GAMBLING IN WHEAT 35 



farmer, for he fears that his loan may be called, 

 his farm may be sold, or he will be denied credit 

 the following season. The farmer of the West, 

 whom we think of as the most independent of per- 

 sons, is often the most helpless. He has but one 

 market, and he often has to sell or be closed out 

 when the auctioneer's mallet falls. 



In a hearing before the Senate Committee on 

 Agriculture for the consideration of the Lever food- 

 control bill enacted in 1917 the following dialogue 

 occurred between Senator Kenyon, of Iowa, and 

 Commissioner John J. Dillon, of New York: 



Senator Kenyon: Would you abolish these ex- 

 changes — the Board of Trade in Chicago ? 



Mr. Dillon: I would, every one of them. 



Senator Ej:nyon : We could reach them by tax- 

 ation. 



Mr. Dillon: I do not know of a Board of Trade 

 that is anything but a curse. 



At the same hearing Senator Gronna, of North 

 Dakota, made the statement: 



"The mills are the big consumers of wheat; that 

 is, they manufacture it. Minneapolis is the largest 

 milling city in the world. The farmers are discour- 

 aged over the prices that they have been receiving 

 in the years they have had large productions. They 

 have had to sell the products at less than cost. So much 

 so that they have gone to work and invested money 

 and built one terminal elevator in the city of St. 

 Paul, but after they had the elevator built and 



