St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-04-12

the usual horrible picture Of .he evils
that have grown out OF speculation ~
wheat, how the price Of wheat has been
kept down TO the prejudice OF the pro-
Queer and how il has been run up at
other times 10 the loss OF the consumer.
lie concluded by presenting this pre-
amble and resolution. the preamble be-
ing written in the plural, but coming
from Maj. Bassett alone:
This city Is the largest primary wheat
market In the world. and the Eeuumepls ex-
pressed In this report are the result OF large
experience and observation and are forced
upon us by the melancholy evidence that we
see daily Of the disastrous effect OF dealing
In options.
In view Of the foregoing we would recon-
mend that the board pass the following res
olutiOn.:
''KesoIved That the board Of trade OF the
the CITY of Minneapolis are in full sympathy
with the principle enumerated in senate Dill
No. 6s5, introduced in the senate OF the
United States by Gen ~. ID. Washburn. aud
that we advise our senators aud members OF
congress 10 support this bill or some other
embracing this principle;
Resolved further. That the secretary OF
this board forward this report and resolution
to Tho cotton exchange in New York city,
and 10 each of our senators and represent
alive In congress"
Then came the discussion. George
+. Wilson said he did not want to go on
record as either opposing or favorlng
the bill. although the Business Mems
union and the bankers had declared in
opposition TO 1t. lie wanted TO see it
laid over for further discussion. He
wanted light Maj. Bassett took up the
cndgels vigorously. He advanced the
same old argument that the bill Will
not interfere with the man who sells
actual wheat or the man who buys ac-
tual wheat-Only the man who buys or
sells that which lie does not own and
never expects TO own. He referred 10
Partridge. OF Chicago. as one OF the
present system; that man having
pounded the price of wheat down from
$l.0G TO rs cents. Wilson asked If prices
did not fuctuate the same way before
dealing in options became popular
about ten years ago? Maj. Bassatt did
not know about that, but he said:
why Chicago makes her brags that the
city OF Minneapolis is good for Sl,JO0U
every year, Minnesota for 100000 aud the
state Of Iowa for 100000. That money is
absolutely wrung out Of US by illegiumate
trading
There are two sides to this question. said
C. II. ChadbOurne. Where you find sellers
there must be buyers. Ii this man Pardridge
sells wheat he must deliver the wheat II IL Is
called for"
lie has sold 800, 10000 bushels Of wheat -
said Bassett Does aSy one suppose he Will
deliver that amountF'
He must If IL is called for ChadbourDe
replied. 1T may not be called for. but 1t
must be delivered Ii called for. The dealers
settle up their trades oil margins but they
must transfer the actual wheat If called for.
Everybody understands that"
mo. they don't" said Bassetf Nobody
understands that. They never deliver il, and
have no intention of doing SO.
This phase Of the bill, which was UNI
der heaviest discussion, is that part
providing for tax on the option deal
ers. The sentiment of the board was
against Bassett, and the resolution went
over for week.