St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-07-23

asked, mere bodies of degraded and
abandoned gamblers; and yet that was
the inevitable outcome of the arguments
in support of the bill Speaking of the
system of Futures" Mr. White said
that before that system came into exist
ence the cotton business was confined
TO men Of large capital. Large fortunes
were required to carry and hold the
product. whereas, now. under the sys-
tenn of future delivery" all men were
on a footing of equality, and men with
small capital were the equals of men
with large capital.
Benefits Of s.Futures, ,,
He proposed now, he said. to sum-
Marie tae benefits which the "future'
system conferred on the cotton planters
by an examination of the state of the
cotton trade before and after the tut
ure'' period. He proposed to demon
strate that the future system had
been merciful blessing to the South
ern cotton planter and TO the cotton
trade, and that Its destruction would
entail OH both, this year, loss of over
hundred million dollars
AS to the effect of the "future' system
on wheat, MIR. White quoted Mr.. Pills
bury's testimony before the house COM
mittee on agriculture, to the effect that
for the last ten years the millers mad
paid more for their wheat than
they had got from the flour
made from it. If that were the case.
MIR. White would like to know what
became of the argument that under the
future" system the farmers did not re-
ccive for their wheat as much as they
otherwise would have done. AS to the
cotton trade, he sent to the clerks desk
and had read kilograms from many cot
ton factors in New Orleans asking him
to use his efforts against the bill.
Costly TO the South.
He had made comparison of the
fluctuations i'm the price of cotton before
and since the future period. and as
serted that the range of fluctuations was
greater before than it has been since.
With these figures staring him in the
face he dared not Che said) vote for the
bill. His Judgment was that the effect
OF it would be to bring confusion, disar-
rangement and turmoil into the COM
merciai organization of the world, and
that the cost of it to the people of the
Southern states would he from fifty to
sixty million dollars.
And what good could it do? Was
there not cotton exchange where fut-
ureS were dealt in in Liverpool? Were
there not cotton exchanges Oh the CONT
uent of Europe? He had received, a
few days ago. copy of a charter of an
exchange at Hamburg and letter from
German merchant stating that he had
noticed that there was an intention to
strike down the business here, and that
he hoped it would come to them. Was
there not, he asked, cotton exchange
at Alexandria, Egypt, under the opera
ton of the system of future deliveries?
He was unwilling to transfer that vast
sum of money out of the pockets of the
Southern states into the pockets of the
people of Great Britain.
Mr.. White spoke for nearly three
hours, and when he closed the bill went
over without action till tomorrow.
The house bill to enforce reciprocal
commercial arrangements between the
United States and Canada was taken
up, read and passed without any eX-
PLANTATION and without division.
Washburn Explains.
Mr.. Washburn, referring to the fact
that all the commercial organizations of
Minneapolis had been represented by
Mr.. White as opposed to the anti-OptiOn
bill. said that as matter OF fact there
was only one commercial body there.
That was the chamber of commerce and
its protests had been made under mis-
conception. An attempt had been made
to have it believed that the bill would
prohibit all dealings in futures; but
when the elevator men and all the grain
men found that it did not in the slight
ste degree interfere with future sales,
where there was actual property. they
had changed their minds and their at
titude in regard to the bill