The midland journal. (Rising Sun, Md.) 1885-1947, 1892-01-15
A Monstrous wrong-Its Remedy,

money from our farmers and retard
their prosperity, none is more wide
spread and disastrous than the specula-
tion in futures" We make this
statement adyisedly, with due delibera.
ton, and only after long observation
and patient inquiry. This journal is
too conservative to speak lightly on SO
grave a matter. But the enormity
Of the wrong done to the farmers Of
America by the bear" speculation Of
the past three months, and which still
continues, leads the american Agrical-
turist to devote its energies to uprootiDg
and abolishing this GIGANTIC robbery.
1t is not too much to say that this
speculation 10 fictitious articles has de-
pressed prices Of our four great staples
at least ten per cent in recent years,
This lottery business has increased
even faster than agricultural prosperity
has decreased. Now that worldwide
natural conditions promise to restore
good times to the American farmer, the
spectators have combined to postpone
the Improvement in values by arti-
icially depressing prices in every con-
ceivable way. But even though this
most stupendous "bear' movement in
the worlds history is conducted by the
legalized species Of robbery sanctioned
on the Board Of Trade, it will fail o.
complete success. Its purpose is t.
keep down prices, and Jet excite pro-
ducers to sell for fear Of still lower
values, until the crops are all in deal
ers' hands. Fortunately, the inability
of the railroads to haul the grain u
preventing this sacrifice, and giving
more time for farmers to learn thu
anomalous situation of the existin!
supply Of food staples throughout tn
world.
The nefarious practices of the shor
seller have, this season, artifcially de-
pressed prices Of the grain and cotton
staples much more than ten per cent
Even allowing for the improvement il
prices that the next few months seen
destined to witness, it is not an exag-
geration to say that the value Of thes'
staples, produced in 1891, will ayerag
ten per cent less than would have beef
the case under legitimate system o
trade. Stated roughly in round num-
beers, this means that our farmers will
on their 1891 crops, be robbed on
Cotton OF 1c. per pound. or...........$ 100000
Oats of.3c. per bushel, or......... 10000 90
Wheat Of loo. per bushel, or........... go 000,0e
Corn Of &c. per bushel, or........... so ,000, 90
Total loss on four crops. s2oo. 900 90
Why should these farm staples and ho'
products be subjected to this yicion
tax? No other crop or product is soil
by such system. Wall street specula-
ton in stocks is honest in comparison
for it is done on cash basis, and tb
collaterals are actually delivered Il
fact, it was dealing in futures on stock
that FASTENED the great panic of 1873
Even Wall street learned lesson theI
that she has since proftcd by. Shal
we wait for similar decentralization il
the commerce Of food products?
Never. Dealing in futures and OPP
tions must cease. 1t can be reaches
by the taxing power of government. a
the bill now before Congress provides
That measure should be critically ex
amined, its minor details perfected i
weak or unjust and then enacted int
law. The american Ag,1culturiss In
yites the utmost scrutiny OF its position
in this matter, confident that both pro-
ducers and consumers, and also tn,
great mass Of reputable merchants ant
middlemen, will find it to their interes
to bring every possible influence tt
bear upon Congress in behalf of tn,
speedy passage of the bill to tax deal
ing in futures
Of course the entire army of specu-
lators, short sellers, bucket shop dealers
and other barnacles on legitimate trade
will fight this measure to the bitter
end. Every Influence that they know
so we'll how to work. will be employed
to distort the real issue and the facts II
involves. Great effort will be made to
delay the progress Of the bill in Con-
gress until the spring season. when il
is hoped that farmers will be too busy
to attend to it, and the bill can be
quietly shelyed. The way to compel
the success of this measure is for every
one to at once write letter to his Rep
resentative, and to both the Senators
from his State, strongly urging the
immediate enactment Of this bill. II