The Lexington dispatch. [volume] (Lexington, South Carolina) 1870-1917, 1898-06-15
Work in Congress.
Voice of the People Heard Against
Speculative Swindling.

be did not expect when he went into
the operation OF artiicially initiating
the price of wheat. He will bear
the unenviable distinction of having
aroused public opinion to a sense Of
the crimes committed by speculative
swindlers in the name of legitimate
business. Letters juggling with the
price of bread has opened the eyes
of millions to the thimblerigging
with figures, by which brokers make
the prices OF products which they DO
net handle. That realization by the
people has sent wave of protest
sweeping across the land. The ma
tional agricultural and labor orgsni-
cations are being heard from: de
manding that Leiterism be legislated
out of existence. Wormserism will
90 down with Leiterism. The cor
ruption of the New York Stock Ex-
change will be kicked out of Wall
Street. The same thimblerigging
with figures which is going on in
the Produce Exchange and the Cot-
ton Exchange will be taken by the
throat.
The work in Congress to abolish
the dealing in phantom grain ard
cotton and stocks will crystallize into
an organized fight at next Writer'S
session. The forces are now being
brought into line. The progress
made so far has Won eloquent trib-
ute from thousands. Congressman
J. William Stokes, Of South Caro-
lima, in his speech recently delivered
on gambling in futures, mentioned
that he had received thousands of
letters since the introduction of his
bill, which is one of several to stop
speculative swindling. "Many of
these letters" said Congressman
Stokes, "are pathetic in their appeals
to Congress, urging legislation 10
prohibit the vultures and buzzards
on the exchanges from fixing the
prices of products, From his dis
trict alone, he received 1,091 peti-
tions, containing 5,l35 individual
signatures. Il have had petitions
from other districts and other States,
'surging me to press this measure
upon the attention of Congress.
These people have a right to be
heard here. They shall be heard.
The responsibility shall be fixed
where it belongs" The applause
which greeted this declaration was
echoed throughout the nation.
Congressman Stokes at the time
confined his address to the gambling
10 cotton futures, but every condi-
ton and conclusion and consequence
applicable to thimblerigging in cot
ton apply to similar operations in
grain and stocks. Ia his speech,
the Congressman incorporated facts
brought out in testimony taken be-
fore several committees of Congress.
Hear what the Senate Committee,
presided over by that able iurist, the
late Senator George, of Mississippi,
says" observed Congressman Stokes.
The most elaborate examination was
made and fullest testimony from the
| ablest representatives of the Ex-
changes and others, pro and con,
vas obtained. Here is what the
committee says: The New York
Cotton Exchange can absolutely
dominate and fix prices as against
all Others Not only is this absolute
power over prices exercised to the
furthest limit of it's tremendous
sweep, but the unanswerable proof
of it's exercise appears in the un,
broken policy of depressed prices in
the fall and higher prices in the
spring. By unlimited offerings in
advance of October, November, DE,
cember and January futures, the
prices of contracts for those months
are forced down. The spot cottor
market follows the contract market
During those months the bulk Of The
crop passes out Of the hands Of tbt
producers. Few are independent, an(
under the method of the ExchGng'
fewer are independent to-day thai
they were ten years ago. Their ob!iga
tions must be met. Then, when th
bulk of the crop has passed out O
the producers possession, by revers
ing their tactics the brokers raiseth
price. This is rotorious.'
Said Congressman Stokes: Th
patience of the American farmer su: