The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-02-04

bushels of wheat on the market at any
time through this system
DO you think il is possible TO put a stop
CURED Mr. Lewis
Il think so. i should not be in Washing
ton If i did not think so. The Butter
worth bill. the Hatch bill. the Brosius bill
or the Washburn bill in the Senate VIII.
either of them, put a stop to this practice"
You stated" said Chairman Hatch,
"that since 1854 the ratio of consumption
of the world has increased over the pro-
duction OF breadstuifs. Now. since 1884 as
it not u fact. demonstrated by the best
statistics OF the world. that we have
drawn greatly upon the reserve OF bread
stutts that had accumulated by reason OF
other conditions MP to that timer
Yes. sir; the writers fer all the English
trade journals and economists NIT that.
The condition which now exists In Russia
Is due To the fact that the reserve OF wheat
and rye formerly produced Is now ex-
hausted- The famine really existed In
eighteen provinces of Russia before the
harvest of the past year. thus showing an
entire exhaustion of the reserve"
The committee on agriculture will have
hearings daily upon this subject for one
week. audience being given to representa-
tives of both sides of the question.
A CHICAGO VIEW OF THE SUBJECT.
Just before the adjournment of the com
mittee II. III. Aldrich, Murray Nelson and
others. representing the Chicago Board of
Trade, spread before the committee a vol
luminous memorial In opposition to anti
option legislation. The arguments con-
tanned in this memorial are chiefly that
boards of trade are essential to the mar
keting of the farmers produce. and that
the dealing in options and futures Is o
stimulus necessary to the maintenance of
boards of trade. The pending bills" SAYS
the memorial, "c~ontemplates an attack
upon one line of business. singing it ont
from everything else. and are. in that re-
spect, vicious class or special legislation.
Designed ostensibly for the suppress
sion of gambling In the products OF
the soil. they would. IL allowed to
become q law. extinguish an established
system without which producers would be
absolutely at the mercy of combination OF
capital formed to prey upon their helpless
ness. Gambling In farm products Is an un-
mitigated evil and thore is not q legitimate
exchange in the country that would not
lend its aid and countenance 20 the enact
ment and enforcement Of laws for Its ex-
tinetion.
"In simple truth the extent TO which
produce gambling Is carried on In the
legitimate exchanges of the country IS I'M
mensely exaggerated. 1t bears about the
same relation To the legitimate
and speculation of the country that the
froth ana foam of Niagara do to the mighty
volume of water underneath. 1t Is the
bubble. and fuss, and fury. the fr0th and
foam upon the surface OF the trade and
III that offends-nOt trade and COM
meroe itself. Gambling In produce-gam-
bling pure and simple-is carried on in the
bucket-shops. This form of gambling is,
Gnd has long been, q fruitful source of ag-
ricultural depression and a rigorous federal
bucket-sh0p law, vigorously enforced,
might go far towards the accomplishment
of the end that is sought. The laying of
wagers in these thousands OF bucket-shops
on the quotations of prOduce. as they are
made in the great marts of trade. creates q
powerful concentrated interest for the de-
preston of values. The extent to which
this bucket-shop influence Is responsible
for the agricultural depression that is CON-
planned OF IS not. we fear. fully appreciated.
The evil is of sufficient Importance. in our
opinion, to merit the attention of Congress.
1t has become q national curse.
This board does not apprehend that
your honorable body c~Onfounds bucket
thought would be an insult to your intelli-
gence. Boards of trade are q necessity OF
modern commerce. They enable the pro-
ducers to tind q market at any time for
their surplus grain, cattle, hogs. cotton and
other CROPS at far better average prices
than could otherwise be obtained. Amer
lea raises a surplus of almost every kind of
farm product. and this surplus must be
sold to domestic and foreign consumers,
else congestion results and the country suf-
fers from evils OF overproduction.
1T is through the medium of boards of
trade that the capital is supplied for the
carrying of the country's surplus products
during the long Inc wearisome period that
must intervene from the time il leaves the
possession of the needy producer until it
Is taken by the tardy and reluctant
consumer. The farmers are not. as O class.
able to furnish the capital needed to carry
the surplus of their crops. They are. as q
general thing. obliged by the necessities of
the situation to realize on their crops as
soon as saved. This makes them urgent
sellers during the few months Immediately
following harvest, and were il not for the
helping hand of speculative and invested
capital the highways of would
be glutted with an unstable plethora.
The ultimate consumers TO whom our sur
plus must be sold. If sold OF all, would sup
ply their requirements only as necessity
demanded and fathomless depression in
values would ensue. Destroy the system
OF contracting for the purchase and sale OF
agricultural commodities for future de-
livery by imposing q prohibitive tax on
such operations and q very large proportion
of the capital thus employed will seek other
channels for investment. The farmer may
rid himself of the middlemen but he will
also be bereft of his market at the same
time"