SEVENTH ANNUAL YEAR BOOK-PART III. 67 



it should be terminated altogether. Warehouse receipts for grain are made 

 current by your rules. These rules are absolutely binding on every buyer 

 in your market whether he is a member of your Board or not. It there- 

 fore behooves you to protect the innocent purchaser by every safeguard 

 within your power. It is not only your right but your imperative duty 

 to have such an oversight of elevator management as will assure to 

 holders of warehouse receipts made regular by your rules that their re- 

 ceipts represent not only property, but uncontaminated grades and condi- 

 tion. In providing the requisites for regular receipts, it may be possible 

 to correct some of the abuses complained of, as well as give adequate 

 security to holders of warehouse receipts. But the legislature must be 

 appealed to to so amend the warehouse law as to make it impossible for 

 public warehousemen to be also dealers in grain; and railroad companies 

 having terminals here should be required to warehouse their grain on 

 arrival as they do every other species of merchandise. With this pur- 

 pose in view, I recommend the appointment of a committee on legisla- 

 tion outside the Board of Directors, to promote the necessary legislation 

 at Springfield." 



Many members of that great exchange, honest in the conduct of their 

 own business, yet lacking in moral courage, are just now coming to real- 

 ize that the fight for a square deal should have been made long ago, and 

 are now circulating among members of the exchange copies of this article 

 which I quote from, in the hope that it may have its effect for good in 

 the approaching election of officers of that exchange. 



This spasm of righteousness, though long delayed, will be welcomed 

 by all honest men interested in the growing and shipping of grain. 



And co-oiierative companies claim the credit of bringing it about, 

 for it comes as a direct result of the fight of the factions on the Chicago 

 Board of Trade over the handling of co-operative business. 



The purpose of farmers co-operative associations was therefore to 

 secure to the individual, through organization, that which was impossible 

 for them to obtain by individual effort. 



The same intelligence that has placed Iowa's agriculture on so high a 

 plane, has impelled the agriculturist to reach out for the just reward 

 denied him under the commercial system which has been framed for 

 the purpose of loot, without regard to the interests of the men who are 

 the real captains of industry. 



Couple this motive with the spirit of independence which has ever 

 characterized our citizenship, and we have the reasons for the establish- 

 ment of co-operative grain companies, which have not only proven profit- 

 able but give promise of being effective in the much needed cleansing 

 of the streams of our commercial life. 



Like the co-operative creamery, and all farmers organizations of the 

 past, the co-operative elevator company has passed through the various 

 stages of development, has met and overcome many of the difficulties 

 which caused the failure of former efforts; notwithstanding the warfare 

 that was waged and is still being waged. 



The lessons learned by co-operatives during this struggle were varied 

 and useful, and that we have profited by them is evidenced by the thrifty 



