The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-07-12
LIVE WASHINGTON TOPICS.
sKNIToR HAsBBURN MAKES A LONG
SPEECH ON THE ANTI-OPTION BILL

Ne Charges That Prices ere not Controlled
By the Law of Supply and Dtmsnd, bat
By the Gamblers of Boards OF Trade
Caa Ons Honestly Acquire . Mhiaons
WASHINGTON. July lin the Senate to-day
Mr.. washburn Of Minnesota secured the floor
through the courtesy OF Senator Butler. who
had the right OF way with his bill transferring
tho Revenue Marine service from the Treasury
to the Navy Department
Mr.. washburn spoke on tho Anti-0ption bill.
He said that II did not seek In any way to in
tcrfcre with legitimate commerce. but 1t was
directed against that gigantic modern innova-
tion known as dealing in futures" n system
under which. by Misrepresentation and tricks
OF trade and fraud. 1t was possible to juggle
values. md practically to eliminate from the
commercial world the laws Of supply and de-
mand-the most pernicious and insidious sys-
tom OF gambling that the wit and ekill
OF man had ever been able to devise. The
sy stem of selling short" was OF compare
lively modern date. 1t originated twenty-five
years ago in the city OF Milwaukee. 1t had
had now reached such a point as to over
shadow all other transactions. and at least
90 per cent OF the transactions Of Boards OF
Trade were Of this character. where neither
buyer nor seller had any intention OF deliver
Ing the products thus bought and sold.
Boards Of Trade had been turned into gam
bling resorts. so that wheat and cotton had
become as chips on faro bank table or stakes
ut Monte Carlo.
Senator Washburn read numerous extracts
from trade reports published in this country
and in Europe to establish these facts. one Of
which charged that Partridge. the Chicago
wheat pit operator. had robbed tho American
farmer Of hundreds OF millions of dollars by
his manipulations in breaking down the price
OF wheat in the United States and by 80 doing
carrying the markets OF the world down with
Next to wheat. cotton. tho Senator believed.
OF tho . marko, wrockers." He read q letter
dealer Of Memphis. Tenn. in which it was
stated that dealing in futures" had demon
factor did not know how far he could safely
make advances to the planter. During tho
Apr n tho
value of cotton and three-foul this of the de-
cline he belisyed was eharEeabie to dealings
FUSED in New " YORK to defeat the Anti obtion
bill in the senate. but expressed the hope that
this was Islander.
:, Mr., Washburn asserted that the great mill
81 the eoanty sa
Stock and grain gambling. market wrecking.
railroad wreckng. and all the nefarous meth
Ave years had produced these enormous and
unwholesome accretions OF wealth He anti
6n IN hs The kai
invoked against the si OF ths
measure had not been permitted to leave the
committee until it had been anne ended into I'm
potency. The Constitution had also been ap-
lana lottery. He was therefore not surprised
TO find constitutional difficulties raised against
Though himself no lawyer he would read
the nI Of these t h ostse
mi cad m
because We had no right to use the taxing
power except to raise revenue. had been many
not an agricultural paper in this whole coun-
try. East or West. but supported the bill. He
growing grow up '' among the AGRICULTURAL people
OF this country feeling OF unrest and dis
content. The farmers and planters. now ap-
paup labor OF the old World. which had been
SO often granted to other industrial pursuits.
but from the iavages of the market wrecker
Mr. FresIent" he tsid in Conclusion let
the law wv Of sSupiy and demand to
rate prizes dr Ii sare e I'M the
US now drive the gamblers from our temple
and reinstate Legitimate commerce"
Mr.: Washbur ,f speech ocsnpied fully tWo
ened to with close attention.
The special committee OF the Senate. COM
posed OF Senators Chandler. Carlisle. and PEI
fer investigating bank failures. met in the
room Of tho Comptroller Of the Currency at the
Treasury Department this morning and ex-
amined number Of employees Of that Office.
The scope of the committees Investigation
covers the Maverick National Bank OF Boston.
Mass the keystone National bank Of Phila-
dslpnh,H tho Spring, Garden, National Bank
that have failed within the past year.
Representative Boatner OF Louisiana ap-
peared before the House Committee on Appro-
priatons to-day and urged the committee to
make some approximation for the relief Of the
Mississippi flood sufferers. The committee
took no action in he matter. but will meet
tomorrow md consider il some time ago tn,
committee decided TO report adversely on all
petitions and resolutions for the relief OF the
flood sufferers.
The Census ONCE to-day Issued n bulletin
giving complete statistics o. the PRESBYTERIAN
Church in the United States Of America. the
Presby teran Church in tho United states. the
Welsh Calrn!stic. Methodist or Presbyterian
Church. and tho Cumberland Presbyterian
Church tcoloredl. The parent body. popularity
called the Northern Presbyterian Church. has
congregations in forty-thrce States. Accord
ing to the returns the total numDor of orsani-
cations affiliated with the Preshyterinns in the
United states is 15.lDO, OF which there are
at s04.s7, i.2:';t. IT has 1.2.S.sl5 communi-
cants. The total seating capacity Of the
CnurcneS IL i,'.i.j. ID nero arc also l,SIl
halls. with seating capacity Of 1904.
The torredo boat Cushing. which has been
lying at the Washington Navy Yard for some
time. has completed tho putting in Of her tor
redo tubes and has sailed for Newport She
will stop en- route mt New York to put in some
fittings. At Newport she will make tests OF
tho relative merits Of the Whitehead and
Howell torredocs.
Tho members of the minority Of tho Coinage
Committee mndo n report to-day to the House
on tho Stewart Free Coinage hill. The report
says TINT the free and unlimited coinage OF
silver by this country alone would inevitably
destroy the power OF tho Government to main
tain such exchange. and the silver dollar
must iall to It's bullion value. This involves as
an inevitable result tho disappearance OF gold
from our currency and our descent TO mono
metallic silver basis. carrying with II the nrac-
tical reputation Of 80 per cent. Of our indebt-
edness, the scaling down Of the wages. OF
labor. OF the incomes OF pensioners. and OF the
| proceeds of trust funds and savings deposits.
The report says there is n, reason why tho
oit NJ Grant J,rt ui shpulI from the