New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-02-01

the business Interests OF the country would suffer IL
the bill ever became law "such law would result
In the benefit OF class and wOuld De hhrhliui 10
all classes said Mr. Peck at the Fifth Avenue Hotel
Business interests all over the country woud suhcr
II such a law were enforced and the farmers would
soon see the mistake If such unw,se legislation IL
Is certainly bad piece Of legislation bearing on the
welfare Of the business Interests OF tho country The
farmers instead OF attempting 70 retard speculation
should encourage II, as increased speculation VIII
result 10 their advantage and benefit The farmers
would soon tho error Of their attitude II such n
measure became law. do not believe however
TINT President Harrison would ever permit such bill
to become law. lie Is too good a lawyer to permit
such piece OF legislation TO 50 through l believe
such law IS unconstitutional and that the President
would promptly veto 1t II II ever reached his hands,
ExCongr,ssrnan George West, OF New York. saws
that such law as Is proposed in the AntEOpion Dill
would result In great Injury 10 The pork cotton and
grain interests. The cotton planters al
ready that anti option legislation would injue them
said Mr.. West last evening. at Is certainly bad
piece Of legislation. but II II ever became law 1t
would be q 'deaS letter. The trouble is we have
too many bad laws"
Alexander L. Orr said: "The AntOpti)n bill. as
1t first presented and as 1t is now. unless
changed by recent amendments. gives - the term
option the meaning OF species OF gambling called
puts and calls which are transact ns opposed TO
mitted under any circumstances In 1887 the Prod
uce Exchange absolutely stopped them on the floor
II the bill suppressed them altogether would
heartily indorse It, but it places them on a parity
with sales for future delivery. which have always
been dealt In and deemed the established right of
buyer and seller whenever the occasion required
such transactions. The bill Is evil, for
1t aims TO overthrow existing business
conditions that are the outcome Of careful thought
and lilo Ind
producer by restriction OF the range Of his market
and will drive TO the wall the large army OF middle
The absolute success OF large part OF the
business enterprises operated on and through the
Produce Exchange Is almost wholly dependent upon
the agricultural classes An injury to them comes
rapidly home TO us. do not think more un'or-
tunate law could be passed. or one more aggressive
against our common interests. TO destroy by legislation
the protective element furnished b. sales Tor iu'ure
delivery is simply to drive large produce purchasing
constituency from the field and would prove 80 oiS
os,rous 70 the agricultural classes that upon the first
they would rclcgatc the legislator VINO aaN'ca''u ar
enscted it into political oblivion a eN lro o
binary channels Of commerce and now TINS attempt !,
made 10 tax ont OF existence mercantile rsht III
every way lawful There is belief that II Is nIOTalN
wrong 10 sell what Is not actually in hand. Inc
susors Of the foolish notion pose as II farmer" r TcYq
market and then pnrcase ms proauc'N al ,ho'r H~
time and price The bill hds sna sr n purpose M
will be able TO purchase for future delivery. but
merchant or exporter cannot. That nArrows lI'
field OF competition for IN" products Of the farm. Inc
b sness OF tie Produce EXCangr viii suer greatly y
the biz becomes law. The Cotton EXchang,. Of
which am also a member will be badly crippled ana
MANY men will be driven from business:
Franklin Woodruff said do not believe there is a
produce or cotton man In favor Of the bill IT wChd
ruin most them. for If AL dealings wer" conhnci 10
goods delivered the volume of business would DC
Greatly decreased. This business. II Is believed
Peeps up price at figure II could not MAINTAIN
wcro 0notations based on the imperative needs Of
the producer at any time to dispose Of bis produce
and The power OF the spot trader 10 fix hi, own price
for getting H. Now he has to plv according 10 me
quotations la sod on tho exchange trading los the
charges for transportation, etc. TO stop ms w.Hd
causr Great upheaval IN business. How ihin''
would adjust themselves ] do not know. Formerly
We had no trading In futures. Those who favor The
Ml SAY things would come back 70 that basis. sun
| would not like 20 the trial.