The Ontario Argus. (Ontario, Or.) 1???-1947, 1918-08-01
"CAvEAT EMPToR."

In business dealings people m
every land have, for generations
given their sanction to the operations
OF the theory OF French economists
expressed In the words, "caveat
emptor," or. LET the buyer beware.
According to this reasoning any
kind OF deception was permissible.
There was no limit. The seller could
lie about his goods as much as he
wanted TO. II the gullible buyer would
believe him. Once the bargain was
struck. tho based on mlsrepresenta-
tion. the purchaser was bound to
stick TO its provisions.
The only Justification for such a
practice is founded on the theory that
the public Is not called upon to pro-
tect the dmpleton; and that he whose
wits are not sharp had better stay
out OF business to avoid getting
'gtung."
That Is not the theory IN force
today II N a crime In this country TO
spread false statements to affect
market prices TO catch the unwary.
The Federal Trade Commission has
recently started number OF prose-
cutions against men guilty OF such
things, The theory OF "let the
buyer beware" IL out OF date In this
age. Business Is on a better and
safer basis II Is built upon integ-
rity and fair dealing.
II r. n crime TO spread false stories
about the condition OF n bank. II Is
right that such law is on the stat
ute books. not only for the protsc-
tion OF the stockholders OF the banks
but OF the public which IL so directly
interested In the stability of finan-
cial institutions.
II II Is legally and morally wrong
10 start false stories about stock mar
ket issues and banks, is Il not equally
wrong TO start false stories about the
value OF hay, grain, livestock, sheep
and other industries2 The public Is
as interested In the stability OF these
industries as Il la In the banks.
II the Federal Trade Commission
can prosecute men for starting ru-
mors To affect stock Issues and banks,
an equal duty should obtain TO prese-
cute men who try, by the use OF false
hoods injure the ranoher and the
farmer,
The extent 60 which such means
are used In this section every year is
astonishing. II would seem that the
men who indulge In the practice
would know better, II does not cost
great deal 10 use telephone or
telegraph to check up on the reports
Likewise In face OF the fact that the
papers each day carry the stock re-
ports showing prices paid for staple
products in all the trading centers,
and the government is issuing weekly
as well as daily bulletins covering
such matters, there Is but little op-
portunity TO get away" With such
yearns.
Il is the resort TO such practices
that prevent the existence OF tie kind
OF relations that should exist between
the stockmen aud the hay ranehers.
The same tactics are used year in and
year out until naturally the farmer
thinks that the stoekman believes
him to be an easy mark" II Is like
the hoy in the fable who cried wolf,
wolf" when there was no wolf
When the wolves did come the shep-
herds paid no attention 10 his cries.
That is why the hay men here are
paying no attention to the stories Of
$50 hay at Burley," and other
Idaho points. They don't believe
them TO be true.
The Argus is holding no brief for
either the hay men or the stockmen
in this matter, knowing that the III
innate arbitrator OF such disputes,
the inexorable law OF supply and de-
mand. will regulate the matter far
better than can any artificial regula-
tion. The Argus wants both indus
tries to prosper for they are both as
sential to the prosperity OF this re-
gion.
The Agus knows, too, that the