The midland journal. (Rising Sun, Md.) 1885-1947, 1892-02-12
WASHINGTON LETTER.

WASHINGTON LETTER.
It is probable that the bill prohibiting
dealings in futures and options will pass
both houses Of Congress. Quite "a fight is
being made against it by the dealers, but
the general impression is that majority Of
the Honse and Of the Senate will favor this
measure. G. w. Davis, statistician and
farmer, of Kansas, made long argument
In favor of the bill. Since 1884 The world
has been drawing upon its surplus bread
ssuffs and, logically, their price should rise.
Instead, it decreased, and he found the
phenomenon IN option dealing.
s.The world requires every occular day a
little more than seven million bushels OF
wheat, yet there is offered on the produce
exchanges Of the United States alone ten
times that quantity. An ex- Speaker Of the
House told me the other day that the offer
of English manufactured goods in this
country decreased the price of our manu-
factnres. yet he insisted that the offers of
English wheat, being the offer Of fictitious
product, did not affect the price of wheat
here. We have not only to compete with a
fictitious product equal to the real product
of these countries. We have shut out the
real wheat Of Canada with tariff of Is
cents. yet we allow the Englishmen to sell
fictitious wheat here through the medium
Of options and futures. insist that If the
sum OF the offerings exceed the sum of the
Requirements for given period it reduces
the price Of the comodity."
| To the claim Of option dealers that their
method Of trade is necessary to market farm
products, he replied that more breadatufs
and pork relatively to the population was
marketed before the method came into
vogue.
| Murray Nelson and other representatives
of the Chicago Board of Trade laid before
the Committee memorial defending the
business of produce exchanges, charging
that all gambling in farm products is car
ried on in bucket shops, which the exchanges
would like to suppress, and declaring that
the effect of the pending bill would be to
leave the farmers sat the mercy oil combi-
nations of capital formed to prey upon their
helplessness.'
| Reports have been sent out from here that
there was great difficulty existing 4mong
the members ofthe Alliance; that they had
split, were quarrelling with each other, and
so forth. Nothing of the kind is true.
There are nine, and nine men only, out Of
all the number who were elected by Alli-
ance votes who stand by the principles OF
Alliance party. These nine are Watson, Of
Georgia; McKeighan and KEN, of Ne
braska; Halverson. of Minnesota; Otis.
Simpson, Davis. Baker and Glover, of Kan
sas. So much has been said on this subject
that these gentlemen met together and sent
out circular, which reads as follows:
| ITO correct an erroneous account which
has appeared in the public prints in refer
ence to discussions in the ranks of the Alli-
ance Congressman, we make the following
statement:
.sAt no meeting of the Alliance members
Of Congress was any motion or suggestion
made that they should join the Democratic
party or cast their lot with it. The disa.
greement occurred because certain Of the
Alliance Congressman thought that the con-
test should be made through the old parties
and others thought that independent poli:-
ical action was necessary.
"There has been no split between the
Peoples Party Representatives. We are
united now as we were az the opening of
Congress. We each believe that indepen-
den. political action is necessary. We hold
our confer nces as we did at the opening of
the session, and they are harmonious"
The silver question is before the Courts
for adjudication. Last fall three gentlemen
took brick of silver Of the necessary Gne-
ness and weight to the Mint at Philadelphia
and ssked for lis coinage into American
silver dollars ofthe standard weight. The
Superintendent of the Mint refused TO coin
the silver, and an appeal was made to Di-
rector of the Mint, Mr.. Leech, at Washing
ton, and he held that there was no law TO
coin It, and then further appeal was taken
to the Secretary Of the Treasury with the
same result, so these eentlement have gone
into the Courts asking that mandamus be
served upon the Secretary of the Treasury,
compelling him to have this silver coined.
Several distinguished lawyers, among them
SENATOR Stewart, held that as the law now
stands one can take silver to the Mint and
require Its coinage.
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4 Tt~su~ D.. Uvuno-~M