New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-02-04
A HEARING BEFORE TIE HOUSE COMMITTEE
nv TELEGRAPH TO HE TRIBrSE.I

A HEARING BEFORE THE HOUSE COMMIT lLf"
Washington Feb. 3.-Thc Committee on Agriculture
OF the House OF Representatives. today began lis series
of hearings on the anti option bills pending in
Congress- The bill which is most likely 10 receive the
sanction Of the House committee the presented
by Mr.. Hatch. the Chairman.
G. wood Davis. Of kansas appeared today In
advocacy 81 the bill. My sole business sid hc
ii, that Of farmer and producer. Finding tbs bush
ness Improbable in rvcnt years ! IVA, imIeued ID
an investigation Of the cause, " The depression III
prices Of farm products. II follows logically that
when the world +, pVducing cs, than It consumes tho
price Of wheat and other brcldstuI, should Increase
Yet such has not been the Why l. tm'l AFTER
the year 1870 there had grown upon the bjaTd' OF
Trade a system OF dealing IN fictitious or fiat prdnct'
This system began with the short selling ot eol IN
Wall street during the war ard carried into the
exchanges 81 t.n country. 1t became 30 far aS can
learn d disturbing factor after 1--O. II, Influence
seems to have grown with tho years. The gentlemen
the other side 81 this question ten Us that IN "HcF
10 market products Of tho country we must nave
thee new methods Vet We marketed, think. moro
b,adsuifs and pork relatively to population ten years
ago before this mcthrd into vogue Than We do
to-day. Recently one of the banker, II Chicago told
me there va, more money tied mp In margins Oh these
future sale, than would pas fr tho entire visible
and invisible supply Of wheat three Times over.
III wheat brought FL 30 per bushe Ia Britain FOR the
nine years ending In I-1f, why should IL not bring
II j.. think. because II the offering OF unlimited
nct.tion, amounts Oh the markets without regard
la tho real pro1hct. 4, matter Of fact. the prices Of
grain are frequently made In Chicago by three or four
ncn | have here o t,Icsram received GIc other day
which say, .Par.lrd-c IS bigger than the market aud
has old freely all dlg' lie has made the puce Tor
himself without regard ~ the amount pFvluc'd.
young man IN Chicago who can raise 600 can tio"
10000 bushels o. wheat the market at any time
through This system =, -
Just before the Adjournment II the committee. H. II.
Aldrch Murray Ncl,0n and Others. cpr'erhiuS ,nc
Chicago Board ~ Trade spread before tie committee
"A volnminOus memorial in opposition = anu "pu"l!
sation The arguments contained In this n'ihnfllI
arc chiefly that Boards O Trade essential 10 thc
marketing Of the farmer, produce and That the ucai-
nl, I'm OPTIONS ard future, j. stimulus necessary ID
the maintenance u Boards II Trade. The l"idlne
bills ,ay, the memorial. "contcmpl1tc an attack upon
else and are in that respect vicious elias or ~I''al
LEGISLATION. Designed usicn-lhly for the suppc>sI"..
OF gambling IN the product, OF The oil they Woud IL
allowed To heroine law. cNtinguirh an cstPJl. mon
system. without which producer would be absolutely
Al the mercy " cOminatlO0s Of capital formed 20 pny
upon their hciplcssnc~~. Gambling In farm pI,shclS
il IN uunitgncd evil and there II not a legitimate
cxchang" I'm the country that would not lend liz a'1
and cDrntenancc t. the enrichment and cDfOrrlErHt 81
laws for il, extinction In simple truth the extent to
which produce gambling is carried on IN tha legitimate
exchange ~ the country y Immensely cNsgeT1H"u'
IT bears about the same relation ~ the legitimate com
ncrce and speculation ~ the country that the fth ana
foam Of Niagara do 10 -" mighty volume 81 Nat.T
underneath Il + the bubblc aud fu~, and fury, the
frOth and foam upon the Srfrc - trad" lnd commerce
that Onends-uot trade and commerce ITSELF