New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-07-23
AGAINST THE TCHSCHEME
SENATOR WHITE FINISHES HIS STRONG
ARGUMENT
MEMBER-THE DEBATE LIKELY TO
LAST ANOTHER WEEK.
,Br TELEGRAPH TO THE TnrBUSE.1

LAST ANOTHER WEEK.
rbr TELEGRAPH THE TnrBUSE.r
Washington, July CIT begins 20 look II
the debate on the Anti Option bill. and with 1t the
life of the present session. would be stretched through
another week or longer. Mr.. White, Of Louisiana
who began Yesterday afternoon able and vigorous
attack on the Hatch scheme, consumed all Of today S
session also and other speeches which announced
for today had to be postponed in consequence. Mr..
Hiscock and other opponents OF the bill will speak to-
morrow and Monday, and Mr.. George. of Mississippi,
said this afternoon that he would attempt elaborate
defence OF the legislation proposed before the debate
ended Ii will be a serious question. therefore, which
will end first the session the Anti-Option bill de-
bate The House has not yet acted on the adjourn
ment resolution proposed by the Ways and Means Com
mittee and until it does the fight against the Hatch
bill will be largely against time. The senate Com
m,ttee on Finance will favor prompt an adjourn
ment as possible, and will try 10 put the adjournment
agreement through the Senate soon comes from
the House. The opponents OF the AntiOpon bill
are becoming and more hopeful of forcing 1t
over into the session. for the attacks OF the last
few days have had their effect and the advocates
OF the Hatch scheme are gradually being driven into
an Gctive argumentative defence of the legitimacy
and soundness OF the proposed TO abolish wha'
they call the evil of gambling in grain and cotton
Mr. White spoke again to-day with great force ana
ease OF manner, and renewed and strengthened 'he
highly favorable impression which he MADE yesterday
as a polished and effective public speaker re"
speeches have been made In the senate covering WV
DAYS OF midsummer weather which nave eeh hsc"c"
TO by 40 large a number OF senators UT VIII" W
show of genuine interest
MIR. White in resuming his argument, sara 'na' he
considered It a philosophical mistake to attempt 10
prevent tendency TO speculation on boaruS oi ''"uo
where there proper restraints anu es'i''"o'S
and to encourage and foster specuiatons "heie SUN
restraints and restrictions did not exist III was SIMPLY
a detection of the OF gambling from us es'''
mate channel into bed in when It's
effects were wider and more pcrnl0o"s'
us called attention 10 the anomaly that II the OH
had not specially excepted the Government Vi '"e
United States, she Government "ouiu ""'' 49,
amenable TO the penalties OF the Dill "cie INV "'
the bids for the supplies be asheo ui"' "'o
d.,d 20 the Government made by parties who did
not at the time the contracts were maae' o"" .'o
supplies the coal which they contracted 10 iui"iS"
,h.y bod themselves to contract for with the miners
who had still 70 mine IT. Referring to the fact thas
retail dealers were excepted, Mr.. Wmte ea'u .ha'
,1.rs rrerc so many exceptions In the bill That IL
might well be called an exceptional BILL so utterly
exceptional that he thought IT ought to nc bea'eh
Turning his back he said. upon constitutional ques
,,ons he discussed the effects which the bill, II en-
acted into law. would have. tie declared II 10 DC
,.r,icous and vicious. 1t would strike blow a,
the commerce OF the country. the length ana oeau.u
and width and depth Of which no human NINA couu
ounoss mill its results OF disaster were worked out
There was a consensus Of opinion on the part OF the
great commercial bodies Of the country against the
measure In proof of this. hesent to the clerks desk
and had read resolutions of the Chamber OF Commerce
Of the State OF New York. protesting against 1t as In
urious TO the best interests OF the community mat
great body. he said. was not trade BODY II was 10.
rbe Chamber of Commerce of Now-York City, but OF
The state OF New York 1t was. perhaps. one OF the
grca test bodies OF commercial advisers in the com
~ArlA hav 10 "a u
The protests of the bankers OF NewYOrk Chicago and
New Orleans and other bodies against the BILL Were
these great associations he asked mere bodies OF DC
graded 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 into existence, the cot
ton business WIS confined TO large capitals-large
fortunes were required and hold the product
whereas now under the system OF future delivery"
all men footing OF equality and mon with
small capital were the equals OF men with large
capital
AS TO the effect OF the future" system on wheat
Mr. White ouoted Mr. Pillsburys testimony before the
House Committee on Agriculture. to the effect that
for the last ten years. the millers had PAID more TOT
their wheat they had got from the hour made from
IT, II that were the case Mr. White would like 10 know
hat became of the argument that under The Iuture
system the farmers did receive for their wheat as
cotton trade he sent to the clerks desk AID had read
kilograms from many cotton factors In New-orlf"hs.
asking him to his efforts against the Dill lhcSs
kilograms be said did not come from cotton buyers
but from cotton sellers, from men who carried the
cotton crop OF the Mississippi Valley lie had reau
kilograms to the same effect from New-OreAhs ueae's
In rice, sugar and produce.
Mr. White on TO explain that before the intro
duction Of the future system, the whole cotton crop
pecpitated the market In two or three months
creating a great gut IN the market and causing
fall In prices. As that evil grew the future sys'
devised for the purpose Of bridging over that
glut and spreading large receipts Of cotton over II
long period instead OF having them thrown on the
market and sold at reduced prices.
Mr. whte proceeded with his argument, supporting
with cotton statistics III the years before ana since
the Introduction OF the system Of fuuree" his CON
tcnuon beng that the depression In price came
earlier In the year. before the future system. tun
1t did afterward. lie contended also that tue greater
the amount OF future salcs IN proportion 10 the
value OF the CROP the higher WIS the price Tlk.t,
tn said arose from The economic principle that tho
greater the trading in article, the higher the prices
went. He hal made comparison OF the fluctuations
in the prices OF cotton before and since the turc'
period and asserted that The range Of nuctuatOns
was greater before than 1t has been since.
Mr.. Ransom asked him whether the actual prices
OF cotton weo not higher in the former period than
MIR Wilte replied in the affirmative but said that
ell prices had fallen I'm the last twenty years
whether the articles traded IN under the FUTURE
system not.
With those figures staring him IN the face. he dared
not he said vote for Tin, bill. Ills Judgment
that the effect II would be 10 bring confusion,
disarTangement and turmoil into the cUInmoSciai or
"a. zauon OF the whole world and that the cost OF
1t to the people OF tl1 southern states would 6e lro
$50 OOU OyO 10 Slj0,OOOOOO And what gO6l cOnld
IT dor Was there not a cotton exchange where
futures were dealt in, In Liverpool We're there
not cotton exchanges on the cOntinet 81 Europe 7
lie had received n few days ago n copy OF charter
OF an exchange at Hamburg, and letter from
German merchant, Stating that he hal noticed there
was an intention to strike down the business here,
and tint he hoped 1t would come TO them. Was there
not. he asked. cotton exchange at Aexa drfa FSypt
IL Nam IL fILiI