New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-09
TRADING SHOULD BE FREE.
THE ANTI-OPTION BILL CONDEMNED.

PRESsED-TALKS WITH BUSINESS MEN.
Senator washburn's Anti-Opton bill, which is in
tended to put stop to all dealings in futures the
boards OF trade and the exchanges, continues TO
no n subject for criticism from all sides. Not only
ao prominent public and business men, whose inter
sss are largely in the cities, condemn the legislation
.s proposed the bill. but whose interests
in the country do not have anything good 10 say
about the measure Senator Washburn rlas said that
tho o5 100000 people Of the United states who are
engaged in agricultural pursuits voice
In favor of the Anti-Option bill, but far be
learned the contents purpors OF the measure are
unknown TO the 25,00O,oo0 outside of few people
in Minnesota WHO interested in -four mills there.
and a comparatively few farmers throughout the
country
The National Ayrshire Breeders Association is made
nm OF men whose interests in the country, and
who are engaged in the business of farming almost
es much as they in the breeding OF cattle. Yet
these men, or rather dozen or more OF them who
we're seen at the Fifth Avenue Hotel yesterday where
the meeting OF t.e association being held, do not
know anything about the ntOpton bill, and they
ssy they asked for that kind of legislation.
The association represents agricultural interests in
neorly every State In the Unon but 1t IS not asking
for any AnOpton legislation, the secretary OF the
association said yesterday.
sThe effect OF the passage Of the Anticipation bill
would he to destroy much legitimate trading, ard the
had result In the end would fall back on the former"
said Myron A. Norris, of Ohio when the Gisey
I,osa yesterday. IL such law is proposed by
,he bill is enforced 1t will result in more injury to
he farmer in u month than could he counteracted
in q year. No farmers Of Ohio, nor of any other
State so far as i know, are ASKING for any change
a., the dealing in futures. The farmer is generally
sensible Individual, and Is good politician. In the
home OF the American farmer to-day is found good
literature, good publications. which deal with the
NJ hp ip n
superficial View of things either. lie studies them
ard digests them. and he knows what kind OF lcgls
laon will result in Gcing good 1t cannot be truth
fuy said that the American farmers have asked for
antioption legislation for they know that the law OF
supply and demand is the thing and the only
thing that regulates the prices of agricultural products
Simply because 100000 bushels of wheat which
in reality does rot exist, is thrown on the market
II does not necessarily follow that the price OF the
wheat which the farmer sells is to be decreased The
deal may affect a lot OF spcculHtorS, and probably
ruin some Of them, but as the farmer had nothing
10 do with bringing about the bad effect among the
specu,ators they naturally are not interested. They
know however. that when speculation is stimulated
that such stimulation results In their benefit, aid the
farmers Of Ohio. at least, / am OF the opinion, do
not propose to assis, in bringing about any legsl
ton that would destroy much legitimate trading
Charles II. Brush. Of NewYork who is at the
Holland House. Is also opposed 10 the bill. In speak
ing Of the measure yesterday, he said:
Il DO not believe the bill will ever reach the
lower House. Its prospects at present Of
getting that far certainly do mot look bright.
II the bill met its Just fate, 1t would be Killed before
going much furtaer. AS lawyer. am OF the
opinion that the IS unconstitutional, and
believe the President would so regard II II the
measure does succeed In reaching his hands All
kinds OF anti-opton legislation are bad. and 1t Is
folly to endeavOr TO make law that viii interfere
with business. 1t Is difficult TO what amount
of injury I'm New-York would be done II any such
law ss Senator Washburn would like 10 make should
be enforced. The contents OF the Antioptioh piii
are all wrong Instead Of doing anybody any good
that kind OF legislation would do much harm lhe
claim that such law would do the farmers any
good is a fallacy. Tie farmers and the cotton
planters instead OF being benefited, would soon learn
that when speculation in agricultural prodncIs Is
strangled they are the who Will suffer Much
legitimate trading would be stopped II an ah'i-op'o"
Law enforced, and such a condition OF 'hii'ss
would certainly result in injury TO the 'arnei do
well as to many Others"
Colonel J. u. Montgomery, Of Portland ore"
who Is at the Fifth Avenue Hotel, says that he mas
not heard Of any complaints from the Farmers III
the Northwest because dealing In futures Is pernlca
in boards OF trade and on the exchanges Dut lie
SAYS there probably viii be If the bin becomes law
at is bad legislation" said Colonel Montgomery
yesterday and not only would business IN tie cities
be affected If such law were enforced, but inc
farmers and others would be injured 1t Is nonsense 10
Say that dealings In futures bas anything u oo WIN
fixing the price When we have short crop 10
matter what the dealings on the exchanges are me
price Is high. Last year the potato crop was
small one and the result Is that potatoes are eXpeh-
s,vc II the exchanges bought and sold Il million
lushels or 20 CT potatoes tomorrow the price would
not 20 down. The actual condition of things controls
the prices unless trust or something oi 'dat hl'
is formed to create fictitious figures.
The members OF the New-York Cotton EXCHANGE are
Thoroughly aroused in opposition TO the Anti option
BILL and are taking eve,y means In their power ~
prevent it becoming law. committee VI Tue
Exchange Is I'm constant communication Win 'he
leaders Of the opposition at Washington ies'ci""s
reports led them TO feel more cohhucHt ""'h ""'
day since the bill went through the seh''c' nv
general belief here Is that the bill will DC unable 10
get the necessary twOtllirds vote TO Dilhs IL up io
passage under tue pension OF The iuies'
c. d. Miller OF Hopkins, Dwight d Co.. has Just
returned from the SOUTH where he has been 'riVeh2'
Speaking TO Tribune reporter yesterday Oh MS oo'e'
vaticns willie O the journey, he said:
The people IN the South are changing their minus
about the AniOpiOn BILL Tie Farmers Aha"'e
had Lccn telling H.cm that wind made prices anu
that they went I'D and down In obedience to the VIII
OF a lot @. spectators. Tcley are finding out tiat
the law of supply and demand regulates prices. e"'
here In the height Of the season the price oil co"oi
has been going UP. The highest price WIS 'o''''
December wien the HiarhetS "eio e'' -,
cotton The farmers that prices are rufa u!
legitimate causes and that the contract market SIMPLY
Catches ON TO the causes leading To The Vaimuoh
Quicker than the men Who are buying in small guam
titles about the country. met cotton spini'i "io
owned a small mill as / was coming NORTH Speak
ing OF the BILL he said why. want to sen my yarn
and buy cotton ahead. can't afford to STOCK up
ahead as sclnc mllers with large capital 90, want
to buy on options and then get In my STOCK do
need it, 49, ,a o,,o,
Il recently received letter from O large cotton
manufacturer in Massachusetts, whom ASKED 10 get
up petition against tie Hatch BILL In which he says
be eve you are correct In regard TO lis erect on he
Sou hern panter, but corporation mas gooa sur
plus and excellent credit 80 lar as our o"" i"'eo'