The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1860-06-08

nj likely to be checked by the re1lecuohs oI iho- |
,Iists or the animadversions of the press upon
his pernicious habit The excitement OF the
ame or the desire to obtain by speedy anu
osv nrocess the wealth which is usually acquired
rlv nv protracted and laborieus ehoris' wiz !"
10 ord Of time lead myriads OF people mo as
--- ,,ocrlotive projects. Mankind are alike, IN
- loost all the world over. The In
US s.il.os his how and his blanket on the issue
IS some simple game of hazard, played by his
,otcbfra on the lonely prairie, with the same ar
aor with which Princes at Baden Baden FISK rotl-
1eonx of Golden Napoleons on the color oil card
Tho statesman books his bets on the DERBY with
90 much confidence about the result, as the stock
;,hhor hos who makes time contracts for the pur-
o,oso or sale of Erie. OF course there is vast
difference between ventures which are to be affected
NV the rise or fall of merchandise or stocks, and
,ioso. which are TO be determined by blind chance
alone. It would be absurd to compare the man
who earns a livelihood by throwing dice with him
who grows rich by anticipating the probable ac-
tivity or dulness of the cotton or coffee markets
Rut there are nevertheless many modes of making
money in the commercial and financial world
which we are entitled to treat under the general
head of gambling. Where an article which Is
comparatively worthless is passed rapidly from
hand to hand and in the infatuation OF the mo-
rnent every one in the community is struggling to
obtain it at fabulous price, in the hope of trans
ferrng ii to his neighbor at still more exhorbi-
tant rate all those who participate IN sucn buSl-
ness do neither more nor less than gamble. The
TULIP mania in Holland two hundred years ago,
during which single root sold for over four thou
sand gulders is an illustration in point. Again,
where contracts are made day after day for the
purchase of that which is never to be delivered,
or which may never perhaps exist and the parties
respectively are to pay or receive the profit or loss
according as the subject-matter may have risen
or fallen in value at some fixed period, those who
pursue this occupation, on their own account,
habimally gamble. They may be respectable and
honest, but the phrase have used is the only
one descriptive of their avocation. When specu-
lation takes either of the forms we have men
Toned. it is in nine times out of ten ruinous to
individuals aud is always hurtful to society.
They who engage in it, neither produce nor bar
Ter. nor improve anything. They but disturb the
onerations of legitimate trade-they draw others
from their useful and customary pursuits, and
keen large class of the community in state OF
unnatural excitement and anxiety. But as we
have said, this is an evil never TO be altogether
remedied, and so long as it is sporadic, and
manests no unusual activity, it is scarcely worth
while TO discuss or quarrel with it. There are
times, however, when the fever for speculation,
strictly so called, assumes an epidemic character,
and on such occasions it is emnently proper that
those who happen not TO be affected should utter
a word of warning. When the public becomes
infected with wild desire to realize enormous
profits on its investments, and is encouraged to
believe that certain schemes in which it is invited
to embark, will be productive of assured and I'M
told wealth, it is impossible to suggest any
extreme to which it may not be induced to go.
The old familiar examples of the South Sea Com
pany, and the Indian Company, will occur tc
the recollection of all, for those stupendous fail
ures have served as warnings TO successive gene
ratons We know how the stock of the former
rose in few months from fl30 TO fl 900, anC
how that of the latter corporation was sold fol
more than twenty times its nominal value, Will,
to the amount of !, 900, 900, 900 livres. We cal
call to mind, too, the success and speedy downfall
of a multitude of similar shadowy association
which originated. at the same time. TIL
companies 'For extracting Silver iron
Lead" ''For the transmitting of quick
''Silver into maeabe and fine metal" ''Fo
Grading in Human Hair" and 'For a whee
-. n. 1.
nary favor; and that 'For an Undertaking whic
''Sha in due time he revealed received in a sin
gle morning a thousand subscribers, who pa
down two guineas each, with which the projecto
ran away in the afternoon, thus, doubtless, pre-
venting the concern from going into successful
operation. But we need not 60 to history to lear
anything about the lamentable consequences tha
ensue when the spirit Of speculation is rife anon
a people. Every one can recall the numberle:
occasions when some peculiar mania has pr
vailed, even within the brief time which has eapse
since the Morus Multcaulis humbug was in fasl
ION. We do not cite the foregoing cases {
being precisely analogous to any that have latterl
occurred, Or that may be- perhaps, expected to o.
cur just now. 1t is for the purpose Of shown
how far excited people will go, and what unce
tain projects they can be tempted to pursue, tht
we refer TO these old stories We have thought
timely to do so at this juncture because the SYM
toms OF the disease which has heretofore proved
disastrous, are especially noticeable. is likel
1t is true, TO be merely local, and it cannot be y
predicted that it will be very malignant even her
but it is sufficiently developed to cause serious a
prehensions Of coming trouble to large class
people We allude, of course, TO the growing c
element about Mining stocks, which appear to
IN great favor with the public. Within We
brief space Company after Company has been
gained, and the town is flooded with pamphl
demonstrating the immense value Of their resp
tive properties, while the operations in their ra
IDLY rising shares almost monopolize the daily s
lungs OF the Stock Board. The very low figure
which these can now be bought, enables perso
to speculate who have never before possessed s
hclent means to put up the necessary margins
time contracts, and we understand that ma
young men, and even considerable number
women are Investing their funds in these sect
ties. Now we do not undertake to give orr re
ers any specific information about the intrinsic
possess enough knowledge of the facts to jus
us that in asserting that of the ten or twelve, wi
shares are already, or are about to be introdu
into the market there are some about which pruC
people ought to make cautious inquiries be
they put at risk what they can i'll afford 10 i
Almost all these mines are located in North G;
lima State with whose resources biologists
capitalists have been long familiar. Some of Il
have been worked before, and the stock Of
Companies that formerly owned them was, y
ago, known to the stockholders of other cities
is we believe, true that more than of the
now being proftably worked, but whether oil
are. or ever will be. is another question. If
that is said of each and every one of them be t
then are the circumstances attending their
covery altogether unparalleled. That the OF
inc of one mine after another in a res
that has been so often examined, should be
nounced almost weekly is in itself an extrao
nary fact, and that they have already been pre-
to be so rich in ores as to justify the enormou
sue of stock by which some of them are repres
ed is so strange that we cannot repress fee
of incredulity But however this may be, 1t is
those more particularly interested in the matte
investigate for themselves. Our object is sin
to call attention to the fact that mania for sp
latng has seized a great many people who
previously confined themselves to more legitin
branches of business, and whatever may be