The Bismarck tribune. [volume] (Bismarck, N.D.) 1916-current, 1930-11-14
Court Decision of Vast Importance
(Bottineau COurant

OSeSAASAN oAo'
Tremendously important in its far-reaching consequent
cs was a recent decision by the Illinois supreme court
that transactions in contracts for future deliveries of
grain and other commodities are VOID when an under
standing exists that NO ACTUAL DELIVERY IS TO
BE Our daily press was careful not to play this
up IN prominent headlines or give the decision editorial
or special mention. That short selling of stocks may be
affected by the ruling is conceded. The grain trade is
portrayed as a "furore' since future contracts (options)
form a large and lucrative part of its business.
Here Is conclusive proof of the Courants oft-repeated
assertion 1t IS as keepers of the gambling house the
grain trade is keen to keep agoing the gambling in grain.
1t Is the kitty" it derives it is soicitous about, and not
the price stimulation" it claims accrues to the benefit
OF the producers by reason grain is gambled in. No
one, not even the Courant, is opposed to legitimate So
called hedging in the handling of grain. Eventually,
this hedging will not be necessary when a contract mar
kct OF direct dealing between farmers cooperatives and
miNers and exporters is established, but for the present
and as long as the present grain gambling system endures,
bona fie dealing in actual grain for future delivery we
presume is necessary.
But the grain trade, that claims its membership does
not gamble in grain, is not satisfied with bona fide deal
ing-it now admits its profits as the keepers of the
gambling house, the easy money, is what it wants. In
the sales of wind wheat to the extent of tens of millions
of bushels in a single day is where the grain trade wakes
fat and paunchy-in the profits derived as keepers of
the gambling house is its ability to furnish a million
dollars a year to fight the farm board-what is a mil
lion dollars a year to a gambling house that rakes in
many millions a year Of easy money? Option gambling,
purely gambling where there is no thought of actual
transaction in grain, with its rake-off for the house
that is where the easy money is and profits for the grain
trade.
If the public. Tom, Dick and Harry in almost every
Htue COWn III the country, can not be permitted t. trade
IN options. then the professional grain gambler who
takes the short end of the bet will be put out OF business.
Slowly but inexorably has come recognition of the giant
evil of gambling in grain. ~foodstuffs ana stocks till
courts feel compelled to interfere in behalf of society
and the public welfare. Not so long ago. moved by the
gigantic adverse effect of gambling on our stock ex-
changes, President Hoover called to the white house Ger
tain of the New York stock exchange authorities to see
what could be done to prevent purely gambling transac-
tions. After consideration of the problem. governmental
officers decided the government cannot step in to resu-
late or interdict stock gambling. that is pure nonsense
and confession our stock gamblers as q clique are so
powerful financially and politically not even President
Hoover has the hardwood to oppose them. But he can
pass the buck to the courts, and if the courts deem they
are not authorized by law to interfere. then let us have
legislation passed by congress to nip the gamblers.
Laws are largely a matter of Interpretation by courts;
quite evident the supreme court of Illinois took upon it.
self such an Interpretation, and it is not conceivable
this court did not take into account reversal by federal
courts If federal authority has no power to deal with stock
exchanges. In view OF cur federal extreme anti-gambling
law it is farcical to claim the government has no author
ity to curb purely gambling transactions on grain or
stock exchanges. But 1t might be advisable for congress
to take a hand and so elaborate on this particular form
Of gambling that neither presidents nor courts can side
step a plain duty to the people of the United States-to
protect the ignorant and unwary against their own folly
in a game of chance where the cards are marked and
the sct-up is crooked from cellar to garnet