Staunton spectator, and general advertiser. [volume] (Staunton, Va.) 183?-1849, 1841-02-25
STOCK JOBBING.

We take the following from the n. y. Tat
tier, which exhibits the character and extent
OF that base and swindling species of gamb-
ling, known as stochjoJ6ing, and how it has
operated upon the U. S. Bank.
Stock Of the IS. Bank opened here yes
terday at 40, rose to IL but sold at the second
board at SO. Here, as in Philadelphia, buy
ers Were In the market to purchase for delive-
ry. In such events as these, are demonstrate
ed the enormous mischiefs of the game, of
stock gambling, with which Philadelphia and
N. ork are rotten. 1t is system of fraud
and chicanery, which adheres like a tester to
our commercial and financial relations; and
which more than any thing else tends 10 de-
stroy confidence, impair credit, and iniure the
Banks and the holders Of their notes; while
ITS moral injuries are as deep and as extern
slve as its financial mischiefs.
Let us suppose, in illustration, that bet
was made on Gen. Harrison, or Mr.. Van Bu-
rem, that either would be sick or die at GER
tam day, or before certain day; and that the
public so winked at such transactions as TO
permit underhand means to be taken to affect
the health of the gentlemen subject to these
influences. Let us suppose that instead of
browning upon such villainy, the respectable
newspapers publish daily bulletins of the
rising or declining health of the objects ofthis
persecution. Such supposed case seems
horrid enough-does it nota
Substitute Banks and other corporations for
individuals, and financial for physical health,
and you have precisely the character of stock
Jobblng. The u. S. Bank, for instance, an
nounces ITS intention to resume. A certain
party In the Stock exchange bet that il aciH--
that is they buy its stock, deliverable to them
within certain time, for a certain sum. A.
mother party bet that IL toiH not-that is thew
agree TO deliver stock at the prices offered by
the other.
These sales. be itremembered, are petitions
that is to say there is no stock actually sold
and none intended to be. They are sheer
gambling transactions. When the time fol
delvery comes round, if the betters OH the
soivency ofthe bank win, by its success, they
are paid the difference between the price they
agree TO pay, and the price at which the stocl
sells. If they buy at so, and it sells at 60
the seller has to pay them 10 per cent on the
share. If on the other hand, the other part,
wins; and the stock falls, the payer has t.
/ pay the difference.
could there be more palpable gambling
than this! 1t is not chance ramblinp-it 4
worse--it is sheer stumbling. The sellers. T.
prevent rise of price, and their consequen
loss, strain every nerve to depress the Bank
,ihey have fortunes of thousands, aye, Of mil
lions at stake---ior the shares OF stock purpor
Hng 10 be sold, are more by hundreds of thou
sands than there are in all the institutions il
the country. The efforts Of gamblers to dc
press the U. >. Bank Stock have been TN
cause oil the Intentional accumulation {
demands, which has drained the bank Of 81
millions OF specie, and closed its doors. TIL
people are robbed---the commercial and
nanclal character Of the whole country has r,
ceIved shock-but the gamblers have pool
eted their millions.