Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-06-19

In fact. Mr.. Warner said, the name given
to method Of regulating sales and de-
lveries intended 10 prevent gambling. and
which was the most successful bar to
successful gambling. a September OPP
tion" meant that the seller could deliver
the commodity sold at any time within the
month named; so that II any one wants
to corner that commodity against him
the stock must be carried for whole
month TO make the corner effective.
This was Il great deterrent, said Mr..
Warner, and the adoption Of the ''option"
rule was a severe blow 10 gambling.
"Wringilg out" another term used by
AiT. Hatch in the bill TO describe q gam
bling arrangement. Mr.. Warner explained,
was merely a clearing house arrange
mont by which useless, expensive, and
diliatory intermediate deliveries Of pur-
chescs were avoided.
The principle OF futures" was then
cop.ously illustrated by Mr.. Warner by
various transactions In actual business,
In the course OF which he had the closest
attention of the committee. 1t went into
almost every relation and transaction or
life he said. and the practical result was.
not the crime which the gentleman from
Missouri thought IL 10 be his duty 10 seek
out and punish. but a beneficial method
of doing business. The Incorporation OF
the principle OF futures into the traffc
OF the country. said Mr. Warner, led 10
higher prices. IT tended to greater profits
to the producer for his wheat and lower
prices for bread to the consumer. OF the
men who engaged in the business OF
marketing the crops of the producer, Mr..
Warner said, nine teuths lost money,
while the tenth. who were more fortunate.
had less money at the end than one tenth
OF the losers lost
Mr.. Warner exhibited tables showing
the sales I'm New York for future de-
livery Of several articles, covering a term
Of years, which he claimed showed that
supply and demand rather than transac-
tions In futures regulated the prices. In
respect OF wheat, the price of which, he
said, was now low. the tables would show
that the lines of futures ran along with
the lines Of high prices. Gambling MI.
Warner said. could and would adjust IL
self to new conditions. tho bill. n passed
would interfere iniuriously only with
limited dealings. The one thing which
accumulated capital could accomplish
under the old conditions was not touched
by the bill. The corner In grain, by whic1
the price could be raised TO the people
of a stricken city, and which. when II ,ol-
lapses. brings ruin to honest dealers, mas
no penalty in the bill.
Mr.. Warner spoke an hour ana nan,
and when he closed his remarks round
Of applause was given him.
Mr. Bryan Democrat, Of Nebraska,
followed IN support Of the bill He SAID
it was admitted that gambling in food
products did occur. and that being so, IN
his opinion IT either increased or de
creased the price No man had natural
right. he said. to engage in a business
which would affect the value Of another
mans property. and the law ought not TO
give him that right.
At $40 o'clock the committee rose ana
the House adjourned until tomorrow.
How Shall They Vote?
WASHINGTON. June B-(Spccial)-
Some Of the Virginia members are un-
decided as to how they will vote on
the anti-option bill. now before the House
Most or the delegations feel inclined TO
support the measure II they can be con-
vinced it Will break up gambling in stocks
and farrr products, and would not in It's
onerati,rs reT,ict the markets for farm
products
Senatcs HINTON. owing TO indisposition,
was not here to-day. He remained at
Varronton. However, his absence was
not felt. as satisfactory progress was
made on the tariff bill.
Postmaster Degge. Of Norfolk, was here
to-day on official business.