The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-15
CORN KINGS DREAM.
GEORGE H. PHILLIPS MAKES SOME
INTERESTING STATEN FgNTS

In the course of his remarks at the
West hotel banquet in Minneapolis,
George H. Phillips the Chicago corn
king" made some interesting sta tements,
the whole Of which he termed his
dream
Let the government tax the farmer
a cent a bushel on his corn crop" he
said, ''and with the money build elevators
in which to store a hundred million of
corn and pay 40 cents, basis Chicago
market, for it, and the world will pay the
same Tor it. There is not so much of 1t
that we need worry about an extra large
crop or two. With the government ready
to pay ~ cents for it, the farmer can
borrow 80 cents from his country bank
If he needs money and carry the sur
plus for seven years. if need be, as did
Joseph, 5000 or SO years ago. Did you
ever wonder why there is no large accu-
mutation of grain anywhere in the world?
We have been raising crops since 10
seph's time, yes before his time, and
today we fear a crop failure would plunge
US into famine.
another dream of this sort is one
have had of a farmers bank located at
Chicago. Make the capital 5000,UD0 or
$50 100000. Sell the stock in $40 shares
not less than ten shares subscribed to a
farmer, who could. if he so desired, dis
pose Of some of his shares to q neigh
Dor
This bank would loan to any stock
holder within few cents Of the market
price Of the corn he would under pres
ent conditions have to sell at any price
in order to meet his yearly obligations.
This would enable him to carry his corn
one or two or even three years If the
price did not suit or the conditions were
not such as to warrant the managers Of
the bank advising sale 1 might go into
detail, as I have at times given this idea
considerable thought. At first sight many
If you will say such scheme is not
feasible. But my dream is clear. 1t is
not for such as I, however to bring it
about. Among you are bankers of ex-
perience and reputation who could, in a
very short time make this dream real
tty. [ believe the added price the farm
er would get for his corn would the first
year return him the full cost Of his bank
stock"
In addition to these dreams" Mr.. Phil
lips made a proposal for practical action
by which the farmers can handle the
bears" properly without such institu-
lions. He said it was an admitted fact
that the Chicago Board Of Trade fixed
the worlds prices for grain, and he told
how the bears kept forcing prices down,
to the farmers hurt. He said that If
the farmers would unite to buy no more
than 100000 bushels Of corn futures
they could spoil the bear raids and keep
the Accent price in sight.
'How many millions of bushels do you
imagine these bears dare put on the mar
ket?" he asked. mot over Is, 900 or
20 100000 A cent a bushel on the corn
crop Of the United States would pay
for so, 0G0, 900 bushels at 40 cents a bushel.
Let the farmers buy 100000 bushels Of
corn futures on the Chicago Board Of
Trade and carry 1t from month to month
it will not cost a cent to carry it-and the
bears will gladly pay 40 cents to get their
contracts back"
Before he concluded Mr. Philips sad
that from being corn broker he was
going to become a corn grower himself
and join the ranks Of the farmers. 81
am going to take some Of that bear
money and soak 1t into farm mud he
said.