Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1869-02-10
GAMBLING
In Stocks, Currency, and Gold, and
COrnering. in the Courts.

4 stock corner is effected by buying
shares on time to a larger amount than
there are sellers Ofthe stock, and then
to make the corner sure, buying up
the floating shares for cash, so that
sellers of the stock on time have no
means of obtaining it, except at the
price the cOrnerers may demand.
Corners in gold are worked out in
the same manner. The 'bearsn buy
gold, to be delivered and paid for at
future day. These purchases are made
for many millions. As the day comes
round to take up and pay for these
purchases, the "bull" speculatOr buys
up or bOrrOws all the real gold on the
market, so that the "bears" are forced
to pay the "bulls" their price for gold
to deliver on the contract.
a corner in currency is effected by
boarding the legal tender money
This cOrneri is entered upon only when
money is scarce, and when all the
currency is wanted for legitimate busi-
ness. The currency corner is always
the work Of "bears," who are opera
tors for low prices and sellers of that
which they do not possess, expecting
to buy in for delivery at a decline
When the bears are cOTnered by the
bulls they resort TO desperate eXpe-
dients to thwart the cOrnering parties,
rather than pay the enormous prices
demanded by the bulls for the article.
A panic in the money market is
"bear' weapon. Over-issUe of stock
iS another "bear" weapon. The St
eret of the new issue of Erie to the
extent OF thirty millions of dollars is
of this character. The Erie clique sold
short to an enormous amount, and
were cOrnered. OF course enough new
stock would break the corner and
bring the "beaTs" out winners. The
Erie clique locked UP money as aux
iliary to their "bear" speculation.
Legal eOrnering, as exemplified in
the courts, is really tragic. This le-
gal cOrnering is now in full play, and
we fOrbear remarks upon it until the
game is finished.
The eornering business has become
an outrage in every sense. Business
is deranged, iOint-stOck companies are
bankrupted, banks are frightened, the
finances of even the Government are
impeded, and our country at large is
disgraced in her own eyes, and in the
estimation of the world.
A remedy should be sought and ap-
piled. 1t appears that the courts are
pOwerless or corrupt. If not corrupt,
they can not act in time to prevent
diTeful havoc to the country when
mammoth bulls and bears enter the
ring.
The remedy is simple. 1t lies in
this channel: so far as Government
Il ~ of
Congress prohibit any time sales, un-
der heavy penalty and imprisOn-
ment, and so far rs StateSecurities are
concerned, let the legislature enact
that nothing be sold, by any person
within the State, to be delivered on
future day, unless the seller actually
possesses the articles sold ut the date
of the sale, and actually keeps it on
hand with which to make the deliv-
cry. Let this enactment provide fOT
severe punishment.
These laws will kill every "bear,n
whether i'm stocks, gold, produce, or
merchandise. A ''bulr' becomes a
myth-he does not exist-unless a
''bear" is on hand.
Kill the bears. Then there will be
no cOrnering, no tampering with the
money market, no Over-issues as the
Erie clique did last year, and again
quite recently.
Kill the bears. Then at least five
thousand able-bOdied gamblers will be
drawn from Wall and Broad streets
into some pursuit more conducive to
good morals, and five thousand more
outsiders, many OF them merchants
and bank clerks, will stick to their
business.
Kill the bears. Then defalcatiOn
will be vastly reduced. Kill the bears.
-ThompsOR's Bank Note Reporter.