301 
Gambling in Farm, Produce. 
crop of grain being sold within three or four months of harvest, 
and it would be impracticable to carry this enormous bulk of 
product in the ordinary methods of mercantile trade. Unless 
that property could be disposed of to persons who do not want 
it, he went on to say, except for the purposes of making a profit 
on it, the prices would be depressed, certainly 10 percent., and 
probably 25 per cent. 
Another argument frequently used is that if the Anti-Option 
Bill were passed the farmers would be at the mercy of combina- 
tions of millers. 
Again, it is said that importers of wheat in foreign countries 
would not dare to buy large quantities except at very low prices, 
lest there should be a heavy depreciation in price during the 
time occupied in the shipment of the grain, unless they could 
hedge as they do now by the sale of futures. 
It has already been stated that the late Secretary of Agri- 
culture, as well as the late Statistician, was a strong supporter 
of the Anti-Option Bill, and on several occasions they have both 
declared that the tendency of the option system was to depress 
prices. But the new Secretary of Agriculture, Mr. Morton, in 
an intei’view reported in the New York Tribune, said that one 
of the first things he intended to do after getting into office 
would be to let the farmer know that his (the farmer’s) ideas 
needed changing, and that anti-option legislation was injurious 
to all those engaged in agricultural pursuits. He added : — 
The Anti-Option Bill, instead of doing the farmer any good, would result 
in his injury. What the farmer needs, if he only knew it, is increased 
speculation in agricultural products, instead of a law to stop speculation. 
The farmers, instead of being supporters of this Bill, should be the chief 
ones to oppose it, because the farmer would be injured more than anybody 
else if the measure became a law. On the Boards of Trade and on the 
Produce Exchanges of the country speculation in agricultural products is 
carried on, and the result is that the prices of these products are stimulated 
by that speculation. Put a stop to speculation in wheat, corn, cotton, pork 
&c., and the result will be to decrease the farmers’ business. If there 
were no Boards of Trade or Exchanges the big millers of the North- 
west could dictate prices to the farmers, and, of course, the latter would 
suffer. 
A leading member of one of the largest wheat-buying firms 
in this country, whose opinion I asked on the effect of the 
option system, declared that he believed that, in the long run, 
it had no effect upon prices. His firm is one of the few great 
grain firms in London which have had extensive dealings in 
options. A few other members of the grain trade also ex- 
pressed a like opinion. One of the best authorities as a writer 
upon the grain trade in this country says 
