The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-24

| Revenue and subject TO heavy penaiues
10 they are not properly and truthfuhy
kent. Reduced as these impositions on
trade are from what they were In MI
Hatch's former bill. they would never
,heless, be serious embarrassments upo"
transactions in future contracts anu
vouid therefore hamper the business OF
the Exchange, where such contracts arc
dealt In most seriously. injuring thereby
the farmers constant and steady ma'he'
for his products The bill may possibly
operate as. "a revenue measure ana thus
leave yome field 10 business In futures
But II IS not intended as revenue meas
Ire. and ia intended .dmpy and soie'y
as a clog on future contracts The gov
eminent does not need 10 raise revenue
by imposing taxes as hea'y as theSe
on this business. 1t IS. therefore. not en-
titled 10 the slightest consideration az
part OK the scheme TO raise the taxes
that the government needs
II is strange that men cannot learn 'ha'
the prices Of farm products, IKE All
other products. depend upon the ia" Oh
demand ard supply. and that no amount
Of statute law can have any permanent
effect, either in raising those prices or
in depressing them. When farm products
like all other things. are left wholly dis-
embarrassed OF statute law, their prices
find their own level. according 10 the
needs that men have for them, and the
supply that there is for them. But as
soon as the lawmaker lays his hand upon
the subject. all the relations OF the
various branches of the subject become
disarranged the commodity is higher at
che place and lover at another than II
should be, and on the farmer falls finally
all the loss that is caused by the vicious
interference.
A letter in the New York Journal OF
Commerce. for Thursday last. states that
in 1861, just before tic effects OF
the Irish famine were felt, Hicks & Co..
Of South street, New York city, sent
"Old Quaker White" then universally
known in the trade, TO the Illinois and
Mississippi rivers 10 buy wheat for them.
He there bought what was tfcn con-
sidercd a large quantity, at % cents for
red winter, and 81 10 cents for white.
Does Mr. Hatch think that any amount OF
legislation which he might have put
through Congress then, could have made
red wheat on the Mississippi river sell
for more than % cents a bUshel? Of
course not. because the supply to be had
from other quarters at New York was
sufficient to prevent the Mis- sisshpi river
wheat from paying the transportation, in
our then state of public carriage, and
leave more than p cents TO the farmer.
Those far western farmers had much
more reason 10 complain Of the price Of
wheat than even our farmers in Nir-
ginia have had. But they had too much
sense TO think they could improve its
price by acts of Congress. They knew it
depended upon the need the rest Of the
world had for their wheat, and what it
would cost them to put IT in market.
This fall i'm the prices Of everything pro-
ceeds from causes far beyond the inhuerce
or control Of the human legislator. our
knowledge Of natures secrets and recess
cs Is making giant strides each day.
Scientific men are knocking louder and
louder each hour at the doors Of her
most guarded treasures. They even try
to peer into the source Of life itself.
This improving knowledge Of how to
produce is making production drug i'm
every department That this is for the
injury of mankind. we cannot believe.
Conditions must be readiusted. and
most of the relations of life must be
changed. But that men are going to be
Injured by being able TO buy whatever
they want at excessively low prices. we
can never believe. Their average condition
must be improved thereby. The halcyon
day for mankind is thre fore. The day OF
lowest prices for everything, and one Of
the most serious impedments that can be
offered TO the arrival of that day is acts
of Congress. like MIR. Hatch's anti-option
bill, imposing unnecessary and veXatious
restrictions on perfect freedom in traffic
and trade.