The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-09-29
Gold Gambling.


New York papers of Friday and
Saturday are filed with accounts of
the greatbattle between the Bulls and
Bears of Wall Street. which culmf-
mated on Friday. Its results seem to
have been more disastrous than was
at first supposed. Itturns out, Also
that Secretary BOUTWELL, was in time
to catch the Bulls, and that their loss.
es In consequence wills foot up, on the
final break, abont s8,000,0M. Thus
far all the failures reported have been
on the Bull side of the speculation.
Itwas not Secretary BoUTWELL's an
nouncement of his intention to sell
$4,000, 600 of Government gold that
broke the combiaation, but the belief
that once in the arena. he would fight
it out on that line, and must prove
toe strongfor the, strongest combina-
tloh of Balls in the country. The
Bulls, therefore, like Captain SCoTT's
coon, concluded to come down as soon
as they recognized their formidable
adversary. They, of course. are very
indignant at the Secretary, and de.
nounce his interference with their
schemes as outrageous. But we are
at a loss to conceive Why the police
of the country should be called on to
suppress keno and faro establish
ments, and yet nothing be doae with
the much more Ubiquitous gamblers in
gold on Wall street.
Tee Cincinnati Gazetts closes q
vSyY able article on this subject with
the following warning to Western
merchants aud bankers, which we
copy in order that all our business
men may read and reflect upon it:
We do not suppose the business
men of New York will try to stop
this practice. We do not suppose the
banks will set their faces against it,
because it is the kind Of business
upon which they thrive, or suppose
they thrive; but we warn the mer-
chants and bankers of the West to
be careful. The failure of the Ohio
Life Insurance and Trust Company,
which shook the financial centres OF
the world, was caused by New York
gamblers-the same class that are
now gambling IN gold and stocks
Then, as now, Western merchants
and bankers kept their sur
plus means in New York, because
they obtained interest on deposits
A large proportion of the principal
thus deposited was lost. This lesson
has been forgotten, and if the West
ern people are not careful we shall
have a recurrence of the scenes that
followed the Trust Company failure,
only on a much larger and much more
destructive scale. The signs are all
right. There is scarcely a day that
the telegraph does not bring news
from New York Of a defaulting cash
Ter, defaulting teller, an abscond-
ing banker, or something of the kind
Similar events preceded the explo-
sion of LUDLoW's end of the Trust
Company. That explosion developed
a state ofrottenness ameng New York
bankers and gamblers that no man
anticipated; but the Ludlow class al
that time were sound compared with
what they are now. The spark will
fall some day, and q spark will be suf-
fieient to blow up the whole concern
We repeat our warning to Western
people to look out for the safety Of
their New York deposits, and espe.
cially deposits subject to sight draft
upon 90bich interest IS paid. The
events of last week show what New
York is composed of, and the devel-
opment should be sufficient to induce
our Western business men and bank
ers to keep their money balances al
home.
OF course there are banking insti-
buttons in New York that are per.
fectly reliable, but these do not pay
interest on current deposits, and theiI
management is so conservative that
they are not likely to suffer through
the operations of gamblers.