The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1857-09-09
STOCK GAMBLING.

The late failures in New York. shsw the
propriety, and, indeed, the necessity, Of
imposing legal restriction upsn the new
system Of the stock gambling which has been
introduced in that city and transferred 10
the other cities OF the Union. Men with very
limited means, are induced 10 buy stocks on
time, taking the chances Of the rise or fall in
the prices Of stocks, and paying or receiving
the difference in price between the period Of
purchase, and that stipulated for the delivery
81 the stocks. Its simply betting upon the
rise or fall Of the stocks and. like all other
gambling, should be prohibited by law. Va
contract under such system should be con-
sidered binding. Il is demoralizing. and leads
to the perpetration Of many frauds. On the
one side efforts are made to increase, ami on
the other 10 depress the price Of stocks--and
thus what are called the Bulls and Bears are
perpetually engaged in this swindIins strife.
Il is making the people d he larger cities
gamblers II tie worst stamp. We hope that
the Legislature Of Maryland will take thi,
subject into consideration at its next session.
aud pass such Law az will abolish this inla.
nous system of swindling. We had rather
venture our money upon the hazard OF the
die, than upon the fluctuations 10 the stock
market. In the latter case combinations oI
spectators could ssindle us. whilst IN the
former we shJuld stand an even chance TO
win or Lose.
All kind. 6f devices are now restored TO in
order to acquire fortunes but fortunes &C
qulred by dishonest means. are very apt 10
melt awsy--for the man who has made 4 iue.
Ky hit BY stock gambling or other dishonora.
Bile means. il tempted 20 renew the hazard,
and often loses ali. Jacob Little, leading
broker Of New York, Is = notorious example
oi the truth Of this assertion. lie was fUrtu-
nate enough TO acquire a princely fortune,
but he wanted mOre hazards all, aud lost
all. And this be has repeated several times.
Gambling 10 stocks is kind Of nania--lnd
men engaged 10 Il appear 20 be as reckless Of
character a. theyafe Of consequences. Thus
il is in almost all cases Of gambling. There
appears to De a fascination in the hazard. and
tie Alterations 81 luck, which iniatuates
men. and lead them from one step TO another
until they lose III regard for the opinions Of
I the world, aud for the injanetions Of honesty
The man who cniertains the obsolete idea
tlat fortune should b. acquired By honest
industry and By prudence 10 expenditure. u
accounted an . old fogy," and ruled out Al
not belonging to The present generation.
K Some o. the New York papers are &c the
opinion, that II Tie whole bnard 0f brokers 81
\ that city were 20 explode ia ruin. Il would
Z be public beneiit-aad We shall not dispute
that opinion for they are a set Of gamblers.
who live By cbicanery and pluAder--aBd en-
Z A. IL. a..
after the smoke which has been produced BY
the late failures in that city shall have been
dissipated, there will be more wholesome
condition u the atmosphere. We have %
idea that the commercial and 6nsnelsl inter-
ssts u this country, are al 10 the keeping OI
the board u brokers 10 New York. Let the
members Of that board al fail. and the world
wll eontinss - wsg on as before, but diyest'
81 Ota portion 81 IL yorst material.
ssiirrs clFpo.