The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1892-10-13
THURSDAY, OCT. Is, 1892.

commend his utterances to the careful
attention of every farmer reader of the
! UNION. Here is what Mr.. Erwin said
More wheat is collected on the in.
fluence of Duluth and Superior ports
than in any other place on earth, while
the amount now gathered is to be in.
creased in the near future to over
100000 bushels of wheat annually,
The capacity of the Red river valley
alone is l5O,000,000, while north and
west lie the area of ten vast States OF
wheat growing districts which will
produce hundreds of millions of bush.
els. This soil is unique for wheat pro-
duction. 1t is the same in character
as that of Odessa, which has grown
wheat for three centuries.
AT Winnipeg a government farm
has grown already over sixty crops OF
consecutive wheat paintings success
fully. The vast railroad systems of the
Great Northern and the Northern
Pacific are now established in the
wheat center. They will develop the
industry of wheat production with a
rapidity undreamed of. Here on this
shore Europe will buy her breadstuffs.
She will buy the. wheat here on this
shore, not in Chicago nor in New York,
but here at Duluth and Superior.
FRIENDS OF NORTHWESTERN FARM
ERS.
When asked why wheat was not
bought here now by England, he re-
piled:
Because the market is not natural as
yet. The market is controlled by deal
ing in futures in the city of Chicago.
Why, strange as it may sound, Senator
,, Washburn and his moral hackers, Mr..
Pillsbury and friends, are the greatest
friends the Northwestern farmers have
upon e;lrth to-day. The investigating
committee, by evidence taken before it
established the solemn fact that the
practice of selling wheat not in exist
ence in the market in Chicago by vast
volume of one hundredfold in excess of
the actual wheat. A vice which has
been permitted to grow so powerful
that it overthrows God S law of supply
and demand. This vicious and unre-
stricted practice has overpowered the
force Of demand by false supply so that
the price in wheat necessities of the
gambling trade fixes a price and value.
Old value caused by demand is power
less before the millions Of capital.
This gambling in futures has so
overawed legitimate trade that an En-
glish miller now has to cover his
$4,000 and O0,000-bushel purchases for
his own sale trade by purchases in the
Chicago market. There is no possible
price for wheat, save what the gam
bier fixes. And gambling has broken
down all old laws of trade. Mr.. Pills.
bury and every other buyer of wheat
in the world is powerless before the
Chicago gambling board of trade.
What need of competition by dealers
in presence of this fact, of the law of
supply and demand? Dealing in false
futures must be stopped or the price of
wheat will soon be governed by gam
bling value.
SELLS FOR PROTECTION.
What do you think of the attack on
Pillsbury by the Chicago Herald and
St. Paul Globe?
AS I understand the testimony taken
before the Investigating committee the
combine which Mr.. Moore found to ex-
ist was a combine forced by dealing in
false futures on the Chicago board of
trade. If an English miller who buys
wheat from Russia or India, as we'll as
from sample of mixed wheat from New
York, finds himself obliged to insure
himself by sales in the Chicago market
how do you expect Mr.. Pillsbury can
purchase wheat without insuring him.
self by sales in the same market?
Pillsbury testified that he was obliged
to sell each day the same amount of
wheat he purchased in the Northwest
at Chicago to protect himself against
a price which next day might be
arbitrarily lowered in Chicago by gam
bling: No living man can be bull be-
fore that market. Until that gam
bling is destroyed there never will or
can be value placed on wheat other
than a gambling value. A local COM
bine was adopted at Duluth and Mime
apolis of the Chicago market less the
freight to Chicago from Duluth and
Minneapolis.
Mr.. Pillsbury explained to the in
vestigating committee that no Western
dealer would make actual wheat sell
above the price fixed by the gamblers.
If this fictitious price was not per-
mitted to be set up by the gamblers
L L.. T.. n