New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-12
FOR THE ANTIOPTION BILL
;rYATCR WAsHBURN'S VIGOROUS SPEECH
he DENOUNCES THE METHODS OF FUlChH
DEALERS AS GAMBLIYG-HE SAYS THE
BILL WILL NOT INJURE LEGITI-
NATE BUSINESS
fBY TELEGRAPH TO THE TKrBUSE-I


Washington, July 1.-THE fight in the senate lot
ne passage of the Antl-Option bill was begun toua'
In a vigorous and aggIessibe speech BY Mr.. "''n
burn Of Minnesota who has champi0ned the la'ch
nrohibtve taxing scheme at the senate end oi t''
Capitol for the last three sessions OF Cohg'c'' w
Wa,hburn has had a large experience III llc -'"I"
trade i'm the Northwest and has long been prominently
identified with the great milling interests OIL N'""o'
lpols and his advocacy of the Hatch bill as pr'c
aI ronedv for tbc abuses OF option and future deal
Ing, 80 widely complained Of naturally made strong
impression upon the SENATE.
MI Wa,hburn denounced the methods OF the op"on
and future buyers and sellers gambling Oh ue ''
,crnicous and destructive kind nasmnch a. IL tehuc" "
dscrcanzc and dcprcsS all legitimate business IN sr'
and other farm products. while ordinary SH"'u""N
affected only the property and interests oil tho'o
engaging directly in II. lie argued at great iene''
IN show that the result Of all " corners ana ou'c'
gigantic gambling operations inevitably 10 We
press pllccs and asserted that there was "'s :"
twenty or thirty millions OF dollars annuaIN /" 'e
Grain producers Of the three states oil NlhHoso'u'
North Dakota and south Dakota, through the d'i"'a'
zation of business growing out Of the purely 'p'cu
lative ard fictitious transactions IN gram u" u'0 ~
caco Beard OF Trade A.
Hut for gambling I'm agricultural products MI
Washbnrn thought the farmers and planters Oh '"o
co.ntrv would now be /, an unusual CONDITION u
PROSPERITY and he predicted return to better prices
and n more satisfactory balance Of trade n SUM- d
artificial speculation in farm products should be
,topped and the law Of legitimate supply ana d'l'"nu
,honld be left 10 govern the market
Mr. Washburn lid not ask the senate to-day -
fake ND the Hatch bill and give 1t the place OF
privilege on the calendar hut he expects to make 'h"'
motion before the end Of the week, II no appropla IA
bills bar the way
Mfr. washburn said that In the early days OF the
session he had introduced bill 70 put an end %
the system Of dealing In options or selling futures
That bill had been drawn the lines Of the socalcd
Bnttcrworth bin. That bill was the subject oi
extensive criticism: and he had Cavailinc himself OF
such criticisms aforward introduced another bill with
the same object and which met the situation more
completely and satisfactorily. The bin passed by
the House was substantially the same in principle
and In methods Of dealing with the question as the
last bill introduced by him and would accomplish
with some amendments which he would
propose) what hs friends desired. without
interfering with the commerce Of the c"un-
trv Professional gamblers had sought TO produce
false Impressions about Il: and bankers and mer-
chants had been unnecessarily alarm" about the
effect which II would have on the commerce Of
the country. II was MT its purpose to NOR ala
III interfere in any manner wlntcvc with the
purchase or sale Of any product where the seller
was the owner thereof or where be had contract
for it's ownership. 1t was neither sought to nor
sid # Interfere with the freedom Of commerce. but
left legitimate trade without interference or hin
drance.
The system Of shortsellng was one by which It
was possible to jugglc With values, and practically
eliminate from the commerce OF the country
the operation Of the law Of supply aud
demand-a system which robbed the producers
and nllcl the pockets Of the parasites
The bill vas aimed n a system OF gambling Of the
most outrageous in,dlous and pernicous character.
At least 80 per Of all the business of the produce
exchanges and boards Of trade In the United states
was Of that fictitious character where property was
sold without ownership and without any intention OF
delivery on the part either Of the seller or the buyer
In Chicago at least % per cent was OF that fictitious
character. The great agricultural products Of the
country were made the football Of gamblers.
For the last three years, almost without exception
prices had been made by the short sclcr-thc bear
who had pcr,i.tcnty and continuously depressed the
price, Why he asked. should not the short seller
be suppressed? What place there or should there
be in this country for such an animal
Great Britain. tho largest Import ne country OF
agricultural products. had law 10 prevent comhna-
ton, H. Increase prices why should not the United
states. the greatest exporting country Of agricuiu7i
products have a law TO suppress any system which
depressed prices Mark Lane in london. had been
the market whore the prices Of grain fixed. Now
Mark Lane had ceased to De the central market LOT
grain. The Board OF Trade In Chicago had become
colossal bucket shop 50 that Mark Lane had become
eliminated from the position far rs fixing the
prices was concerned
Mr. Henderson remarked that Mr.. Waslbum had
shown satisfactorily that the gradual tendency OF
prices downward was brought about by the bears
and he inquired whether. when the bulls triumph'd
and prices went mp the farmer were In position TO
take advantage Of the RISE
Mr. Wa-hburn replied I'm the negative. Hefore inc
Nebraska farmer he said, could avail himself Of The
dsc the corner would have broken and the price
cone down even lower than IT before the rise came
rrner cnt q adNnnlag. undcr any con-