The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1869-10-30
TO THE EDITOR OF THE HERAID:-

To THE EDITOR OF THE HERALD:--
Your issue OF tho 18th contained an admir- able
communication from Mr.. T. p. Akers on the
Gold Exchange and It's Dealings, showing from
history the business convenience and necessity OF
the Exchange, and making some well timed and un-
answerable structures on the current language Of
abuse thougntlessly applied to its dealings and
dealers. The communication In the HERALD Of the
10th does not appear. In stricness to be reply TO
that OF the 18th, for It utterly fails to define
difference principle between dealing In gold and
dealing In cotton or corn, and between legitimate
and speculative business, which definition was
exactly the thing called for.
The burden OF the writer In the HERALD Of the 10th
is his attempt with apparent seriousness. to show
that there difference between speculation and
gambling except In the degree or hazard IL the TWO
cases. ''There H." says he, '.ittle difference, If
any, between positive speculation. such as buying
and selling gold and stocks, aud positive gambling,
aud what tce there Is Is In favor or the latter, as 1t
Is safer" Ihe wrlter seems to be well posted as a
sportsman ana viii certanly not object TO his post
ton Deing fairly and Hquareiy controverted, anu
his view In the main u taken up by many without
Thought, and runs 30 broadly through the current
language OF the uay, II may not be deemed unIner-
eslng nor useless tho pubnc generally consider
what IL here submitted as concise but thorough
reiutau0n OF 1t.
plainly upon tue bare statement OF two points or
difference FIRST speculation always deals IN pro-
perry that makes the gain loss OF the specnator,
ana thus rise or fall ID, of necessity
Of poilscs ssons%y 70 Which, ali bas
ness IN all It's phases. whether speculative or
demand. Now tue gambler. as such, has nothing
TO DO with the rise and fau OF property or the nuct
au1ns Of values I'm, pss SECOND lundaen'ai pom. o.
perry, whereas the whole business OF gambling is
outside OF the paIe OF such contracts boe In
law and N fact.
j. is quite useless to occupy your valuable space
with any publication Speculation Is not gambling
Is phase OF business founded OH contracts Tor
the receipt aud delivery OF property and Contracts
says IN able author, "nlay be looked upon as me
basis Of Society. All social HE presumes it and
rests upon H.; for out OF contracts, express or I'm
piied declared or understood grow al rigns. all
duties, and ali obligations ana all law. Almost
the whole procedure OF human life implies, or
rather Ii, the continuni fuiiiment Of contracts"
The law OF contracts marks the progress Of society
from us archaic TO It's present state. from the
ancient status OF classes TO the indylduallsm Of the
present. And 1t because gambling is u stranger
to property contracts taat 1t Is outiawed. 1he
that the gamDer 'canDOt be corneredn In gaming
Is found IN Tue fact poin I'd out That he puts forth
contracts winch require the purchase or properly
Tor their SaLlSIactiOu
And now, In conclusion. permit one word about
the lats CONFUSION IN The Gold Exchange. That
movement is continually spoken OF an attempt to
''corner' 9od but Ii Is now well understood that
tins 10 too respectable term tor It's designation.
The very essence Of corner consists In the sacred
ness with which men regard tbeir contracts
- only capable Of oeng rs satisnea either
perry ior which the demand IS, Tor the time
III exaggerated ana auuSve excess OF the supply.
ai e0pments at The time and since have led to
the following view:-ihe late gold Clique had no
inention OF making good their contracts by taking
tae gold they bought AZ those hign ngures on that
fatal ''bacK friaay." by putting forth without
lint their contracts OF purchase on that day the
market was ny thus fraudulent demand forced ana
held up suiCiontiy long 10 precipitate those VINO
he'd sacred tner outstanding Obligations into settle
ni@nis, iOans and purchases that 1eeced them. The
differences that had been gathered IN durlng the
previous advance added OF course 10 the hoard If Ill
goi,en va MS. tho combining TO defraud honest
dealers ny means OF fraudulent contracts q VIII
ldny TO which every market in the world exposed
AID from which all suffer to greater or less extent
Tne pecu larltg OF tho iate Instance mainly found
In its magnitude and the shameless audacty OF the
saarpeis WHO see Iikoig to 40 whipped OF
justice The cold Exchange was not its originator,
but It's vlctiia.