Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1878-08-09
Stock Gambling.

Stock Gambling.
About the most disreputable business
in the world is that Of stock gambling
1t is disreputable because, first, it is dis
honest; second, it prevents the proper
development Of the nations resources.
and third, it prevents the prosperity Of
the people and is, therefore, in the ma
ture Of treason. That it is dishonest,
it will not take long TO prove, and to do
it it is scarcely more than necessary to
note that the sale and purchase of stock
in Wall street, or other similar places,
is done entirely upon basis which has
been established by bearing or bulling
the market, wholly regardless Of the
real worth Of the stock, which must
necessarily be governed by its product
iveness or proftableness. To say moth
ing Of the dishonesty in selling To 9th
srs stock not worth what it is repre-
scented to be, the operation is often a di-
rect and intentional robbery Of those
who hold stock, and are made to be-
ieye that from some pretended, or in
cxplicablc cause, it is becoming worth
less. In this way millions of dollars
worth of stock are tilched from them,
and thousands have been made poor
through this kind of dishonesty. Some
times the operators themselves are the
victims of their own game, and while
it would not be so much Il matter of re-
greet, if they were the victims all the
time, still it would even then be some
thing to be regretted, Tor anything that
III
detrimental to it. The influence that
has made Wall street and San Francisco
the dens of respectable thieves that they
are, needs mellowing down for the ben
eft of the thieves themselves, for in pu-
rifying such sinks the community be-
comes purer.
Nor is our second position, that it pre-
vents the proper development Of the
nations resources less evident than our
first. The wild, even drunken excite
ment which prevails on tie stock board
is wholly incompatible with q good
prosecution Of any business. The men
engaged in this sort of business are rem
dcred wholly unfit for usefulness, and
the world to-day would not be the loser
Of anything worth keeping if every one
of those engaged III stock gambling
were out of existence. Yet they are
usually men Of more than ordinary
ability, and in their study Of the char
acter of different kinds Of stock, are
brought into such relationship with the
mining, railroad and other important
interests Of the country that they ac-
quire II good deal Of practical knowledge
which might be made available and Of
great worth in the fuller development
of existing enterprises, or i'll starting
new ones. But like all gamblers, they
have divorced themselves from all that
is practical, and are thus positively use
less. The loss to the country from the
prostitution of mind OF the natural abil-
ity Of that which works the stock gam
bling Of the country cannot be cstimat-
ed, especially when it aggregates rs
largely rs it does i'll the places where
these gamblers congregate. II the mind
which is engaged IN the United States
in dcvising means to steal railroad min
ing and other stock, we're turned to
profitable use, existing railroads might
he made more efficient others be profit
ably constructed. mines might be more
prohtably worked, new ones opened
and other resources, which are now
sleeping, might he brought into activity
and profitahleness.
This, however, is not the only reason
Of II deficient development Of resources.
Stock gambling has been reduced to
such il science that it easily works to
steal IL railroad or other enterprise
from those who have spent their time
and money in constructing or establish
ing it, and it is the business of those
who practice the art to watch every
new enterprise with the eagerness of II
cat Watching II mouse. How many i'll
stances have we Of local railroad enter
prises being wholly ruined, SO far as the
original proprietors were concerned,
through the manipulations of Wall
Street-through stock gambling III one
way or another. This thing has gone
on, until honest men hesitate to enter
into joint stock enterprise, iii which
they may finally find themselves at the
mercy Of Wall street, either by reason
Of II portion Of the stock getting into
spectators hands, er because new
stock is issued to raise additional funds,
and Wall street getting hold of that.
The result is that sections Of country
are without railroads, when they badly
need them to help III their develop
ment. Mines are left undcyeloped and
untouched for the same reason. Wall
street TINS stands between the nation
and prosperity, and if that il not Il