The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1892-02-18
THE ANTI.oPTToN INQUIRY.

Tho Siivor Question Isobs Up Before tho
Committee. on Agriculture.
WASHINGTON, D. G., Feb. 1.-the
silver question was broached this morn.
ing again and this time it was in the
hearing before the house committee on
agriculture on the anti-option bill,
which has been under discussion by
tho committee for the past two weeks
Mr.. Charles A. Pillsbury, the Minncap.
oils miller, was on the stand. IIe had
stated in tho course Of his remarks that
that the worlds surplus supply OF
wheat was steadily dwindling. He said
tif ono man owned the wheat crop raised
in this country this year, it would have
been possible TO get 81 so u bushel
for it from Europe just rs easy us 90
conts, because Europe had TO have il.
Russia Ind none to export and India
had shipped its surplus Of previous
years. Mr.. Lewis then stated the
statistical position that wheat has been
growing better for five years past and
that tho price Except for squirt this
Year, has been growing weaker.
Mr.. Pillsbury-That is so.
Mr.. Lcwis-Docsn't tho value OF
money have great deal to do with it I?
Isn't money worth moro than over?
Mr.. Pitt fry-I think as whole the
dollar vii. Juy more goods now than
evcr.
Mr.. Lcwis-If We had S1,5OO, O00, 900
instead OF S650,000.O00 in circulation
would not the farmers got moro for their
wheat?
Mr.. Pill.bury-aIore nominal dollars,
but perhaps they would not buy SO
much.
Mr.. Lewis-It would give the farmers
more debt paying capacity.
Mr.. Pillsbury--Oh, yes.
Mr.. Lewis quickly retorted "that is
what is the trouble with them, is it
not" There was general laugh in
the committee in reply to q further
question from Mr.. Lewis, Mr.. Pillsbury
admitted that short selling alone would
not account for decline in wheat, which
was too great to be chargcablc to one
cause alone. In his address to the com.
mittee Mr.. Pillsbury advocates the pas
sage OF an anti-options bill.
All persons agreed that the bucket
shops should be wiped out. He be-
licved bill could bo drawn which
would prohibit illegitimate dealings
without interfering with legitimate deal
ings. Brokers had said the "short SELL
ing" was necessary, but there was no
short selling in the real estate nor in
the dairy business which oycrshadowed
all others.
Mr.. White asked for 4 definition OF
legitimate and illegitimate sales.
MIR. Pillsbury thought contracts should
be negotiable, and that sales Of contracts
were legitimate, provided the first maker
actually had tho wheat. Where con-
tract was. made and the wheat not be-
hind it, the sale was Il mere gamble.
The burden OF proof, in his opinion,
should be put upon the seller 10 show
that he had the wheat he sold.
10 Mr. Wilson he said that he thought
all sales for future delivery led to de-
press prices, and should not be per-
mitted unless the wheat was about ready
for delivery.
r Mr.. Clifford, OF Kankakee, H., said
that in surplus producing country no
good effect could follow "short selling"
for the Short always wanted to lower
prices. England being an, important
country, had passed years ago law
against the bulls, and America, being an
exporting country, should pass q law 10
prevent a depression Of prices TINT was
contrary to the law OF supply and de-
mand. I..,