The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1892-06-15


has excited a great deal of discussion,
both before the com mittee having the bill
in charge and in the public press. The
intent of the proposed legislation is to put
a stop to sales of fictitious quantities of
agricultural and other products. The
Chicago grain exchange is the center of
this species of gambling in agricultural
products. While the farmer has learned
to anathematize these dealers in grain that
has no actual existence, not few have
quite an indistinct idea of the character of
| the operations of these men or the man.
ner in which the farmers interests are
harmed by reason OF them.
An example may be given typical in
| general way OF the transactions of the grain
gamblers. Y, believing that wheat will
soon drop in price, either because of the
supply or through manipulation, offers to
sell 10000 bushels of wheat to be de-
| livered IN June at the sellers option as to
the exact day OF the month. Hence the
name "option dealing" Y, believing that
the price in June will be higher than it is
now, buys this 100000. The reader
understands that Y owns no wheat, and
! does not expect to deliver any. Neither
| does expect to receive it, nor does he
want IL.
If wheat is worth so cents when this
sale" is made, and is worth rs cents on
that day in June that the seller desires TO
close the transaction, then y wins cents
a bushel and Y paws that amount over to
| him. No wheat is needed in this deal,
and there are no charges for storage, insur-
ance, shrInkage. etc, but the whole mat
| ter resolves itself into bet ss to the future
| price OF wheat In this case Y, who be-
came bear" when ne sold for future de-
| livery, wins and Y, VINO was a bull"
| loses. There are notifications of this
| plan by which deals are settled every
night through clearing house" and
| there is the bucket shop" method of
| gambling, but all methods are mere fsci-
| tiles for betting upon the future price of
| the farmers grain.
| Some one may ask, "How do these men
harm others than themselves" We have
not space for full reply, but will men
ton several ways in which they are a
| curse. The moral side OF the question we
/ leave untouched. All men will agree that
large gambling institution is harmful to
| any people. full record of breaches of
trust among all classes OF men, due to the
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would be appalling The victims are
numbered by the thousands. But we de-
sire to note only some of the injuries
| reaped by the farmers. On May 10 an
| avalanche of postal cards was sent to the
memb ers OF congress by the farmers, de-
| handing the passage of the anti-option
| bill now pending. Such concert of action
indicates strong feeling, and the causes
are not hard to find.
In the first place dealing in futures has
| DESTROYED legitimate speculation. Dealers
| do not care To buy the surplus that bar.
vest brings upon the arket and store it
| for future use unless they can get it ct ex-
| ceedlngly low prices, as it is within the
| power OF half dozen men in Chicago to
| "bear" the market price at any time to a
disastrous low figure by offering tens OF
millions OF bushels of fictitious wheat and
causing panic among the bulls" Le-
| gitimate spectators do not care to invest
in commodity that is the piaything and
gambling tool of millionairee. 1t is too
| hazardous.
Most dealers are bears because profits
| come most easily on that side. II is
| easier to break the market by false re-
ports than it is to build it up The coun-
| try folk that make deals in Chicago by
| wire are constitutional bulls" because
wheat for years has been so low that they
have not thought the market cou get
worse. The professional dealer must be a
bear" to fleece these lambs" When
the country is loaded up then the combin-
| alton breaks prices and pockets the
profits. THIS bear influence at Chicago
means that unscruDulous but influential
men are moving heaven and earth to
break the price OF wheat. Their influ-
| ence is baneful.
! A millionaire dealer may believe that
the state of supply and demand justifes
an increase in price of 20 cents bushel
| on wheat, but this does not make him a
bull" The very fact that all small
| dealers see a reason for rise and load
up is the sufficient cause for a combina-
ton with lew other millionaire leaders
| break prices and wInthe money risked by
| the masses. This is easily done through
false reports and by brute force of i'm
| mense wealth.
| The Offering of immense quantities of
wheat-often many fold the total visible
supply-is depressing in its effects upon
prices, although known not to be in ex-
| istence. If they had to be actually de-
! livered then would they not be offered
| There are many other ways. somewhat
| tedious in explanation, by which the
grain gamblers become the foes OF the
| farmers interests. Their business,
like the Louisiana lottery, should be
suppressed by the strong arm OF the
law Then would legitimate purchase of
the farmers wheat for future use become
less hazardous. The matter is in the
| farmers hands. If they will continue to
send such postal cards TO their represent
atives and senators in congress demand
| ing that they vote for the anti-option bill,
| it will be done. Send such a card today,
my reader. II means the abolition of
great evil that affects you financially. Ii
is also a moral duty. The SENTINEL
farmer urges every reader to send a card
today to both representatives and cen
ator. Then send duplicates next week.
Be insistent.
Fairview Farm Papers. No. 7-By David
The vegetable and fruit garden on the
farm should furnish one-half of the table
supplies, and the supply is not only cheap
but it is more wholesome and paatable
than most city people can procure. Fresh
ness of flavor is lost by most fruits within
a few hours after gathering. The expense
OF caring for a good garden is not as large
as many seem to imagine, and think no
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