Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1869-10-02

transactions, and is said 10 be making
about $4,000 per annum on capital of
half million. Its stock commands high
premium; its success is disaster Of the
street, and its existence il the perpetual
offer OF a premium for gambling.
A CURE FOR PANIcs.
To The Editor Of the Herald: Let Con-
/ gress pass a law making it a criminal Of
| Tense, and punishable by fine and impris-
onment, TO sell or offer for sale any gold,
| bonds, stocks or securities, real estate,
cotton, -four, grain or article of merehan-
disc, that the seller does not own or actu-
ally hold for immediate delivery. In
other words, all fictitious or purely speca
lative sales and purchases, of any kind
whatever, shall be cIassed among the most
| Injurious species of gambling, and be sub
| ject TO the seyerest penalties.
WHO ARE THE GOLD GAMBLERS?
To the Editor Of the Herald: 1t is ad-
mitthd that the frightftH scenes of tumun
and disorder witnessed in Wall street on
Friday were caused by the elimination of
Il scheme entered into by a combination
of wealthy capitalists, to cause a fictitious
scarcity of gold, and by an adroit manip-
| ulation of the market so well understood
| bv that class of gamblers to which they
| belong as to enable them to realize i'm
mense gains. II the consequences of the
maneuVres of these men were confined to
those of their own class only, the general
public would have no sympathies to spare
for the victims; but when the whole COM
mercial community and the entire trade
of the country are thrown into utter CON
fusion, il is time to inquire whether such
combinations ought to be longer toler-
ated, or, on the contrary, whether they
ought not to be frowned down by an in
dignant expression of the puhlic voice,
and the conspiratOrs held 10 just ac-
eountahility tor their nefarious and de-
mOralizing assaults upon the well being
of society.
The press conld perform no more ac-
ceptahle service to the public at this time
than to publish the names Of those who
originated and were identified with the
late scandalous conspiracy. TO the fear
lessness and Independence of the Herald
the public look for this needed exposure. |
THE KIyG OF KHSe on GOLD GAMBLING
AND GASBLEIls,
4 reporter of the New York World in |
terviewed MoFTissey, the retired pugilist, |
member of Congress and keno dealer |
He SAYS: After stepping to the rear end |
of the hallway, Mr.. Morrissey said that |
there was little new about the street for |
the past hour or two. The gold gang, he |
said, had locked up about twenty million |
dollars in gold, and this WAS one cause of |
the disarTaHgemept of the market. Ii |
was wrong, he said, to do it, but no one |
outside the circle Of q certain clique had |
the power to prevent it. II was, indeed, |
6 robbery of some men for the benefit of |
others, and in any other city but New |
York the people would hang any one |
guilty of such an outrage,
RepOrter-How do the prominent deal /
ers stand nowY
Mr.. Morrissey-Well, it Is hard to tell |
that People have got their money de-
= Upf a gprtfnnlnnE
of course, don't know how they stand. l
don't know now | stand. But if | was a
newspaper writer / would try to restore
confidence 10 the public as much as pOssi-
bic Money is tight now BECAUSE il is
managed by the gold clique.
Reporter-Are there many men seri-
ously embarrassed By these operations2
Dir. Morrissey-0h, yes, thousands Of
men have been permanently ruined by
band of thieves, guilty Of the worst thieV-
ing that has ever happened In any OOUu-
try in the world. Eanderbilt's friends
would have been broke had he not sus-
tanned them. Just look at It. During
the day the Erie oinGe5 were surrounded
by the police TO guard them. Nobody
but thieves want policemen 10 guard
them. Honest men don't want them.
WORLD REPORTER INTERVIEWS MI.
sFEYERs, WHO TELLS THE WHOLE
STORY.
Reporter-WhO composed The clique
that was forcing gold UP?
Mr. speyers-I don't know. On Friday
morning | was sent for 10 90 To VIM.
Heath's office. ] went there, and found
Mr.. Heath, Mr.. smith, Of Smith, Gould,
Martin & Co., Mr. Jay Gould, Mr.. VIII
liam Belden, and James Fisk, Jr., in the
back office. They remained there till
sfter 10 o'clock. except Mr.. Belden, who
left ne and went up 10 his own office,
about noon, ] think. At one time during
the day l manifested some nneasiness
about margins. AIR. Fisk told me, as il
speaking for all, not to be afraid--that they
couIan't lie broke, as they had one hum
dred and ten millions of shorts, and were
prepared to take all the gold on the mar
ket, and all the Government could put
into the market. Mr. BFldeh said thSt il
was all right-that ! must go ahead.
Reporter-Whend did you begin buying
gold Tor this clique2
Monday believe, bought all along until
Reporter-How much did you buy each
day?
Mr. Speyers-I can't tell you just now
each days operations; ! bought about
S35, 900, 900 altogether.
Reporter-Can you tell me the amonnt
YOU. bought At different pfiCes2 -
Mr.. Speyers--No; l cannot without
going through my books. l don't think
that Is necessary. ! bought all the way
from l35 TO 100.
Reporter-Did you have orders to buy,
in writingY
AIr. speyers-Yes, sir; have got them
all now.
Reportor-May see any Of them?
Mr.. Speyers-Oh, they are only the
usual orders. -.
money by his operations? A
MIR. Speyers-I am told that he has said
that he made si0Q.l0Q. don't know any
thing about it. II ne settled mp he can't
be much ahead.
Reporter-How could he have made
this money and got away whit?
Mr. SpeYers-rhe easiest thing in the
world. As fast as he bought gold he
loaned it on a margin; as the price ad-
vaneed he increased his margins: when
gold was sixty, he called in ali his mar
gins, up to that figure, and so saddled the
gold on to the borrowers.
Reporter-It Is rumOred that the clique
did not play square with It's own mem-
bers; that one member was selling out,
while another was buying, Doyou know
anything about thisY
Mr.. Speyers-No, sir; do not know it
but should not wonder at it. They had
other brokers employed beside me, and
/ bought the very gold they
sold through these other channels.
RepOrter-Did YOU demand margins in
the purchases Won NADER
Mr. Speyers-I did when the parties |
bought of demanded it of me. / bought
50 OO0, 600 Friday morning, and a margin i
was called. took the parties of To Will
liam Belden's, introduced them to Fisk, .
and told him that hlargin was demand
ed The purchase was then taken of NV
hands and divided between Smith, Gould
& Martin, aud Heath = Co. IL Was at that
time they thought ] was getting fright
ened, and assured me that II was all right,
Reporter-What did you do with the
gold you purchased?
Mr.. Speyers-Tbey directed me to loan
it. ! did loan all could, but others we're
loaniag at less rate than they ordered
me TO loan at. | loaned on certified
checks, and when the trouble some, ] re-
turned these checks. never deposited
one of them in bank, and now / find that
everyday takes ME by the hand and
with me, Those who lose
the heaviest sustain and defend my course
in this matter. !
RepOrter-W When did you see these par F,
ties last2 ,
AIr. Speyers-I have not seen Wm. !
Belden since Friday morning; Gould and 7,
Fisk | have not seen 'sinee Friday, be-
tween I and 2 O'Clock; Smith and Heath ,
are in the street every day. !
Reportor--Duringt the day friday did :
you not see them frequently?
Mr. Speyers-As often as / chose, until
I took parties there TO procure their mar
al that Nvaa rofiiaQ1 ain