The morning call., 1893-03-03
THE ANTI-oPTIoN LAW.

Nav that Hateli's an ti-Option bill has re-
eeIHed It's auietuS for this Congress it may
be appropriate to consider the arguments
by which it was supported and the argu-
ments which served to defeat it. The bill
provided that sales of farm produce for:
future delivery: shQnid be void. and that no
transactions should be valid except sales by
one who was actually possessed of the
produce at the time he sold 1t, and who call
.eulateil to deliver II as soon as he sale was
effected. :.
Hatrh and those who acted with him jus
titled this interference with the natural
freedom Of trade by alleging that salesfor,
future delivery were in effect gambling
transactions :; that they enabled party of
operators on a produce exchange to depre+
eiate tire value of the crops by combining
10 sell. phantom wheat and phantom cora
and nhantom pork III quantities larger than
the market was. prepared 10 digest. :Hav-
ing thus artifeiafy depressed The market
value Of agricultural staples the gamblers
then reappeared in the market as1buyers.
and filed their contracts for future de-
livery at profit while the, farmer was
COMPELLED to accept for his crop lower
| price ttan he would have gJt if there had
been no spectators AT work in the market.
This we belieye,to to BE n. candid statement Of
the contention oI the anti option party;
On The ether hand their:opponeuts con-
tend thatthe brice of agricalturaFprodues
IS fixed by the supply of and tile demand
for flle real and not the.phante m article.
All the hear operators in the world cannot
add a pound Of wheat to the actual, harvest,
and therefore they cannot cause anything
beTand Temporary depres sion in the mar
ket price no mafterhO large n quantity OF
'pb 40 Tom wheat they niay offer.. While they
ara in. the -acr Of selling they may weaken
PRICES but when they stop-anu thry can
mot 90 on forever selling a thing Which they
have not Eet-tne market must react, and
the reaction viii he the sharper as The de-
preston was artificial. One movement bal
aBces the other. While the bears are sell
ing th here.s ppearBr TO be- mora wheat in mar
| ket than There really is; butw hen they stop
there appears to be less than the actual
yteld-7because a HeW demand, not based on
|. CONSUMPTION has aEisep 10 absorb the sup
My Thus while In one month the bear
speeplatar appears 10 he working again 81
/ the interest OF tile: farmer, IN the follnWing
| month lie IS serving him by competing Wi b
the eepsumeT as a. huyer:of The fnrmer's
crops.. =. q. -. r. .:.:. ~
insanother way the bear. .-operas0r.assists
l#the farmer. At: Cbiragj; as here. wheat
! can be sold for delivery in any .fit1re
mentH. Thus. THE faTnlot: has an option
| = hen he wiA sell lis .crep, and is Nc: :ongef
forced 10 re&lize@eh Htin the mp nth INV htcH d
! it IS harvested liz lie thin kEsSlIaat MI be
hefsr hy.:anQ by. ne can se5l4t iieliyeTa Bic
in two, tilree,sf four. or six qfGNths; j e :eah.
+ sell it seller rhis year. Which pnabfes:sp
to.de4lfRF itto{ {lre. buyer: IN any month lie
chooses before :the end of .tiss year. TINS
/ plan enables him to :escape.tlie old anaQY-
ance Of HAVING to+seil in. tho Iai1dfe Of a
| Financial paUie. H Hatch ara. his friends
/ aecnmp pifshed .ihalf & q t4ject .iltdsx farmers
I would have TO sei4as Soon as their Gro o. was
ready for market they: wGftld all sell to,
l. get her. and he result. would be that " heat
| SSeaId tough its: lowest poiae when. the
faEnSers' Interest reaufred it To- be highest,
| and WIN ID moi aavahce fintll. lis. price. was
to them a a:mas,erof fp Diff erelces ii. -. f..
! Taylor of IllHofs Was probably: n care 7
right than Hatch DR. Eans}Qnz.of KANSAS,
when kBisaiE that mot 10 per Cent of Tie
farmers wete in favor o4 thu. Rtlti7optiGn
| btll: sEnafe:is- ago ca deal bf fn{ell lllgeaee
beTe atld tere men = tile tttlefs III the soii;
III eugll the are perhaps t1o. pr ma to be FED
astray by Ia}sb 'lIEhls. : They }iQYe. le4rireG
t7 ex per EenGe FIAT it Is. =up hroNia Die: 10
make. laws s,,;:all1ieli@ .c8a not be .exee bird
Ihera afa:anti-9p fi9n avs IN segeral. e ast-
EN-. esates. hiEt|tAey are iARAftatjl9 a dead
/ letter. Sales OF futures !JI wheat aRtt cot
tongG on. just:aSa if :tiley: lal mp been en-
ACTED, Many years ago It 9.qttl{rei To- son
| peHtieal eCbngnlstS1 j "a n eR:: Y8fK tAnt
| financial paaies MeIe caused By sales.,bf
stocks on the Stock ExchaI{ge for llife
.d9ifYery, and. they we pt6Fibfted by law;
q similar: Ell isetntent VAS .eHll,n died in eds 7
| nds& Sta4e stituti6n,f. Net tlg :slightsse
! change in business ensuRd = ''IfQttlresn con
hnned 20 be a featu re- of the Geyllags on the
/ New oFk Stnck ExelfaEge.% as sales, for
he. aseeUqt". *are ia4 ll9nfenY Paris and
| frankfort! no:elle has ever .fQqnd4:a u eeiirt
Yilias io5 5attetnIt to a1ffp ree j. law. 50 jnarIi
festly at Yaflancsgwigh commercial pfiapi.