The times. [volume] (Richmond, Va.) 1890-1903, 1892-08-11
THE ANTI-OPTION BILL.

We can truly say that in our opinion no
measure has for long time been before
Congress more vicious and peTnicIous in its
tendencies than the one called the Anti
Option bill. 1t passed the House and came
very near passing the Senate. 1t is post
poned to December 30 that it is scotched
only and not killed.
There are three leading objections to the
bill. First it is unconstitutional, second it
is class legislation, third it would operate
most disastfously upon all business--upon
the farmer as well as the broker and mer-
chant. We have heretofore discussed the
constitutional phase Of the matter, and
shall. therefore. pass that by now.
The advocates Of the bill say that IL par
ties are allowed to sell agricultural products
for future delivery, the sellers not then
owning the articles, large body of per-
sons become interested to put down the
price of the products sold, and that the
agrlculturst is thereby cheated out of the
legitimate profit which he should make on
his farm product. In calling attention to
this argument few days back we pointed
out the fact that wherever there is seller
there must be buyer, and when a
seller becomes interested in putting price
down, a buyer has become interested in
putting the price up. 80 that the two forces
must exactly neutralize each other. But
the farmer argues in answer to this, that
after he has sold his crop the Spectator
will hold it for q rise and by holding on to
it he will force q rise in the price Of which
he alone will take the advantage and the
farmer will get none of it. But for this re-
suit TO be arrived at, it would be necessary
for oil speculative buyers to act in concert
They would all have to hold together Now
we know they do no such thing. and il
is absolutely impossible to cause them
all TO do this. We know that spectators
never act in body, but each man acts for
himself, each selling as soon as he has
made profit, without reference to the in
terests or Vows of any other one. The
known course OF business and the business
habits of speculative buyers therefore
wholly disprove toe theory that farmers
advance here. 1t ia absolutely certain there
fore that the farmer is mistaken when he
thinks that future sales depress the prices
of his commodities. In the nature of things
they can have no influence on those prices.
They must be fixed and adjusted by the
inexorable law OF supply and demand.
But future sales produce positive bene-
fit to the farmers. and this benefit the Anti
/ Option bill would, if it could deprive them
of. The great service which future sales of
farm products does for the farmer is in
making market for his productions where
buyer and seller are daily brought face to
/ face on the produce exchanges and each is
at every moment supplied with all the in
formation touching the prospects of crops
upon the one hand and the prospects of de-
mAnds for those crops upon the other.
The Government has a bureau which
is at all times engaged in col
lecting together ali the information
all over tho country bearing upon crop
prospects. Bradstreets Agency is always
doing the same thing. Numerous other
agencies all over this country and all over
the face Of the civilized world are always
doing the came thing. At the same time
| innumerable agencies are at all times Gu
gagged in examining into the questions that
relate TO the demand that there will be for
each article produced. The results of all
these enquiries are at all times before those
| who deal in futures on the produce FIX.
changes and thus they are enabled to Judge
approximately from what the supply OF
corn will probably be in January next and
what the demand for corn will probably be
In January next; what the price of corn will
j nrobAbly be in that month, and trading on