New-York tribune., 1891-09-24
MR. WHITES MISTAhE.

Inc failure OF Nlr. .. V. w niue 10 hOV hiOAO'S
one of the most noteworthy events OF the time
it is also peculiarly instructive lie IS 10 De
pitied whose character Is such that he can gloat
over the msfortunes of man so genial, gener-
Gus and honorable as Mr.. White. But the spirit
of speculation which his fall illustrates does not
deserve any sympathy, and has done meal
qllable mischief in this country. Mr.. White
had no need Of more money. lie had made quite
enough to retire from business with ample means
for comfort or luxury. But the craze for the
excitement of speculation knows no limits, and
grows upon a man like the passion for drink
The stock market had been extraordinarily dull
for many months. There seemed to be no
chance there for large and exciting operation.
Mr.. White took up corn, one may suppose, be-
cause he thought it the best field for big
dea' in which to make or lose million or two.
With all his genius and experience Mr.. White
had never learned the lesson that the neces-
saries of life are not proper objects of specula-
ton. The livelihood of toing millions depends
on them. Control of the prices of such neces-
saiies by the artificial measures which specula-
lion employs is therefore an offence against
society. Nature protects society by making
such operations extremely hazardous, and 1t
would be difficult TO name the man who has
ever operated largely in wheat or corn, cotton
or coffee or rubber, without coming TO grief.
The great spectators who have been beaten
in irving to control these markets can hardly
be counted Wanna has gone down twice in
rubber. The boldest operate in cotton and
coffee have come to ruin. The fate Of Mr.
Keene Mr.. Raston, Harper, the Cincinnati bank
president, and dealers without number in Chi
cagO, St. Louis Milwaukee and Minneapolis,
warn those who try to control the market for
wheat Mr.. White probably thought corn was
safer, and it remained for him to illustrate once
more the law that nature abhOrs an artificial
market for the neceSsarieS of life.
Mr. White doubtless thought he could meas
ure the supply of corn obtainable before the
end of September. The quantity in sight was
not large; the crop of 1890 had been short
800, 600, 600 bushels, and was presumably ex-
hausted, and it only needed nerve and money
to put the price for September up to 81 bushel
or more. The reasoning was not so crazy as
such speculations usually are, but the result
shows how unsound it was. More corn came
than anybody expected. Nobody had reckoned
or can reckon accurately the quantity of grain
carried by 100000 farmers II prices are
high during the last month or two before the
new crops mature these 100000 farmers can
rush into the markets quantities which astOnish
everybody. Even what they have saved for
feeding can be spared if it pays better to feed
the growing corn-Stalks and get cash for the
old corn. So Mr.. White discovered when it
was too late, that he had been fighting against
the forces of nature. Hot weather, while blight
ing Democratic hopes, extinguished the corner
in corn.
A shrewder operator for such an undertaking
will hardly be found. Few men have larger
resources, and few had larger command of credit
But even Mr. White was not able to beat the
forces of nature and the prosperity Of the great
Republic. 1t never occurred to him, we may
presume, that he was taking the Democratic
side of things. But the man who bets that
this country is going to be in want of any neces-
sary Of life is a Democrat in his speculation, If
in nothing else, and must expect 10 60 down,
as Democracy must when the country prosperS.