, 1864-05-15
SPECULATION AND FAILURES,
Cspse and Ehtet---GambGng-Nsking Mon.y
On Borrowed CaPltal-- Commercial Crime,

ihe recent failure Of the banking dtn Of Aarc 4
nezfel now pretty well a.certaiued to hare be en-
Drought about By that very reprehensIble practice
gambling with the money Of depoaitors. There
Is TOO much reason to fear that the practice has not
been confined to them, but has been adoptel bv
severnl other Chicago banke1s, who now that the
prices a1r tumb1lng arc becoming elaky. and vii,
fal We look to sec not one but several eucb fall
uses within the next two or three weeks. Itisa
mode Of procedure which cannot be too strongly
condemned, and should consign the actors to fei:
one cell inst as efectnal1y as does the act OF the
clerk who takes money from his employers TIL tor
kindred purpose. Nay, more 60. The money OF
The employer Is not specially entrusted to the clerk
70 oe Eept I'LL wanted while the money OF demos.
HOT h hs p,aSed n the bunk fos TINT purpose It
ay pc IN tne 81 Of the law only breach Of trust
heavier punishment. e' "'10 0ese1'e'
Seek 70 diegoiss It As We viii, speculation is no
kinds Of gambling. becauae il seeks to maSemones ~
ont Of the n1sioftunea Of others, or their incs-
pa1aty to guard against it. The faro sw1ndler taIea
though deserving pity, Jet in some degree merits
Ms paniehment as Going into the t1aps with his
S srss opsn II the f.ce q on repeated warnings.
chance. The consumer has nothing 70 do VIII
change and pays afar OF for the eyEiuila. peroc-
t1atsd on @ by torestal!lnFs Of the market and
the rEpacy Of these harpies who seize on pst:on.
al disaster ~ a eodsend, out Of which they NAV
coin few Thousands and rejoice In a nation1s
mlEer3eF. tuasmuch az 1t enables them tn
add to their pile. 'Tis bad enough when they tbrE
gamble vi h their OWL money, and rhey deserye fo
lose it. Then consider the way in which It il
spent. The launts Of dissipation which tufcat our
city, the hundreds On hundreds OF prostitutes wbo
disgrace us derive their internal revenue almost
exclusively from these spurccs. "Lfcht]y corc
lightly go." is IN old and trne maxim and th.}
which ID lily gotten is in almost every case hadv
spent. 4 margin uebted in an hoar invariably
leads to Eight of dissipation. Speculation aud
its coneomitants Is of the most pestient evils
which have been developed BY the war. Like the
chlckweed. II g.ows furionfly when oncc set IN
termination, and chokes up the valuable plaut OF
honest INDUSTRY by it's presence.
The practice is doubly deteecable when carried |
on surrepttiousl3 with the capt1l OF auoiher en-
Trusted TO the operator" for safe keeping. When
the individual has arrived at The point where his
ender stock Of hopesty will permit the appropria-
.lous needs but very eender temptation to IN
ance absolute cheating. The specu!ator will make
nls lens OF thousands OF dollars out of tho use OK
t.e 2ofpWed capital and either spends orinrests
III ~ ncclhntn9 without cent Of bis own, he win
p!e tno1eands on tens Of thousands and i'll ts &C.
..Us 20 !ons ns the money making process Goa.
euI lei tl1 lose Just itte-he Days for
- - no. oqt OF bis accuuulations but out !
~ e',.a LIZ potfowed capital - borrowed under |
!a!be ,rtetenfes. II he has made a
6npdred thorfand. and loaes ten thous.ud |
ns p5eaEt. trspends, assigns, and clears ont win
By III. :o<ten Raine. He has no money TO- nav
Fiji; &c Will not invade the iu-sotteu hoard, bp.