period they would be
| able TO force some relief. The Pills
bury statement ends thus:
IF this short selling Is not checked in
! some way or other, IN i've years
! from now wheat will be sell
| ing as low as % cents per bushel at the
| different railroad stations in Minnesota
| | wish the farmers of the State would
stop being imposed upon by political
/ otlltar,o- bt1 1l4u l4Nl WIZ uO IlOl
/ know what they are talking about, and
| follow the lead of men whose interests
are identical with their own, and who
have a better opportunity 10 see the
causes which are depressing the price
Of breadstutfs. The Chicago Board Of
Trade is now working in the right
| direction; but after it has closed up the
| bucket-shops. let 1t close the gambling
on its own board, and contine its busi-
ness TO legitimate transactions. Then
this whole Western agricultural coun-
Try would see such boom as has not
been seen for great many years. The
| legitimate conditions are all right for il,
but the illegtmate could not be
worse
IF there IS any gaInsaying all this,
let the champions OF speculative deal
ing come to the front. We do not be-
lieve any sound answer can be made to
| tins arTaignment. II really constitutes
the most important indictment now
! pending before the court of public
l ov,Tv,-.,y, -, fhfs pOfrr,trx- -