The Indianapolis journal., 1892-02-17
FARMERS AND "FUTUREs."
Tho Alliance and Grange View of Gambling
I'm Products Of the Fields.

Tho Alliance and Grange View OF Gambling
I'm Products Of the Fields
WASHINGTON, Feb. 18-C. w. Macune. Of
the Farmers Alliance. to-day addressed the
House committee on agriculture in favor
of the anti-optiop bill. The bill. be said,
did not interfere with the legitimate
futures dealer, but only with the dealer in
futures who undertook to manipulate the
market. In his opinion there was no ques-
tion but that the present system was bad
for the producer. Before the crop was put
into the ground the speculation fixed the
price and went off to Europe. When he
got back he held il there from time to time,
The brokers commissions on all the numer-
ous transactions he asserted, came out Of
the producers and the consumer. The Chi
cago memb bers of the Board OF Trade. he
said, had asserted that the speculator paid
these commissions. but that was absurd.
The spectators aid eat each other. They
made money only by catching suckers.
Mr.. Lewis asked whether he thought the
producer or consumer should control the
price.
Mr. Macune thought the producer should.
He added that eight million bales OF cotton
was not oyerproduction In the United
States. when the worlds annual consump-
tion was twelve million bales aud India
produced only three aud half million
bales and Egypt half million baIeA
j. Il. Brigham, of Ohio. lecturer OF the Ma
tionai Grange, said that the farmer knew
from the first that he had the drought, the
rain and other adverse conditions 10 meet
he had now learned that he bad also 20
contend with combinations, which might
make all his labors unproftable. The
farmers knew that 10 was easy for boards
of trade to array on their side the banking
interests and also the press OF the country
that engineer of power which controlled
public sentiment They knew that If the
editor was not competentto write desired
editorial he would accept one prepared for
him. For some time certain class of men
had assumed q sort OF guardianship over
the farmer but the farmer had
now come 10 the conclusion that he
could look out for his own interests Mr;
admitted that future prices fixed the price
of spot wheat absolutely. How did this
speculation originated asked Ar. Brigham.
The farmer would soon have crop. be
said. and many OF them could not store IT
That was understood. and before IL came
on the market the epeoulator undertook TO
control its price. Take the case Of this
year when the hungry nations of Europe
were waiting for America TO feed them. lt
was thought that the farmer would surely
got good price for his crop. although 10
was large. Bnt the specnlator forced the
price down. It was said the law of supply
and demand regulated the price aud q
gentleman from New Orleans had told OF
the time when IL was found there was o
very short cotton crop and the price went
upwards steadily. 1t had not been stated.
however. that this short crop was not dis
| covered until the farmer had parted with
his product and it was in possession of tho
| bears.
PLAINLY, gentlemen" said Mr.. Brigham.
I'VE want 70 hamstring the fellow who
wants TO sell what he has not got" Mr..
| Brigham told the committee that he knew
/ IL would sanction the bill. and said IN con-
! clusion that nineteen twentietbs OF the
people OF the country were behind the
measure.
Mr.. Roam. of the National Grange. made
! that what the farmers objected to was the