The news and herald. (Winnsboro, S.C.) 1877-1900, 1880-02-28
BUYIRE FUTURES.
Tho Decision ofa Memphis Judge on tho
Subject.

~
Subject.
From the Memphis Avalanche.
The full text Of the opinion of Judge
j. o. Pierce, delivered recently in the
Circuit Court Of Shelby county, in q
case of gambling in futures, is present
cd on the second page. The Judge de-
cidcs that dealing in option contracts is
a misdemcanor, according to tho Stat
utcs of Tennessee, and that it is the
duty of the grand jury, now in session,
to institute proceedings against any
party in Shelby county who are engage
cd in encouraging parties to bet on the
prices Of merchandise, or who are keep
ing any place Of resort for such pur-
pose. Under the laws of Tennessee,
parties buying cultures" in grain, cot
ton or Other merchandise arc "gam-
blers." The statutes are plain and i'm
perative. 1t is no more nor less law
ful for A to "copper" the acc" in Scna-
tor Blessings palatial establishment
than it is for G to bet with D that
wheat will rise three cents in thirty
days. That is the law. AS Il question
Of morals, the superior dcmoralizing
tendencies of gambling in cultures" arc
thus torcibly illustrated by Judge
Pierce:
"Thc pernicious results following this
species fgambling have often been cx-
posed by the courts. Though the
practice be simple gaming, it assumes
the garb and claims the honors of lc-
gitimatc trade. 1t is Of all modes of
gaming. most rcprehcnsiblc and most
deserving ofthc penalties prescribed
by the law, because, by it's impudcnt
assumption ofvirtuc it succeeds in ell
trapping many persons who are, in all
other respects, honest and law-abiding
citizens. Doubtless many Of the wit
nesses in this case, who, according to
their own testimony, have spcculatcd
i'll 'futurcs,' were ignorant OF tho law
breaking which the spcculations in
volvcd."
The "pcrnicious results" ofgambling
in futures arc widespread. What was
at first believed to be Il harmless wager
on the future price of Il commodity has
grown up to be monstrous evil, sap
ping the foundation OF honest dealing
in every direction. Under tho shad-
ows Of responsibility, and with the fa-
cilitics afforded Of carrying large opcr-
auons with "margins," q reckless spir-
it OF speculation has been developed,
which has resulted in the establishment
OF Il national system Of gambling, OF SO
vast proportions rs to dwarf into moth.
ingncss the old system OF the noble
art Of "chancc." Lotteries and King
FIro must step to the rear. The de-
moralization attending the gambling
spirit under the inspiration of ''puts
and calls" is visible OH every hand.
10 its poisonous influence must be as
cribcd the cause of the great majority
OF dctalcations, which hnvc become so
alarmingly frequent. But the very
general decentralization is not the only
evil connected with the gambling in
cultures" There is tho positive nju-
ry inflicted on the consumers Of the
whole country by the arbitrary power
placed III the hands Of option buyers,
under the facilities afforded them in
raising the price accommodates. This
phase of the gambling business is often
illustrated. Two or three New York
gamblers go into the Chicago market
with a million dollars and put up
"margins' on all the meat and grain in
Western markets, and raise tho prices
beyond their actual market value to
all consumers of those articles, in tie
country. And SO it is with ali articles
dealt in by the Culture" gamblers.
Gambling in grain or cotton, or any
other commodity, is an unmitigatcd
evil, and should be abolished. The
laws ofTcmessec against it should be
strictly enforced, and all other States
should pass and enforce laws to the
same effect.