Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1890-04-10
GIVING EN- POINTS.
A Chicago Expert Attacks the
Anticipation Bill.
HOW GRAIN rs BOUGHT AND SOLD.

The Traders View Forcibly Presented by
Charles Coun selman-The Bucket-Shop
and the Board, and How They Differ
A Popular Slogan Scoffed At-Sam Ran
dali on the Edge of the Grave-The
Chinese Census Bnl-omciaI Notes.
WASHINGTON CITY, April sCoun-
selman and Murray Nelson, of the Chicago
board of trade, yesterday addressed. the house
agriculture committee in opposition to the
anti-option bill They said the proposed law
would wips out legitimate as well as illegiti-
mate trad If the farmers of Kansas and
Nebraska should sell direct TO the con-
sumner as Mr.. Butterworth proposed, they
would not be receiving 5 cents bushel for
their grain. Men like themselves help..ths
farmer by advancing him money on his crop.
Mr.. Counselman said that bucket-shops, and
not the board of trade, had operated 70 de-
press agriculture.
Explaining Future"
Il buy wheat and corn in Iowa." said Mr..
Counselman. Il buy it to sell again. Some
Of this sell 10 be delivered in May The
only way you can induce man to go into
the business Of buying grain and advancing
dom TO sell again in any way he can
nay sell this wheat 10 Mr.. Adams here. and
he sell it 10 the chairman. AMI the chairman
TO one of those other gentlemen, and so on
until the transactions are multiplied twenty
fold. But in each case the transaction is
based on the actual product. There is in
each case an actual delivery of the goods.
This tax Of 20 cents per pound is simply
abolition. II kills the business 1t kills me
and all other bankers and merchants who
go out among the producers and buy grain
and help move the crops of the country"
Not in Business for Charity.
II am not philanthropist, and to do bust
ness must have an opportunity to make a
reasonable profit The farmer comes to the
station and wants to sell his crop. To whom
will he selli To the consumerl The idea of
the farmers selling direct 10 the consumers
is absurd The consumer buys as he needs
it, and you can't move the great an increas-
ing crops of the country without the assist
ance of the men who step in and furnish the
money and the facilities and depend on the
market and their ability to sell for future
delivery for their profits Under section
of this bill the second and third buyer can
not exist, and without the second and third
buyers and other buyers the business is
stopped
Selling Directly to Consumers.
"Sell directly TO the consumer. ehi The
Lord knows the farmer had to take small
enough prices for his produce this year, such
as Is cents buShel for corn ont in Kansas
but pass this bill AMI stop trale in grain
prevent the making and sustaining of mar
ket, and the farmer will be lucky il no gets
| 5 cents bushel for his corn, or any price at
all. The farmer is ready to sell at maturity
| Of his crop-the consumer buys rs hs has
need Pass this bill and who is 70 make ths
| market between pro iuction and consump-
tionF'
A short colloquy eusu I'd be tween Hit and
Counselman, i'll which the latter said he
could suggest no plan by which the illegiti-
mate business could be stopped without stop
ping the legitimate The Chicago board of
trade tried to stop the former The bucket
shop was a sort of faro bank, in which the
proprietor is the dealer
Difference Between the Two.
Hit What is the difference between this
and the regular board of trade speculation
Mr. Counselman-That's what want to
show you. and am glad you asked the ques-
ton The bucket-shop has nothing to do
with the actual grain. There is no real arti =
Gle anywhere. No party to the transaction
can have the actual grain delivered to him
if he prefers. There is no valid contract,
and no place in which such contracts as he
has can be enforced. On the board of ira de
we have contract. 1t is governed by rules
and can be enforced. 1t is based on ths act
ual grain in store, as shown By warehouse
receipt.
Where One Party Fails.
If one party fails TO carry out his con-
tract, which may be to take or deliver so
much grain at such a time, the damages he
may have caused are ascertained and set
tied according to the rules Of the exchange.
The damage is of course a money damage,
and depends primarily upon the state Of the
market, just as damages would in case of
failure to carry out contract about taking
or delivering sugar, coffee, or any other ar
ticle of commerce.
Mr.. Counselman's address made good
impression upon the committee, being de-
livered with much force and apparent sin