Barbour County index. [volume] (Medicine Lodge, Kan.) 1880-current, 1893-02-15
Call on Options and Futures.


Call on Options and Futures.
IF this system of quotation and ex-
change furnishes the means OF fixing
who are interested in fixing it at the
lowest possible rate, then 1t seems to
me that the merits of the bill are decid-
ed. If we are to say that this is use
full instrumentality of commerce be-
cause man may make contracts for
the delivery of vast amount of prop
erty, and being uncertain whether he
will realize anything by the arbitrary
prices fixed by third party he can, on
the other hand, buy on the other-side
and thus equaliZe the two transactions,
if it be- necessary to have this great
cost, this fictitious method of bargain
ing in fictitious things as an adjunct of
commerce, let there be established a
gambling house, or lottery, or some
other method by which there NAV be an
insurance given to contracts, but let it
not be method by which the price of
the great staples shall be fixed for the
producers throughout the world.
1T IS certainly legitimate and per-
haps beneficial that this system of fix
ing prices by natural causes should be
supplemented by the competition be-
tween buyers for speculative reasons;
but unqueStiOnably it ought not TO be
allowed that they shall be influenced in
any way by the fictitious sale and pur-
chase and the fictitious delivery of vast
amounts of these staples not in exis-
tence, thus giving power to great cen
tralized organisms to create an opinion
unfavOrable 70 the value of these great
staples while IN the hands of the pro-
Queer.
If want to buy staples for future
use, and find that the prevailing rate
for future pretended delivery is a GER
tain rate, l will not give larger price
than the prevailing rate for future de-
livery, especially when powerful cor
poratlon guarantees the difference be-
tween the exchange price for future de-
liyecies and the contract price, whatev-
er it may be. Is not the contract
price in the exchanges of the world tor
futures entirely within the control of
combinations between the great opera
tors on these boards and subject to be
fixed by them arbitrarily and in their
own interest, and with reference only
to getting these staples out of the
hands of the producer before the law of
supply and demand shall have increas
ed their value to the natural and legiti
mate price?
''If il be true, if it be possible, if it
be probable, it requires of intelligent
legislation that all the power of intel
lect and research should be addressed
to it's prevention, for it Iaeans nothing
more nor less than that power to fix
the value OF each mans labor; and the
amount that he shall receive for his
compensation and for the support of
his family IS left to those whose inter
est it is to impoyerIsh PIN, leaving him
only the bare necessities of life.
III this be true, let us inquire, then,
how long can the producers stand sys-
tenn in which scant and insufficient
share to support life of the proceeds OF
their own labor is assigned to them by
arbitrary power which appropriates the
greater part to their own enormous en-
richment?
The answer, Mr.. President, is not
difficult to find. 1t Will only be until
the conviction of the fact becomes gen.
eral. Then their indignation will
know no bounds, and may become dan
gerous to peace and good order unless
wise legislation shall remedy the evil
here and now. Under all conditions
that have been heretofore devised the
producer has been at great disadvan-
tage in the sale of his productions.
The progress of poverty has kept pace
with the devlsing of labor saving lnven-
tons and with the improvements in
transportation and the methods of sale
and distribution.
The increase of corporate power and
wealth has kept pace with the decrease
of the individual ownership of land and
property by the great body of the peo-
pie.
Discomfort, dissatisfaction, wild
schemes of agragrian legislation and of
socialistic systems, misleading the peo-
pie, are the results of This impoyerish-
ment. this arbitrary diminution of each
mans labor, this taking from him for