The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-08-31
Butterworth's Ant-option Bill.

ButterWortn Anti-Option Bill.
The farmers ell over the country favor
the Butterworth anti-option bill. They BE-
Iieve tina. the prices Of agricultural prod
ucts would be higher il dealing in futures
were prohibited. The purpose of the But
ter worth bill is TO prevent the making OF
contracts for the future delivery of cotton,
corn, wheat, md other articles. The prod
uce and cotton exchanges of those cities in
which business is done in futures are OPP
posing the bill The representatives OF
those ex changes say that the farmers are
mistaken in thinking that the future bust
ness is inj furious to their interests; that, on
the contrary, the farmers are benefited
by it.
There is, therefore, clearly defined issue
between the farmers and the cotton and
produce exchanges. 1t is an issue, however,
that ougdt to be very easily settled. If the
future business is hurtful 70 the farmers
interests it ought not tn be difficult to show
that it is, and if it is beneficial the ex-
changes ought to be able to make it SO clear
that it is that the farmers could net have
any doubts about it. If a committee of
farmers were to meet a committee of the
members of the exchanges the issue be-
tween the farmers and the exchanges could
be quickly settled, in all probability.
If it is true, as asserted, that the dealing
in -ture contracts helps to keep up the
prices of farm products the farmers would
not insist upon the passage of the Butter
worth bill If they are making a mistake
they would like to know it. 1t is not at all
improbable that they are making mistake
1t is true that the popular idea is that the
selling and buying of farm products for
future delivery is gambling, and that those
who engage in this sort of gambling rob the
farmers. As matter of fact, however, the
dealing in futures is now legitimate bust
ness, and contracts for future delivery are
enforced by the courts.
There is no doubt that the cotton farmers
have received a great deal more for their
cotton during the cotton season that is now
about closed than they would had there
been no such thing as future delivery con-
tracts. Cotton factors, cotton buyers aud
spinners will agree that this is true. And
it looks as if the future delivery business
would help to keep up the prices of cotton
during the season about opening. The
farmers, therefore, should thoroughly in
quire into the effect of the future delivery
business upon prices of farm products before
asking congress to put stop to that bust
ness.
OF course if the future business was pro-
hibited in this country it would still be
continued in Europe, and upon a much
larger scale. 1t would affect the prices of
the farm products of this country which
find a market in Europe. But it
might not affect them so favor
ably as the future business in this
country does. In this country the gen
eral effect of the future delivery business is
to increase prices. If the exchanges of
Europe controlled that business they might
try to depress prices
There is not much probability that the
Butterworth bill will become law at this
session. The days that were set apart for
its consideration have passed, and it will be
difficult to get another asslg lment for it.
IL is understood, also, that Mr.. Butter
worth is now convinced that his bill is too
sweeping in its provisions, aud that he pur-
poses to have it amended so as not to inter
fere with legitimate future contract bust
ness. In the meantime the farmers ought
to find out. by very careful investigation,
whether the bill, in its present shape, would
be helpful or hurtful to their interests. If
it would be hurtful, they would, of course,
withdraw their support from it. Without
their support it would have no chance
whatever Of being passed.