The Manitowoc tribune. [volume] (Manitowoc, Wis.) 1866-1878, 1872-12-26
STOCK GAMBLING.
From the New York Times.

|
A very experienced money broker i.
| Wall street was once asked if he eve
knew fortune made and kept by steel
epeculations He laughed at the simpli
city of the question he had known plen
ty of fortunes made and lost, but the
successful and passionate Speculation
comes inevitably to grief In the end
| The very success sharpens the passion
and he must return to the exiting ven
| ture again tor mental occupation The
successful hits in the stock market are
made by men who have earned fortunes
elsewhere, and who can risk without too
| much danger, and, to a certain degree,
| command the market. The small opera
| tors who gamble, easily lose all or, il
they win, perpetually throw again to in
crease their earnings, and in the end
meet the fate of all gamblers.
The business of buying and selling
stocks is a perfectly reputable one Ev-
cry business community must have a
market where Its securities can be pur-
chased and sold. It is also legitimate
occupation of speculation for capitalist
to purchase securities merely with the
view Of sale. The dangers of the stock
market, however, are in the easy money
lending and IN the betting on chances.
No money-lendlng In the world is so Sc
ductiye and periloHs to the inexperienced
as the system OF margins of the bro
ker The Jew of the Middle Ages, sup
plying the gamester OF fortune, might be
mere usur.ous; be could not be halt Sc
tempting. All the usual ceremonies
which make ordinary borrowing of money
somewhat ola difficulty, are here dispens-
ed with. The innocent young borrower
deposits his thousand dollars with his
broker. with his order, who makes his
purchase of ten thousand dollars or more,
lending him small fortune with stroke
of his pen. He hears nothing of inter-
est, or securities, Or repayment.
Suddenly the stock rises the broker
sells, and the young borrower finds him
self couple of thousand dollars richer
having done nothing, and scarcely given
thought to his adventure He now
borrows again. still larger sum. All is
serene and pleasant; the lender is smil
ing and accommodating. Tens of thou
sands pass between them, and the limo
cent young borrower hardly is conscious
of it. At length fall ofvalues begins
the borrowers property melts like the
snow; be cannot make good the proper
ton demanded; he asks for time the
broker, lately so agreeable, is stern and
memorable, and soon with a stroke of
the pen, all the hard earnings of the
young Spectator sinks into the pit of
Wall-street speculation, and he goes
forth poorer and perhaps wiser man.
1t Is simply and solely gambling.
Whoever succeeds in it is nothing but
gambler whoever fails has no consola-
ton. He ought to fail. The true reme-
dy for the evils of the stock board is
purer public opinion. Parents and
teachers and preachers throughout the
country should try to Undue the young
with the idea that no one has the right
to be rich except by hard work Patient
industry, not sharp speculation, should
be Inculcated as the means of gaining
fortune. A boy should be taught that
be Is not worth half so much to the world
II he makes his money by some sudden
trick or turn of hand. And all should
be warned that, to young spectators,
Wall street is nothing but strand Gov
cred with wrecked fortunes. No gamb-
Ter keeps his fortune. And as for the
men who tempt these unfortunate youth
who have lately been ruined in the mar
ket, the public press, society, and the
church should have no other treatment
tor them than they now give to success
full gamblers. They are merely gigantic
gamblers, whose aadacity, display, and
immense pecuniary power cannot gid
their vices or condone their corrupt in.
Huence on the community.