St. Paul daily globe., 1892-06-28
is 1T A COMBINE.
Il Wisconsin Farmer Roasts the
Hatch Option Bill.

An interesting communication on the
pepding Hatch option bill. written by
G.. w. Slllam, an Old-time Wisconsin
farmer,appears in yesterdays Chicago
Tribune. After saying he has had the
natural antipathy of the farmer to the
handlers of grain. he proceeds to roast
the Washburn- -Britlsh-SyDdl-
| cate combine as follows:
| have never been in the grain hand
ling business. | have had no cOnnec-
tion with the Chicago board of trade in
business way, or with any other
board OF trade, but am convinced that
there is something else behind the
| Hatch bill other than the desire to bene
fit the farmer. There is natural an
tagonism between the buyer and the
seller of any article. each desiring to
gain from the other. l can
burn and Pillsbury desire that
no one shall interpose be-
tween the farmer and themselves ex-
cept their own buyers. When the spec
ulatOr steps between the millers and
the farmers there is more money OH
hand and in the hands of those willing
TO take hold of the farmers grain, and
E either the miller must pay what the
Speculator is willing to pay or step
aside and allow the latter to take the
grain; and when the latter has taken
the grain and unduly advanced the
price, in the opinion of MeSSrs. Wash
burn and Pillsbury, then who have
been more active bears Oh the boards Of
trade than these gentlemen?
This is precisely what Mr.. Partridge
has been accused of doing, only III case
of the latter. if he has gained by the
operation the money remains in this
country, to be lost probably on the bull
side, while in the case of the farmers
two great friends it is divided between
the latter and the English members of the
Minneapolis milling syndicate. should
be greatly surprised to learn that the
majority of farmers favored the Hatch
option bill. L am at loss to know how
they can profit by its passage. At pres
| ent wheat buyer at a local country
| point, knowing about what he can rea-
Sonably expect to purchase of farmer,
can protect himself by selling his pro-
| spective purchases. For instance, last
| summer May wheat was selling at, L
| think. some IA cents premium over cash
wheat, cash then selling at 81. This
| simply means that outside money was
at hand to pay that great premium.
| Somebody was willing to take the
| chances that May wheat would be a pur-
! chace some months ahead at Sl.20,
where it was then worth only S1.06.
| The board of trade man called pro-
| tectIng margin from the buyer of May
| wheat, and outside capital had been en-
listed OH the side OF carrying wheat
| either in the country ware house or, If
| forwarded to Chicago. then stored in
the elevators of this city. This wheat
| has then been taken care of, bought Of
| the farmer; the farmer paid in cash,
| and MeSSrS. Pillsbury and Washburn
| compelled TO buy OF the farmer for their
current wants.
The crop of wheat of the year 1891 is
! good illustration of the workings OF
| this system. 1t was an immense crop.
| The demand was enormous; but here
we are close upon the 1892 crop, and the
visible or present surplus stocks OF the
world are even greater than one year
since. besides greater stocks in the
| hands of farmers. Where would the
farmers have landed if the 100000, 600
of outside moneys estimated to have
been furnished 10y sanguine spectators
had been withheld (or very large por-
tion OF the same), and the farmer had
depended upon the current daily neceS-
sites of the Minneapolis millers.
The burden has been heavy, as the
present price of June wheat indicates
(9S4 cents at the close of the board this
day.. Yet there were those who in
vested millions of dollars who believed
that June wheat would sell high up in
price, for May wheat sold at Si.20.
With the hatch option bill in force
the English syndicate intrenched abroad
can sell and buy at their pleasure; bull
and bear to their sweet content: can
concoct and hatch all sorts of bull and
bear stories to harass the American
trader, while the farmers friends can
dump the cash stuff and scare the life
out of the poor devils who have staked
their all in the cash holdings, or the
latter can be better scared by the old
cry of ''hot grain"
The farmers of this country are
wholly miSled as to the benefits to be
derived by the passage of such bill.
have used the word speculator. 1t is
an obnoxious name to the farmer and
to the consumer, yet the great carrying
trade in all properties is done through
the aid of capital other than that con-
trolled by the producer and the con-
sumer. These two can never be united
so closely as to dispense with this cap
ital