The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-16
GOLD GAMBLERS AND FARO GAMBLERS.

TO THE EDITOR OF THE HERALD
In your issue OF the 18th inst l noticed q commu-
ncation signed Thomas r. Akers. Secretary Of Gold
Exchange. In which he strenuously objects and pro-
tests against the word gold gambler, SO often used
in your columns, as degrading, and insists that o
dealer in gold Is not a gambler, but speculator,
and he endeavors to prove 1t by argument. Beev-
Ing It to DO the principle OF the HERALD to give both
sides Of any question hearing and present them to
the public for their verdict propose to ofrer few
words in reply to the argument OF Mr.. Akers and to
explain to the best OF my ability the difference
between legitimate business speculation and gam
bling. The line between the three Is q very narrow
one. Any business or occupation OF any kind that
Is legalized Is legitimate; but legitimate business in
the sense employed by your correspondent is gene
rally supposed TO be safe one and TO yield q GER
tain profit. yet the bulk OF 1t Is speculative but
there Is little difference II any, between positive
speculation, such as buying and selling gold and
stocks and positive gambling; and what little there
is Is In favor Of the latter, as 1t is safer Will Illus
trate:-A Spectator goes into the street and buys
gold ut $780, with the intention OF realizing when 1t
reaches thirty.1ve. II that point is attained
the spe culation Is success ana lie Is sat-
isfed But suppose that instead Of going
Then he has lost more tnan he could have made for
he has to pay his brokers' percentage. Betting on
horse racing is generally stpmatized as gambling.
Now let us compare II with specializing In gold.
A man goes 10 Jerome Park, where there is a mum.
Der OF horses entered IN race: He buys pool d
realizes large profit on mis- investment. II the
horse he bets on does not win he loses positive
amount. IL not this as purely speculative as II he
mad taken the chances In the rise and
fan of goId' Then, again, men who deal
called gamblers, and they not only accept the appel
lation but use 1t IN reference to each other. Now,
the faro dealer does business upon much more
substantial foundation than any gold or stock
Spectator, or even many OF those who are
engaged IN what Is called legitimate bust
away. True, he may lose the capital invested and
Question Il time and capital, for the percent.
age Of his business To yield him q satisfac-
tory and certain recompense for his venture and his
honesty goes ID decidedly In favor OF the faro gam
bier against the gold gambler. No clique or ring"
corner he has as good chance to win the dealer
has. Tho man who has but o single ten dollar
D mas me same a h or are Uey as TIE
however where there ID material difference between
gambling at horse racing and on faro BANK n or
his money on horse race or down upon the table
at faro, he knows TO cent how much he may lose;
but tue man who speculates IN gold no matter now
large margin no may put up, never knows how
much he may lose until he Is called upon again to
either put up or shut up. Then, on the other hand
faro bank, Will surely get lt put the specuator In
gold or stocks even when MS 10y
but does not even get his own money back; and |
challenge Mr.. Akers or eny other member OF the Gold
Board TO contrOvert this assertion Take, them
who goes to play against faro. he says 10 MN.
self, 81 have hundred dollars; WI risk Il; u
double my capital Will realize; II lose, Will lose
no wOre.n Is not that as purely speculative
as were he 10 buy gold with the
intention OF realizing when he has made certain
percentage. Now, Mr.. Editor the meaning OF the
word gambler Is 80 mperfectly understood that
i propose to explain 1t for general edlncaton.
gambler Ii one who will risk his money; he will
avail himself OF all the advantages that proficiency,
ability, knowledge, Information or intelligence Gun
give him; but falling any one OF those advantages
he viii hazard his money upon his opinion. There
are many men who are called gamblers who lay
around looking for sure things or VIII not bet q
dollar on anything unless they have positive advan-
Jage; they are not gamblers In the true OF the
word-they are aharpers. There are horse gamblers
card gamblers, gold and stock gamblers, aquatic
gamblers and gamblers OF other kinds and nomi-
nations, both of high aud low degree; and there
also sharpers and confidence men, camp followers,
who are not only to be found among them, but VINO
infest every avocauOn and Industry OF our people,
political, judicial, legal, commercial financial,
mechanical and-l was about to say MINISTERIAL;
that, however, leave an open question Tor the
munity to consider