Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1921-02-16
GIVES INFORMATION s.. g.. III. i
.3 s.. ON ANTI-FUTURES BILL
Senator Candrud Explains anc
Gives Full Text of Proposed
Bill
St. Paul, Mimi, Feb. 10, 2:

Bill
St. Paul, Mimi, Feb. 10, '21.
Editor Willmar Tribune:
1t happens that am receiving some
letters from farmers and local eleva-
tor companies relative to the so-called
"Anti-Futures Grain Gambling Bill"
now pending in the Legislature. OF
course, we are always glad to hear
from constituents on pending legisla-
ton. l am suspicious that the Min
neapolis Chamber of Commerce is re-
sponslble for some of the sentiment
that has been aroused against this
proposed legislation. If the opposi-
ton would just explain the true stu
alton as to the actual provisions of
the proposed law, I don't think the
farmers would have anything to wor-
ry about. 1t is, true that Federal leg
islation along this line would be the
most effective, but it is contended
that it is desirable to begin action To-
cally with the idea of influencing Con-
gress to act AS matter of fact some
of our local Congressman are encour-
aging the enactment of such legisla-
tion in our state in order to prove
to Congress that sentiment favorable
to such action exists in the state.
The buying and selling of such
things as wheat, grains and various
other products, is being done on an
enormous scale by persons who have
no interest in agriculture, who do not
own or wish to own bushel of the
products they buy and sell; whose on
ly desire is to make profit for them
selves by taking advantage of fluctu-
atoms in price. They virtually bet
on what the future prices Of the COM
modities will be, and gamble on them
as men gamble on cards. This, it oc-
ours to me, is contrary to all notions
of legitimate buying and selling. 1t
is not a sound, substantial develop
ment Of our economic system, it is a
vicious, fungus-like growth feeding on
the prosperity Of the people. Some
interesting facts were brot out at one
of our recent public hearings. We
know that the Minneapolis market
is large consumer Of wheat. Ac-
cording to a statement made by Sec
rotary, Mr.. McHugh, of the Minneap-
oils Chamber of Commerce, the Min
neapolis market handles annually ab-
out 200,0O0,000 bushels of real wheat.
The charge was made at the hearing
that fourteen hundred million bushels
of wheat were sold short during the
year in this market, which was not
denied.
MIR. Paul S. Warden has for a while
been writer for the Pioneer Press
on the reports Of the Chicago market.
On November 9th last he stated in
his article that on a certain day when
exporters stepped out of the market
for few hours, spectators on the
Chicago market sold more grain short
than possibly could have been deliv-
cred in two years. In subsequent
article he said that certain bankers
had served notice on some gamblers
on the Chicago Exchange to stop
pounding down the price of wheat. He
says in an article as late as January
21st last, that up to noon on certain
day the market was: rosy, 'gbutsthen5
enormous selling was done by Anmnlr .
Ha was long" and "let Co." thus
smashing the market. -
Referring to the report of the Fed
eral Trade Commission, we find that
in!l915 the Chicago future sales were
seventeen billion bushels; in 1916
twenty-three billions and in 1917 eigh-
teen billions We think that. aside
from the moral culpability involved in
theSsbusiness, there are serious econ
omic evils resulting from this practice
Of gambling in grain. In the first
place, it prevents the normal opera
tion of the law of supply and demand;
it has the effect Of taking the products
Of the farmers industry to gamble
with. These gamblers care no more
for the consumers, though their &C
tions may sometimes benefit them,
than they do for the farmers. Their
purpose is to make money for them
selves. Some are telling us that legis-
lation against this evil is not likely
to be effective; but all other forms of
gambling are prohibited by law, end
there is no reason why gambling in
farm products-the necessities of life
should not at least be greatly check.
ed by effective legislation.
Effective legislation depends upon
the support of public opinion, and just
now, when the people are so keenly
alive to the necessity of improving our
means Of distribution of farm products
we should with confidence count upon
the support of public opinion in a
matter Of this kind.
Section 2 of the proposed bill tc
eliminate this evil, provides the nee
essary machinery for putting it il
force. Section 4 is aimed particular
ly at preventing associations from
rendering the law ineffective. 1t is
important to note, and this should be
sufficient to satisfy our farmer op
ponents regarding this measure, tha
Section 3 is intended to prevent thi:
proposed law from interfering with
all legitimate operations in the buy
ing and selling of farm products. I'm
der this section, it is perfectly legi
innate to buy or to sell such thing!
as grain, in good faith, for future de
livery. In that case, the buyers ant
sellers are dealing in actual things
not in margins; and further, unde