The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1892-03-05
CECIL FARMERS CLUB.
The Regular Monthly Meeting at Mr.. john
4. Wilson's, on Wedues lay,
the 9th inst.

/
| Syimar in the sixth di,.rict. Upon the
| call OF the roll OF members at 10 As a. m,
the following responded to their namt 5
| Joseph Coudou Cot Jus) John X. Bond,
\ j. Michiner, Geo. W Sutton, ,Ino. p.
Wilson, Col Enoch Noyes, Thomas c
| Bond, Henry 5. Coudon, VIM. w.
Moore, E l. Duyckink, and VIM. Z.
Gillespie.
The minutes of the last meeting htV
| ing been read aud approved aud untn-
ished business being in order, Col.
Noyes offered aud asked to have read
an article taken f,om the American
| 1griculturist explaining the nature, and
purpose OF The Bal now pending before
Congress. to remedy options or futures
in grain and farm products.
1t detines "opJiols' as me lning any
contract whereby party acquires the
! right or privilege, but is not thereby
! obligated, to deliver to another at a iu
ture time or period, wheat, corn, barley
rye. cotton, and all other farm products,
| also pork lard. beei, aud all other meat
| products Futures is detined to mean
any agreement whereby aplrty contracts
| to sell and deliver at future time any
| of these articles, when at the time OF
making such contract the maker is not
| the owner of the article to be delivered.
| 1t is provided that this shall not apply to
| contracts for the future delivery OF such
| articles to the United States or to any
| State county or municipality. Neither
Is the proposed law to apply to ny taI III
| er's contract for the sale and delivery 1T
a future time vi such articles, which are
| in actual course OF pro iuctInu, % land
owned OF occupied by such farmer at
| the time of making the contract.
The bill compels every dealer in options
or futures to take out an intern. Al reve-
nue. license at fee Of 81 900 year, aud
| to pay tax OF five cents per pound for
each and every pound of cotton or of
| pork, beef or other meat products, aud
| the sum of twenty cents per bushel Tor
each and every bushel of the other artl
cles mentioned. Any options or futures
| contract shall be absolutely void, unless
| the NAL ers thereto comply with the
law. The bill provides for returns OF all
such Transactions to the Commissioner
| of Internal Revenue, aud penalties of
not less than 81 600 or more than $1,000
with or without Imprisonment OF nOs
| less than thirty days or more than SIX
months. The bill further provides that
such license certificate shall not exempt
| any from the laws any State may make
regulating dealings i'll options or futures,
nor shall the payment of the interna!
revenue taxes be held TO prohibit any
State or municipality from placing a tax
| or duty on the same Transactions tor
such municipal aud other purposes.
The effect of the mt ASSURE, if enact ed
| into law, would be to tax such speculd-
ton out existence. 1t is substantially
| the same measure that attracted much
| attention in the last Congress, under the
name of the "Butterworth BILL
Mr.. Noyes also offered the follow ing
preambles and resolution as expressive
of the sentiment of the club on this
| subject:
WHEREAS, there having arisen and
there being in rpera:ion in this country
| certain conditions, called buying options.
| dealing III futures, gambling in nature,
wholly visionary i'll conception as no
money is advanced, wholly tending to
| lower the price of the products of our
farms az seasons when the farmers are
| compelled to sell their crops, then after
| wards to be advanced in price to the
consumers when secured by the specua
| tors, thereby robblng the farmers to in
| crease the gains OF the gamblers and
| SPECTATORS,
| WHEREAS, There having congreg ated
in Washington the representatives OF
| banks, bucket shops, aud combination
| interests, speculative in nature with the
aggregated millions to defeat the passage
of the Washburn Hatch anti option trust
| bills now before the {. s. Senate and
| House of Representatives is an example
| of the determination OF the speculative
| interests to deter the farmers from Sc
| curing their rights inherent in the con
| stitution of our country, therefore be it
ReS0lCed, That we, the Cecil Farmers
| Club of Cecil county, Nd, now in session
| do indorse and demand the passage
of the Washburn Hatch anti
| option, anti-trus bills now before the
Senate and House of Representatives as
a movement in the right direction to
secure to the farmers of the country the
| total profits of their labor.
Mr.. Thos. Z. Bond moved that Mr.
Noyes resolution be open for discussion
which was freely INDUCED in by the
members present.
Mr.. Henry S. Coudon asked Mr..
Noyes to explain how dealing in futures
had il effect in depressing prices.
Mr.. Noyes stated the case substan.
TALLY as given in the article referred by
| him.
The way in which such speculation in.
| jures the farmer best appears by explain.
| ing just how the traffic Is conducted.
Suppose that in August, when wheat
sold at 81 Il per bushel i'll Chicago, "A
| offered to sell "B" 5000 bushels of wheat
| at ninety five cents, to be delivered any
| day in December that b preferred; that
| Is, b would have the option or right to
| call for the wheat on any day between
December 1st aud 3lst. Suppose that
| wheat is selling at ninety six cents On
| December 9th, and b fears it will 90
| lower. lie therefore closes the trade by
| calling on A, not for }, 200 bushels OF
wheat, but Tor the one cent per bushel
| or so in all, that the price has advanced
over the figure he paid for the option in
| August. On the othe: hand, had B
| held off until December 10TH when
| wheat sold at ninety cents, and then
| closed the trade, fearful OF another de
cline, he would be obliged to pay A the
| loss OF nve cents per bushel, or $3.50 in
| all, rather than take the " heat which
he doesu't want. Hence AS object
since he sold himself short, has been to
| depresS the market and bear values 50
that the price would 90 below ninety
! tive cents, AID thus compel b to pay A
| the difference II price, which is 4 pro
| tit on the gambling operation. l. is
easier to depress than advances prices,
and as the only capital required is a
margin to the amount of five cents per
| bushel, thousands of men gamble or
| speculate who don't produce or ever owI
"a busheI of grain, but whose effort is
constantly to force down prices
Mr.. John X. Bond made an able and
| elaborate speech denouncing the dealing
in futures. He thought it detr mental
to the moral and progressive welfare of
| the nation.
Mr.. Thomas c. Bond raised an objec-
| ton to that clause which reads
WHEREAS, There having congregated in
Washington the representatives of banks
buckets shops and combination n
and moved that it be expunged
A vote being taken, Mr.. Boud's motion
was carried.
Mr.. John X. Bond in the course of his
remarks spoke of the Holsteins as being
the richest strain OF cattle for butter
making and that his cross breeds had
been very satisfactory.
Mr. Noyes said he had little satisfaction
with Jersey calves as compared with
other more vigorous strains.