The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-11-23
THE ANTI-0PTIONS BILL.
SAVANNAH COTTON MEN EXPRESS
DIsAPPROvAL OF TIE MEASURE.

- 2.
Resolutions Passed BY the Cotton Ex-
change Urging the Senate to Defeat
H-Pres,dent Asrow Says the Bill
Would Not Serve the Purposes It Is
Intended For-n Would Eliminate
the Spectator and Injure the
Farmer.
Alta meeting Of the members OF the cot
ton exchange yesterday. sotion was taken
on communication from the New York
Cotton Exchange IN reference to the anti
options bill now pending before the United
States Senate.
The New York exchange desired that
petition be circulated around this section
asking the signatures Of ell those
citizens opposed to the passage
OF such bill. This. however, the
exchange decided not to do, but the general
sentiment Of the discussion, which was very
slight, was In opposition 70 the proposed
law, and the whole mastAr was referred
70 she president and directors Of the Savsu-
nah exchange by the adoption Of the follow
ing:
Resolved, That this exchange is not 10 favor
Of the so-called antioptions bill, and that the
board Of directors be instructed to draw up
proper petition to the United States Senate, to
be signed by the president and directors of this
| excl Ange petitioning the United States Senate
against the passage Of said DILL.
THE MEMORIAL TO THE SENATE.
The following is the form of memorial de-
| signed by the New York Cotton Exchange
for signatures and to be sent TO the United
States Senate:
To the Honorable the Senate of the United
| states:
Referring to the bill known as the ''anti-op-
! tons bill, to come up for consideration in the
Senate al its reassembl ng in December, the I'M
| dersiRned respectfully beg to state:
That the recent advance of about cents per
| pound in the price of cotton from the lowest
| price touched last spring, in the face of an
enormous surplus carried over, and due solely
| to the development Of a short crop and pros
Iective smaller supplies absolutely refutes the
assertions that have been so long current that
the exchanges OF the country are banded TO-
| Rether for the purpose Of depressing prices of
| farm products, that the interest of all traders
on such exchanges lies in the direction of low
| prices, and that all Of their energies are de-
| voted TO that end
That this rise in the value Of cotton proves
| beyond controversy that the laws of supply and
| demand regulate values, any assertion to the
contrary notwithstanding.
That it would be to the greatest extent detri-
mental to the growers of farm products to
have their market restricted to buyers for con-
sumption only.
That the present increase in value of cotton
Is more largely due TO the spectators OF the
world than 20 consumers; and
That, but for the existence Of the exchanges
thar deal in cotton for future delivery, the re-
lief that has come to the south by the in
creased value OF her great stat lie would have
been much less than has recently been ex-
perenced
We therefore beg to request that. as our
representative in the Senate of the United
states, you will use a i the influence in your
power to prevent further consideration Of the
anti options bill, and thereby relieve the
~ . 49,
uncertainty that is hanging over them caused
| by the pending Of this unnecessary measure.
ARoUsING OPPOSITION EVERYWHERE.
The anti-options bill is not only being pro-
tested against py many of the leading ex-
changes of the country as a body but indi-
vidual members OF these organizations are
raising their voice against 1t and are using
their personal influence to defeat the meas
ure. President Edward Karow of the cot
ton exchange, In speaking Of the bill yester-
| day, said that 1t was the most unwise meas
ure ever proposed in congress. He said
that 1t possesses 80 many Objectionable feat
ures that it would consume too much time
to discuss them all and he mentioned only a
few as they occurred to him.
"The bill primarily and chiefly, has as its
object" said President Karow, 1.-THE sup
preston Of dealing in futures and In COM
modities not actually in possession for de-
livery. It is supposed TO be for the benefit
OF tne isrmer sout there cannot
be greater mistake The bill
would eliminate the SPECTATOR 1t has been
preached TO farmers that the Spectators
have been the cause OF the low price of cot
ton, which is not true. The SPECTATORS as
a rule do not speculate unless there is a rea-
sonable hope for higher prices. The ten
dency among them is to be on the "hulln
side of the market, and the operator in cot
ton is by no means the enemy Of the south
and her great staple. II speculation Is
stopped then business will be practically
stopped, and the southern farmer instead Of
, getting decent price for his cotton will
have to deal directly with the manufact-
urers, who can coOlly buy from hand TO
mouth or carry only moderate stocks and
starve the planters into submission to star
walton prices.
THE CAUSE OF THE RISE.
"The recent rise in cotton =" said President
Karow, WAS due as much to speculation as
anything else, for with daily and reliable
reports as to the condition of the crop the
farmers by means of this speculation
are enabled to Immediately get the
advantage of rise in prices. Another
feature of the bill shows as plain as dav
. that it was not devised for the benefit Of
the farmer as alleged. The bill excepts
} -four as a commodity of speculation. AS
Senator Wash6urn of Minnesota has
taken an active interest In the
passage Of the bill. and, as he Is one Of the
largest mill owners in the northwest. the
'nIgger in the wood pile is easily seen.
Still a worse feature of the bill Is a proyis-
ion for inspectors to look after the books OF
dealers and see that they have not been
specializing. OF course this 10 a thoroughly
impractioAble scheme, and one that most
business men would resent submitting to. u
President Karow is not of the opinion that
the bill will pass, but even should it become
law speculation will go on just the same.
There will be some loop hole found in it,
and, at any rate firms can move over to
Canada OF continue their bushes 10 Liver
pool, Bremen or other commercial centers
, He condemns what he called gambling in
futures. but he believed that there is a
legitimate side to it and that because some
men would pervert what is both legitimate
and beneficial is no reason why those who
deal honestly in the business should be de-
barred from it.
These are but some Of the many objeo-
} tions that leading business men of Savannah
see against the bill.
, The days Of cold and DR.. Bulls Cough Syrup
are at hand Better buy bottle I'D.