THE SENATE COMMITTEE ON “CORNERS” AND “FUTURES.”—SPECULATION BENEFICIAL TO THE COUNTRY AT LARGE.—A REGULATION OF VALUES, AND AN IMPORTANT AGENT IN THE PREVENTION OF PANICS.-“CORNERS” IN ALL KINDS OF BUSINESS.—HOW A. T. STEWART MADE “CORNERS.”—ALL IMPORTING FIRMS DEAL IN “FUTURES.”—LEGISLATION AGAINST “CORNERS” WOULD STOP ENTERPRISE AND CAUSE STAGNATION IN BUSINESS.—ONLY THE CONSPIRATORS THEMSELVES GET HURT IN “CORNERS.”—THE BLACK FRIDAY “CORNER.”—SPECULATION IN GRAIN BENEFICIAL TO CONSUMERS. The New York Stock Exchange is organized after the same manner as a social club, such as the Union League, the Union or the Manhattan, and not under a special charter from the Legislature. Hence it is protected from the interference of that honorable body. Although various attempts have been made, from time to time, at Albany, to levy taxes upon the transactions of the Exchange, and to interfere with the business of speculation and investment in many other ways, these legislative designs have hitherto been happily frustrated. Shortly after the memorable “corner” in Hannibal & St. Jo., in 1881, another attempt was made by the Legislature to force Wall Street matters under the jurisdiction of Albany lobbyists and “scalpers.” The newspaper articles on the subject of the “corner” had attracted the attention of the Legislature then in session, and naturally suggested to some of the wiseacres of that dignified and incorruptible body that the “corner” afforded an excellent opportunity, when the public mind was excited on the subject, to raise an outcry against the shocking immorality of such huge speculations. A Senate Committee on “corners” and “futures” was therefore appointed, and various Wall Street men were summoned to appear before it, and give their testimony on this interesting subject. I had the honor of being one of the witnesses cited. I promptly obeyed the subpœna in preference to taking the risk of being hauled up for contempt and sent to durance vile. I appeared before the Committee at the Metropolitan Hotel, and not only answered all questions put to me, without any fashionable lapses of memory, after the manner of certain other financiers, but I regaled the Committee with a little dissertation on the subject of investigation. I had letters from members of the Legislature afterwards complimenting me for having made the points very clear. So I can say, “Praise from Sir Hubert is praise indeed,” and therefore I am encouraged to reproduce that effort in this volume, not so much from an intense desire to go down to posterity as a successful orator, as from a disposition to record my approval, in more permanent form, of the soundness of the legislative judgment on my explanation of “corners.” When the applause had subsided, I spoke as follows: