The commercial. (Union City, Tenn.) 190?-193?, 1919-11-07
The System.

often discussed in this paper, prac- |
tice recognized by the government
and big business that has, as we see
it, operated to the injury of the
farmer in prices and conditions
more than any other me-
dunn in existence. 1t is the one thing
that has been far more responsible
than anything else for the accumula-
than anythign else fort he accumula-
ton of capital into the hands of
few men, and that one thing is the
operation of futures on the grain,
cotton and stock exchanges. OF
course supply and demand in the end
is the foundation of exchange values,
but in the meantime the whole coun-
try thru this combination in futures
is being mulcted every day OF its
wealth, and the benefits that should
have been derived from a legitimate
exchange have been diverted to the
use of futures to depress prices dur
ing crop movements. That these
exchanges have been devoted almost
exclusively to futures there is no
doubt in the minds of men who have'
made thoro Investigations. This
combination has until the present
national administration allowed its
national banking houses to cooper
ate and affiliate with the exchanges
in these practices. 1t was COM
bination of brokers, bankers and
gamblers, and that was and is the
power yet that the farmer has to
combat. The people, mind you, de-
serve very little sympathy, because
they have for years furnished the
lambs to be sheared in this market.
Maybe there are those yet who do
not understand what future" is.
It is nothing in the world but dealing
on a margin where nothing what
ever practically is bought or sold.
Reduced to it's real significance, 1t is
gambling. Now this is what has
held the farmer in it's grip for years,
and if the farmer can accomplish
nothing else with his organization
the overthrow of this practice would
be Godsend.
People are instinctively moved
with a gambling spirit-the idea OF
getting something for nothing-and
that is why they feed these exchanges
with their money. The public will
knowingly allow themselves to be
caught in futures. They know that
the combination is aligned against
them. Our friend, Bill Lancer, will
tell you that more capital has been
made with corruptive franchises than
anything else, but allowing very
wide margin for this, 1t Is drop
in the bucket compared to the money
in futures that has been taken out
of the country and piled up in Wall
Street to maintain millionaire Row"
and lobster palaces.
We have even known Russell Sage,
front-row Presbyterian, to allow his
name used as authority for the state
ment that Brooklyn Rapid
Transit would have fluc-
tuation within few weeks of twen-
ty points, and that change would
invariably move in the opposite d.
rection to the published report. Re-
suit: Lambs f1eeced.
What the Trainer needs to do as
much as anything else, and with a
solid organization he can do it, not
only put cog in this combination,
but to operate and maintain his own
warehouses and storage rooms so that
when harvest comes he can manage
|, to prevent a general movement OF
crops until such time as the banks
| and the dealers can handle them pro-
fitably to the farmer as well as the
commission merchant. He needs tt
have either private or community
, storage accommodations for this pur'
! pose. He needs also, IL such thing
is possible, to operate his own pack
, ing houses and sell to the consumer
? In other words he needs to get hi'
| stuff to the consumer without being
placed in position of getting {
minimum price for his product ant
3 seeing it sold to the man at thu
: lunch counter at profit of one thous
3 and per cent. A number of farmers
E sat down to dinner the other da!
' and paid a bill of eleven dollars ant
some cents. This led to discussion
of the cost, and casting up right Their
8 on piece of paper they found tina
7 the product consumed as 1t CAM
, from the farm was sold for 80 cents