The Brookings register. [volume] (Brookings, Brookings County, S.D.) 1903-1971, 1915-03-18

the monopoly of the grain business by
any man or group Of men," a "garan-
tee of open markets" relieves the
producers, handlers and nsume of
the burden of watching" etc; I'm
sures the value of grain and needed
supplies" enables the owners OF
grain to borrow 80 or more per cent OF
the insured value of their grain"
fosters keen competition in the buy
ing" guarantees a continuous
market" and we presume a continu-
GUS appetite; and several other i'm
portant things, but the foregoing
should be a sufficient basis for discus
sion. They call it the fourth depart
ment" and the center of attack" We
take issue with each and every claim,
and in addition charge that it is I'M
authorized gambling by n"onproducers
at the expense of the farmers, wholly
unnecessary, and the most injurious
and disturbing factor in connection
with the marketing of our grain.
| challenge the proponents to meet
me first on this department which
they claim to be the most important;
after which we will take up the legiti-
mate and illegitimate business of our
grain exchanges.
| have been charged with bitterly
assailing the grain spectators for the
in doing so getting as far away from
the facts as possible. | was not, and
am o aware Of any bitterness, and
certainly feel none | have stated
facts, if they are bitter, stop the prac-
tice. | do blame the spectators for
the decline, and more did not limit it
to last year, but said that it was lin
accord with a very general annual
custom" and | now repeat and assert
that they are doing the same thing
this year for the crop of 1915; and if
necessary will later prove by the
sworn statements of option traders
themselves that the cash price follows
the future option sales, but the current
market reports should be sufficient
evidence, and | assume that those
who read those articles will be inter
ested enough to read the daily market
reports.
1t is now claimed that the financial
situation was the whole thing last
year" Our financial panics have al
ways come in autumn, when there was
an abnormal demand for money to
owe our crops; and never before seed
time. 1t is a we'll known fact that
finances to move our crops are not
needed until we have crops to move.
How could the financial situation gov
ern or affect the price of wheat
months before the seed for such a
crop was sown? l do not underesti-
mate the financial factor in marketing
the cash product, and will deal with
mat factor, In u Time.
But the spectators are very unfor-
tunate in selecting last year to shift
the blame from the spectators on the
fnanciers. Early in the season the
Secretary of the Treasury, anticipat-
ing what he was pleased to call an
emergency to move our crops omar
gins for option trading was not even
limited att advised the public that he
was prepared to issue an emergency
currency to the extent of $500, 000, 900
if necessary for that purpose and re-
quested the bankers (not the farmers
who really did need it to hold for a
consumptive demand) of the west and
south to advise him of their needs.
The southern bankers did to a con-
siderable extent, but our northwestern
bankers seemed to think differently.
and applied for only a very small
amount. In fact the Secretary of the
Treasury for the first time in our his