The Caucasian. (Clinton, N.C.) 188?-1913, 1892-11-10
REASONS FOR THE ANTI OP-
TION BILL

which has not received the attentioh
of our public press and the people
which ito gravity demands, is the
Anti Option Bill now pending IN
Congress. This bill is aimed at
culture" dealing, species of gamb-
ling in the great agricultural pro-
ducts of this country, which has
grown into a monstrous evil, and has
inflicted incalculable damage on the
cotton growers of the South. The
conditions of the bill are directed at
the seller of Futures" the "short
seller" as he is called. who does not
own or have any control OF the pro-
duct he sells. He must take out a
license at a cost of $1,000 yearly,
must give a bond of $4,000, and
must pay a tax of 5 cents per pound
On all cotton and 20 cents per bushe!
on all grain that he sells as futures. "
1t is designed to exterminate 'fu-
ture" gambling, but does not inter-
rupt legitimate trade. We presume
lack of information as to the details
of this Ubiquitous 'future" business
is the reason why our people and
press have not raised an unanimous
and irresistible demand for the pass
age Of the bill. We propose to assist
in supplying that information, and
to that end we invite ths careful at
teption of our readers to the extract
which follows, taken from the print
ed volume of testimony before the
committee on agriculture Of the
house of representatives. The bin
passed the house by majority Of four
to one at it's last session. It would
also have passed the senate, but the
future rings became greatly alarmed
by the action of the house, and put
forth tremendous efforts against the
bill, which resulted 10 its postpone
ment by the senate until December.
1t is the first business that then
comes up in that body. Its great
Importance to our people will be
partially realized when it is stated
that New York and New orleans
sold 45,0OO,00O bales Of futures the
past season, in direct competition
with our crop of 100000 bales of
actual cotton, and that by manipu-
lations of the future boards prices
were forced down 3 cents per pound.
The rings broke down futures to beat
those who bought futures, and at the
same time they broke down the price
Of actual cotton. Our senators and
reL representatives., especially the former,
must be MAJ, Ia TO know that the inter-
'sts of ourpeople requ..- Tue afstfuc-
ion of this nefarious gambling sys-'
;em by prompt passage of the anti
option bill. Read carefully this ex-
,ract:
"The future business, SO called,
las certainly grown into an unspeak-
bile injury to the cotton trade, and
is effect almost constantly has been
o depress prices below their natural
evel. The cotton future business is
in New York, New Orleans
nd Liverpool, New York having the
commanding influence in this coun-
ry. A ring or syndicate control it
here, and make the prices which are
osted on their boards, and these be-
lg wired all over the land decide the
curse OF the market. They have
ontrol of all machinery of the busi-
ess. The people of this country
ave naturally strong speculative
endence, and not knowing how the
uture market is manipulated, and
linking the chances equal for up
s aFa or ale d1H5T tn changes and be- re-
NV dill to be fair, many of then
,cno a'tures' because it takes less
10 20 10 So, and they thus avoid
NJ oApenses that attend carving the
~ leselt. When they buy they
20 required to put up ST per bale
.algih ID hands Of the New york
E,oI and for every decline of
'en'y one hundredths of cent they
lus' put up an additional 81 per
Ale; then by pressing prices down
ley get immense sums accumulated {
| New York as margins. When :
lch a prize is at stake the New {
ork rings never allow it to get away.
,aving such complete control of the
achinery they continue to depress s
rices, and call for additional mar .
ms, until the buyers are exhausted
discouraged and sell out, losing
| they have put up.
This year is a striking illustration
the evils of the future business in
'tton. When prices had declined {
8 cents for milling, a. great num-
II our Southern merchants and
anters, believing this price too low
stand, and looking confidently s
asonably for Improvement, bought l
lures largely and put up their
argins. Then the process OF {
adual squeezing went on. Prices
ere reduced and more margins t
Lied for. This was repeated again $
ID again. The weak buyers put I
two or three margins,and were then '
reed to give it up, but the stong-
buyers held on, feeling assured a
at the lower it now went the more I
rtainty there was big reaction 9
they continued to put up margins
me as many as five, six and eight. J
the decline went on. Memphis Q
one, as estimated by parties we'll in L
rmed, has sent over $1,OOO,OOO to c
ew York this winter for margins on Il
tton futures. The entire South. g
wing the same faith in better prices. t
s done the same thing, and at this d
ne there are doubtless $1O.OOO,OOO, t
more, held in New York as mar t.
rs on future deals still Enclosed a
RI IL n