The Goodland republic. [volume] (Goodland, Kan.) 1891-1907, 1892-02-12
THE GRAIN GAMBLERS
The Low Price Of Agricultural Pro.
ducts caused by the Fictitious
Amounts on the Markets.
c. Wood Davis, the Kansas StatlstlCian,
Enlightens the House Committee
on Agriculture.

various anti-option bills pending in
congress. The bills which will most
likely receive the SANCTION of the house
committee is the one presented by Mr..
Hatch, chairman of the committee de-
timing options and futures and impos-
ing heavy special taxes on dealers
therein. G. Wood Davis, the we'll
known statistician of Kansas, appeared
in advocacy of the bill.
"My sole business" said he, sis that
of farmer and producer Finding
this business Improbable in recent
years, was impelled to an investiga-
ton of the causes of the depression in
the prices of farm products. found
that up to 1884 the world was produc-
ing more wheat and other breadstufTs
than it required. A large accumula-
tion took place the world over. But
since 1884, II numerical data can be
relied upon, the world has produced
during but one as much wheat as it has
consumed. That year was 1887. In
1884 there were 400,00O,000 bushels of
wheat piled up in the farm and other
granaries of the world. Since that
time we have, in q sense, drawn upon
that surplus
"Now, it follows logically that when
the world is producing less than itcon-
sumes the price of wheat and other
breadstuffs should increase. Yet such
has not been the case. Why is thisp
l will not go into the question of the
effect of the tariff or the currency
supply upon the price of these COM
modities. l cannot see that the ques-
ton of the tariff affects the farmer
materially q am republican and u
protectionist); but it does in some
cases, have no doubt, enhance the
cost of necessities. Now, after the
year, 1870, there had grown up on the
boards OF trade system of gambling
or dealing in fictitious values or flu
lures. Its influence seems to have
grown with the years. Gentlemen on
the other side of this question tell US
that, in order to market the farm pro-
ducts of the country, we must have
these new methods. Yet we marketed,
| think, more breadstufrs and pork,
relatively to population, before this
method come into vogue than we
do today. II we then were able to
market our products without these
methods, why cannot we do it nowp
"They tell us We cannot DO without
money; but there is more wealth, re-
latively, in this country now than there
was ten or fifteen years ago. Recently
one of the bankers of Chicago told me
that there was more money tied up
in margins on these future sales than
would pay for the entire visible and
invisible supply Of wheat three times
over. II wheat brough 81 10 per bushel
in Great Britain for the nine years
endingin 1874, why should it not bling !
a good price now, with lessened pro-
duct per capitap 1t Is, / think, be-
cause Of the unlimited fictitious
amounts on the markets, without any
regard to the real product. AS a mat.
ter Of fact, the prices on grain are fire.
quently made in Chicago by three or
more men,"
"Do you think it possible to put
stop to this method by national legis-
lationP" inquired Mr.. Devils.
IL think SO. / would not be in
Washington II 1 did not think SO. The
Butterworth bill, the Hatch bill, the
Brosius bill or the Washburn bill in the
senate, will either Of them put stop
to this practice"
Just before the adjournment OF the
committee, II. II. Aldrich, hurry
Nelson and others, representing the
Chicago board Of trade, appeared be-
fore the committee with voluminous
memorial in opposition to the proposed
anticipation legislation. The argument
contained in this memorial was that
boards of trade are essential TO the
marketing Of the farmers products
and that dealing in options and futures
is stimulus necessary 10 the mainten.
ance Of boards OF trade.
1.-THE pending bills" says the mem.
oEial. "designed oStensibly for the sup
preston Of gambling in products Of
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