The midland journal. (Rising Sun, Md.) 1885-1947, 1893-02-17
QUESTIONS OF THE DAY
Anti. Option.

Higgins, of Delaware, is worthy the
careful reading Of every man who want'
to understand the measure without
going through a vast amount of worth
less rubbish. We reprint from National
Watchman.
Mr.. President. had not expected tc
take any part in this discussion, and
only do SO at the request OF the Senator
from Minnesota who has charge of the
bill. Yet l think it will. be conceded
that it is only fair that something
shall be said at the close Of the discus
sion by those who are in favor of the
measure. So few minutes are left to
me that it is difficult to comprise within
them any part of what | hoped to say,
although | did not expect to take much
time in any event.
The ground on which this measure
goes is that the fictitious sales of farm
products interfere with and obstIuct the
natural operation of the law Of supply
and demand, and because it does that it
is matter affecting the commerce of
the United States and therefore comes
within the constitutional grant of power
to Congress to regulate commerce
between the different States and with
foreign countries.
There are various features about this
practice that seem to me to support this
contention. Ordinarily the seller seeks
to obtain the best price he can. The
buyer seeks to obtain the article as
cheap as he can. That is the ordinary
transaction Of commerce. But in this
gambling arrangement just the converse
takes place, at least in one part of it.
The seller does not seek to obtain the
best price he can.
l arises out of the fact that he is not
undertaking to sell anything, lie
owns nothing he proposes to sell moth
ing. He is not seeking honestly to get
the best price he can for what be has
to sell. He reverses the ordinary tran
saction between man and man, the
ordinary operation Of the rule of sup
ply and demand. He bets in a gambling
transaction that when the time comes
for delivery (and if l am properly ln-
formed it comes in practice at the end
of the month)-at that time prices will
be as low as he bargains to sell at OF
lower and hence the whole power q
human selfshness comes in behind him
when the time of delivery called for by
his so-called contract comes about that
he shall force the price lower.
Instead of standing where the honest
seller does to support the demand and
to make the price high he stands there
in the language of the market to ham
mer it, and hammer it he does until he
has hammered the profit out of the
pockets of the farmers of this country
and one third or one.half of the value
of their farms.
Now you come to the other side, the
buyer. 1t is argued that every seller
implies buyer: and that the equation
is equal. That would be true if human
nature did not come into the thing. l
do not think. however, | will be sub
jeet to dispute ifI say that almost
always the buyer is a nonproiessional
The buyer belongs to that large and
interesting class who labor under the
delusion, while this practice is not
stamped out by act of Congress. that
the Law of supply and demand still does
obtain and rule. He looks about and
sees that there il famine in Russia,
short crops in France, Germany, and
England, and that prices must go up.
He thinks they rule too low, and in he
rushes. He buys. He buys as an
investment, or foolishly he may put up
his margin, but he will bsve to make it
good. Very few bulls remain smono
dhe professionals, Their attempts to
bull the market stand out as CHASTITY
landmarks, like the gibbets which held
the robbers Of old. Corness have not
been successful.
In order for bet to succeed it is
necessary when the time of delivery
comes that the price shall go down
and he can only drive it down by there
nOt being sufficient of the product in
sight or available to supply the de-
mand he has upon the market. Suei
attempts to cOrney the market have
been attempted again and again. bn
almost always have resulted in disas-
trous failure. Tie professionals take
to the other side. The innocents alone
are left to support tie market, and the.
have the very proper name Of "isRbs.