New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-06
DEFENDING THE ANTIOPTION BILL.
SENATOR wAsmBuRN GIVES HIS REASONS FOR
rAVORINC II.

\TOR WAsIIBuRN GIVES HIS REASONS FOR
FAVORING II
senator william d. Washbnrn the champion of the
Anti tlption bin. says thai In" business men OF the
country do not understand the cont, and Intentions
OF the measure they would not Condemn II I'D Such
strong terms. He says that the men who have at
tacad the bill, both before and since II passed the
senate hav, assumed what Is not a fact, and baVe
mad. statements aLou, the measure which are not
true Notwith Standing the sev>re criticism when MS
hlll has received from so many directions, Mr.. Wash
urn Is still stically In favor Of The an'iopIon
legislation rs proposed in the bl and when seen at
the Fifth Avenue Hotel, the other day, he defended
the meas, In vigorous way and said thar II II b"
came law it would not injure business, as has been
claimed.
Many Of the people who have condemned the bill
have not read II. and they do not know what lis III
tcntions arr" said senator Washbuin The bill docs
not affect legitimate speculation but II aims 10 pu,
sion 10 speculation in material that does not exist In
vesiigaon proved that the amCilnt OF real trans
actions that take place on the exchanges ana bords
OF trade does not represent per cent OF the business
that 1, carried on in other words % per cent NJ the
trading done Is carried In property which does not
exist II Is nothing more than gambling ana Is
burlesoue on business. For example, On ia" Ncw-
York Cotton Exchange during November th" actual
ale, in cotton -. 200 bale They could not bnv
or sell any more than that, because there wcrr hj'
ar
dton OF things did not worry the C,ttn ESchans"
members. however a, the records of III" Exchange
show that 1000 600 bales bought and sold dur
ing the month of November. Cuisines, Ike that can
not be called lcgmatr. In some cuseS III" price i
forced up and the cotton planter Is be"utci, u"i III
the majority Of cases the efforts 10 bear The market
are successful, and the result has been that IT has
almo,, Impoverished the south. When th" marhH i
loaded down with millions Of bale, Of stui that does
.xict IL a. that
forced down. DO business call that business u
Is nothing more than a deliberate wager bec;s" they
deal in material that does not exist
1.-THE Chicago Board Of Trade docs NOR, injury TO
the men engaged agricultural pursuits than can be
imagined. Charles pardridrr WHO has lost several
fortunes Oh the Chicago Board of Trade III one DAY
and got tLcm back The next loaded down the market
with :, COO 600 bushels Of wheat ia one dav and sue
ccedcd in forcing the price Of wheat down . cents
luslel ~ thn 10000 bushels OF alleged what hf'
Partridge did not have II peek MOI p'rhoie Vi
actual wl4a: did he aud vet he was permitted 10
make the market price for the wl'o" world III huop'
,o vell =, IN America. That fictitious ransac
ton Injured tie farmer In every part Of she United
tales because hc forced 20 sell wheat VINE u
roo promised 20 deliver Oh that cay ut me marh"'
nrice And that market prlc" was created Dy bogus
p nd ucritimatc speculation. The forcing down Unt
price oi wheat BIZ ieHima'c me''io ar, ,ne, ,i
,ho Nour men. II the irahHachOhs represented a'''"
uroprrtV no harm would be- done because legitimate
sp ru:,tion benefits trade n" mh doc l' Sn' =,
inf
,hn.n who deal in agricultural products WIFE m'lh"c'
iwTor te tIosc adopted by thrcc-cau monte mem
~, cha otto, Exchange and on r.c Chicago Board 81
r,-dc tho law OF supply ana drHand GUS no heuf0'
r hoa~s s a rule. get control OF tl' market ana tue
i9' W.. a.,imentol 10 the farmer and cotton raiser.
~, nroducer is The oly who Should hav" an III
tn IN raising the price. Under IT, pc'cn' con
IL! IT,, ~ hing. Tough he has no voice In uc mat
YER. INV, me- an upny CHECKERS Butter and
p, ara sold without ili";dtimatc AI"ciihtlon, ana
cn n', co,n uork and cotton should be bought ana
SUI" 1'bcrc arc from 1900 - 3Vpo op'lEl"rN 'on'
,.sion men on III" Chicago HoaU OF lr;u' Mh' 'I'
i'"",.d l,v commi,, On.. 10 nGltt'f WIZ way h.
,arke goes and. Ct COURSE ii'y co'"pin., so,n
MN on,jon legislation. l:ut wh"!i dhfh" me
any no he wheat received In 'hcagp was Diili
~ ool 600 bushels. and yet day ora no, p'r ui in
''r,irc y,ur when the board was open tiat 40
~ n onn uebrs vcr, not ,Od mic.s there was Soin"
hing wrong Just think Of IT, twelve ' 4" a"n "' that
Du>nc,,, VI .ud only I4.0noOCo bushels received
IN Chicago during that time Flooding ~" n me-
Will VIII W. ~. /, force, down the price. ,,,
III The farmers are not I'o'N' IN Nc" h"S'''"'